List of insurance companies in Nepal
Insurance companies in Nepal are regulated by Nepal Beema Pradhikaran (Nepal Insurance Authority), an arm of Nepal Government's Ministry of Finance.[1] As of June 2023, a total of 34 insurance companies are offering Life, Non-Life (General), Micro and Re-insurance services.
Life Insurance Companies
As of June 2023, 14 life insurance companies are in operation in Nepal:[2]
S.N | Life Insurance Company | Operating Since | Website |
---|---|---|---|
1 | Rastriya Beema Sansthan | 2025 B.S (1969 A.D) | https://rbs.gov.np/ |
2 | National Life Insurance Company Limited | 2044 B.S (1988 A.D.) | http://www.nationallife.com.np/ |
3 | Nepal Life Insurance Company Limited | 2058 B.S (2001 A.D) | http://www.nepallife.com.np/en/home |
4 | Life Insurance Corporation (Nepal) Limited | 2057 B.S (2000 A.D) | http://www.licnepal.com.np/ |
5 | MetLife (ALICO) | 2058 B.S (2001 A.D) | https://www.metlife.com.np/en/ |
6 | SuryaJyoti Life Insurance Company Limited | 2079 B.S (2023 A.D) | https://suryajyotilife.com/ |
7 | Himalayan Life Insurance Limited | 2080 B.S (2023 A.D) | http://himalayanlife.com.np/ |
8 | Asian Life Insurance Company Limited | 2064 B.S (2008 A.D) | http://www.asianlife.com.np/ |
9 | IME Life Insurance Company Limited | 2074 B.S (2017 A.D) | http://www.imelifeinsurance.com/ |
10 | Reliable Nepal Life Insurance Company Limited | 2074 B.S (2017 A.D) | http://www.reliablelife.com.np/ |
11 | Sanima Reliance Life Insurance Limited | 2079 B.S (2023 A.D) | https://sanimareliancelife.com/ |
12 | Citizen Life Insurance Limited | 2074 B.S (2017 A.D) | https://citizenlifenepal.com/ |
13 | Sun Nepal Life Insurance Company Limited | 2074 B.S (2017 A.D) | https://sunlife.com.np/ |
14 | Prabhu Mahalaxmi Life Insurance Limited | 2080 B.S (2023 A.D) | https://www.pmlil.com/ |
Due to the new paid-up capital requirement of NRs.5 Arba (NRs. 5 Billion), the following companies underwent mergers:
1)Surya Life Insurance Company Limited and Jyoti Life Insurance Company Limited merged to form SuryaJyoti Life Insurance Company Limited.
2)Sanima Life Insurance Limited and Reliance Life Insurance Limited merged to form Sanima Reliance Life Insurance Limited.
3)Union, Prime and Gurans Life Insurance Company Limited merged to form Himalayan Life Insurance Limited.
4)Prabhu and Mahalaxmi Life Insurance Company Limited merged to form Prabhu Mahalaxmi Life Insurance Limited.
Non-life (General) Insurance Companies
As of June 2023, 14 non-life insurance are operating in Nepal:[2]
S.N | Non-Life Insurance Company | Operating Since | Website |
---|---|---|---|
1 | Nepal Insurance Company Limited | 2004 B.S (1947 A.D) | http://www.nepalinsurance.com.np/ |
2 | The Oriental Insurance Company Limited | 2012 B.S (1956 A.D) | http://www.orientalinsurance.com.np/ |
3 | National Insurance Company Limited | 2030 B.S (1974 A.D) | http://www.nicnepal.com.np/ |
4 | Himalayan Everest Insurance Company Limited | 2079 B.S (2022 A.D) | http://www.hei.com.np/ |
5 | United Ajod Insurance Company Limited | 2080 B.S (2023 A.D) | http://unitedajodinsurance.com/ |
6 | Neco Insurance Limited | 2051 B.S (1994 A.D) | http://www.neco.com.np/ |
7 | Sagarmatha Lumbini Insurance Company Limited | 2079 B.S (2023 A.D) | https://salico.com.np/ |
8 | Prabhu Insurance Limited | 2053 B.S (1996 A.D) | http://www.prabhuinsurance.com/ |
9 | IGI Prudential Insurance Limited | 2080 B.S (2023 A.D) | http://www.igiprudential.com/ |
10 | Shikhar Insurance Company Limited | 2061 B.S (2004 A.D) | http://www.shikharinsurance.com/ |
11 | NLG Insurance Limtied | 2054 B.S (1998 A.D) | http://www.nlg.com.np/ |
12 | Siddhartha Premier Insurance Limited | 2079 B.S (2023 A.D) | http://siddharthapremier.com.np/ |
13 | Rastriya Beema Company Limited | 2071 B.S (2015 A.D) | http://www.rbcl.gov.np/ |
14 | Sanima GIC Insurance Limited | 2079 B.S (2022 A.D) | https://sgic.com.np/ |
Due to the new paid-up capital requirement of NRs.2.5 Arba (NRs. 2.5 Billion), the following companies underwent mergers:
1) Himalayan Insurance Company Limited and Everest Insurance Company Limited, to form Himalayan Everest Insurance Company Limited.
2) Sanima Insurance Company Limited and General Insurance Company Limited, to form Sanima GIC Insurance Company.
3) Siddhartha Insurance Limited and Premier Insurance Company Limited (Nepal), to form Siddhartha Premier Insurance Limited.
4) Sagarmatha and Lumbini Insurance Company Limited, to form Sagarmatha Lumbini Insurance Company Limited.
5) IME General Insurance Limited and Prudential Insurance Company Limited, to form IGI Prudential Insurance Limited.
6) United Insurance Company (Nepal) Limited and Ajod Insurance Company Limited, to form United Ajod Insurance Company Limited.
Reinsurance Companies
As of June 2023, 2 reinsurance are operating in Nepal:[2]
S.N | Reinsurance Company | Operating Since | Website |
---|---|---|---|
1 | Nepal Reinsurance Company Limited | 2071 B.S (2014 A.D) | http://www.nepalre.com.np/ |
2 | Himalayan Reinsurance Company Limited | 2077 B.S (2020 A.D) | https://himalayanre.com/ |
Microinsurance Companies
In 2079 BS(2022 AD), Nepal Insurance Authority (NIA) announced it's plans to grant licenses new microinsurance companies. This was with the aim of expanding insurance networks mainly to rural areas of Nepal. The microinsurance companies are split into life and non-life insurers. As of August 2023, 4 companies are offering Microinsurance services in Nepal.
S.N | Micro Life Insurance Companies | Operating Since | Website |
---|---|---|---|
1 | Crest Micro Life Insurance Limited | 2080 B.S (2023 A.D) | https://cmli.com.np/ |
2 | Guardian Micro Life Insurance Limited | 2080 B.S (2023 A.D) | https://gmli.com.np/ |
S.N | Micro Non-Life (General) Insurance Companies | Operating Since | Website |
---|---|---|---|
1 | Nepal Micro Insurance Company Limited | 2080 B.S (2023 A.D) | https://nepalmicro.com/ |
2 | Protective Micro Insurance Limited | 2080 B.S (2023 A.D) | - |
References
- "नेपाल बीमा प्राधिकरण – Nepal insurance Authority: Insurance Regulatory Authority of Nepal". Retrieved 2023-02-08.
- "Insurer Information – नेपाल बीमा प्राधिकरण". Retrieved 2023-02-08.