Nepal is a landlocked country in South Asia with a population of about 29 million people. Nepal has a diverse geography, ranging from the Himalayan mountains to the fertile plains of the Terai. Nepal is also rich in culture, history and natural beauty.
One of the challenges that Nepal faces is the lack of adequate insurance coverage for its people and assets. Insurance is a form of risk management that provides financial protection against unforeseen losses or damages. Insurance can help individuals, businesses and organizations to cope with various risks such as accidents, natural disasters, health problems, theft, fire, etc.
According to the Nepal Beema Pradhikaran (Nepal Insurance Authority), an arm of Nepal Government's Ministry of Finance, there are 35 insurance companies operating in Nepal as of March 2023. These companies offer different types of insurance products and services such as life insurance, non-life insurance and re-insurance.
Life insurance is a contract between an insurer and a policyholder that guarantees a sum of money to the beneficiaries upon the death of the insured person or after a certain period of time. Life insurance can provide financial security and peace of mind for the policyholder and their family.
Non-life insurance, also known as general insurance, covers losses or damages to property, assets or liabilities other than human life. Non-life insurance can protect individuals and businesses from various risks such as fire, theft, earthquake, flood, motor vehicle accidents, etc.
Re-insurance is a form of insurance that is purchased by insurance companies from other insurance companies to reduce their exposure to large losses or claims. Re-insurance can help insurance companies to diversify their risks, increase their capacity and stability, and comply with regulatory requirements.
The following is a list of all the insurance companies in Nepal along with their websites and operating years:
Life Insurance Companies:
1. Rastriya Beema Sansthan: Operating since 1969 A.D (2025 B.S)
2. National Life Insurance Company Limited: Operating since 1988 A.D (2044 B.S)
3. Nepal Life Insurance Company Limited: Operating since 2001 A.D (2058 B.S)
4. Life Insurance Corporation (Nepal) Limited: Operating since 2000 A.D (2057 B.S)
5. MetLife (American Life Insurance Company): Operating since 2001 A.D (2058 B.S)
6. SuryaJyoti Life Insurance Company Limited: Operating since 2023 A.D (2079 B.S)
7. Prime Life Insurance Company Limited: Operating since 2008 A.D (2064 B.S)
8. Gurans Life Insurance Company Limited: Operating since 2008 A.D (2064 B.S)
9. Asian Life Insurance Company Limited: Operating since 2008 A.D (2064 B.S)
10. IME Life Insurance Company Limited: Operating since 2017 A.D (2074 B.S)
11. Reliable Nepal Life Insurance Company Limited: Operating since 2017 A.D (2074 B.S)
12. Sanima Reliance Life Insurance Limited: Operating since 2023 A.D (2079 B.S)
13. Citizen Life Insurance Limited: Operating since 2017 A.D (2074 B.S)
14. Sun Nepal Life Insurance Company Limited: Operating since 2017 A.D (2074 B.S)
15. Prabhu Life Insurance Company Limited: Operating since 2017 A.D (2074 B.S)
16. Mahalaxmi Life Insurance Limited: Operating since 2018 A.D (2075 B.S)
17. Union Life Insurance Limited: Operating since 2017 A.D (2074 B.S)
Non-Life Insurance Companies:
18. Nepal Insurance Company Limited: Operating since 1947 A.D (2004 B.S)
19. The Oriental Insurance Company Limited: Operating since 1956 A.D (2012 B.S)
20. National Insurance Company Limited: Operating since 1974 A.D (2030 B.S)
21. Himalayan Everest Insurance Company Limited: Operating since 2022
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