Nepal Insurance Industry – Key Trends and Opportunities to 2026
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Nepal Insurance Market Report Overview
The gross written premium of the Nepal insurance market was NPR138.3 billion ($1.1 billion) in 2021. The market is expected to achieve a CAGR of more than 13% during 2021-2026. The Nepal insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category of the industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Nepal economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Nepal Insurance Market Outlook, 2021-2026 (NPR Billion)
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Nepal Insurance Market Trends
Agricultural Insurance, Microinsurance, and Parametric Insurance are some of the key trends that drive the Nepal insurance sector.
Nepal is exposed to a wide range of natural hazards as the country is in a seismically active zone with a high probability of a major earthquake. Climate change is expected to cause more frequent occurrences of extreme events and increases the disaster risk. Although the Nepalese government subsidizes crop insurance by paying the majority of the premiums, the uptake of insurance schemes has been poor owing to a lack of awareness. So, a parametric flood insurance product was launched in July 2022 for communities in Nepal’s lower Karnali basin that are affected by recurrent riverine floods. The parametric risk transfer mechanism measures flood flows and rainfall levels via hydrometric gauging stations and the premiums will be subsidized by the federal government. This project is implemented by a partnership consisting of InsuResilience Solutions Fund, the NGO Practical Action, as project coordinator, the insurtech Stonestep, the local insurance company Shikhar Insurance Co Ltd, and the risk modeler Global Parametrics.
Nepal Insurance Market by Segments
The key segments in the Nepal insurance market are life insurance and general insurance. The general insurance segment dominates the market.
Life Insurance: It can be further divided into endowment, term life, life and pension non-categorized, and other life insurance.
General Insurance: It can be further divided into property, motor, MAT, and miscellaneous. In 2021, motor insurance was the largest in the general insurance segment. With the spread of COVID-19 in Nepal, the number of claims increased drastically and resulted in a spike in the loss ratio in 2021. During 2017–21, general insurance penetration in Nepal was lower than that of emerging and developed markets.
Nepal Insurance Market Analysis, by Segments, 2021 (%)
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Nepal Insurance Market - Competitive Landscape
Some of the key insurance companies in the Nepal insurance market are Nepal Life Insurance, Life Insurance Corporation (Nepal), Rastriya Beema Sansthan, Union Life Insurance ( Nepal), Asian Life Insurance, NECO Insurance, Ajod Insurance, Sagarmatha Insurance, Siddhartha Insurance, The Oriental Insurance (Nepal), and Premier Insurance (Nepal). Nepal Life Insurance Co. Ltd was the largest insurer within the life insurance segment in 2021.
The company offers products such as endowment, mortgage anticipated, mortgage redemption, term life insurance and whole life insurance products. Its endowment polices include children plan, savings plan, investment plan, and protection plan. Nepal Life Insurance also offers services such as risk management and claims-handling services.
Nepal Life Insurance Market Analysis, by Companies, 2021 (%)
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Nepal Insurance Market Report Overview
Market Size (2021) | NPR138.3 billion ($1.1 billion) |
CAGR (2021-2026) | >13% |
Forecast Period | 2021-2026 |
Historical Period | 2017-2020 |
Key Segments | Life Insurance and General Insurance |
Key Companies | Nepal Life Insurance, Life Insurance Corporation (Nepal), Rastriya Beema Sansthan, Union Life Insurance ( Nepal), Asian Life Insurance, NECO Insurance, Ajod Insurance, Sagarmatha Insurance, Siddhartha Insurance, The Oriental Insurance (Nepal), and Premier Insurance (Nepal) |
Segments Covered in the Report
Nepal Insurance Market Segments Outlook (Value, NPR Billion, 2017-2026)
- Life Insurance
- General Insurance
Scope
This report provides:
- Comprehensive analysis of the Nepal insurance industry.
- Historical values for the Nepal insurance industry for the report’s review period and projected figures for the forecast period.
- A detailed analysis of the key categories in the Nepal insurance industry, and market forecasts to 2026.
- Profiles of the top life insurance companies in Nepal and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Nepal insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Nepal insurance industry.
- Assess the competitive dynamics in the Nepal insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Union Life Insurance (Nepal)
Rastriya Beema Sansthan
Life Insurance Corporation (Nepal)
MetLife Alico Insurance (Nepal)
Asian Life Insurance
National Life Insurance (Nepal)
Nepal Life Insurance
Table of Contents
Frequently asked questions
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What was the Nepal insurance market gross written premium in 2021?
The gross written premium of Nepal insurance market was NPR138.3 billion ($1.1 billion) in 2021.
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What is the Nepal insurance market growth rate?
The insurance market in Nepal is expected to achieve a CAGR of more than 13% during 2021-2026.
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What are the key segments of the Nepal insurance market?
The key segments of the Nepal insurance market are life insurance and general insurance.
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Which are the key companies in the Nepal insurance market?
Some of the key insurance companies in Nepal are Nepal Life Insurance, Life Insurance Corporation (Nepal), Rastriya Beema Sansthan, Union Life Insurance (Nepal), Asian Life Insurance, NECO Insurance, Ajod Insurance, Sagarmatha Insurance, Siddhartha Insurance, The Oriental Insurance (Nepal), and Premier Insurance (Nepal).
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