Name List of Non-Life Insurance companies in Nepal
This post is about name list of Non-Life Insurance companies in Nepal. Here we have categorized the list of insurance companies in Nepal by life Insurance companies in Nepal and Non-Life Insurance companies in Nepal. We have already published a post about name list of all Insurance companies in Nepal. Now it turns to publish here in this post name list of Non-Life Insurance companies in Nepal.
The risk is the chance or uncertainty of an event with the unfavorable outcome or it can also be said, as risk is the chances of occurring events, which have unfavorable outcomes. Risk has several meanings. The meanings differ according to their field of use. In general sense, risk refers to the possibility of meeting danger. It is the chance of something going wrong; Risk is the danger indication that injury, damage, or loss will occur.
Here is name list of Non-Life Insurance companies in Nepal. check it out all the list of Non-Life Insurance companies in Nepal.
Name List of Non-Life Insurance companies in Nepal
1. Nepal Insurance Company Limited :
Head Office:- Kamaladi
Phone:- ( 977 1) 4221353/4245565
2. The Oriental Insurance Company Limited:
Head Office:- Jamal
Phone:- ( 977 1) 4221448/4250137
3. National Insurance Company Limited:
Head Office:- Tripureshwor
Phone:- ( 977 1) 4260366/4250710
4. Himalayan General Insurance Company Limited:
Phone:- ( 977 1) 4231788/4213014
5. United Insurance Company (Nepal) Limited:
Head Office:- Trade Tower Thapathali
Phone:- ( 977 1) 5111111
6. Premier Insurance Company (Nepal) Limited
Head Office:- Tripureswor
Phone:- ( 977 1)4259567/4252872
7. Everest Insurance Company Limited
Head Office:- Hattisar
Phone:- ( 977 1) 4425758/4445090
8. Neco Insurance Limited
Head Office:- Putalisadak
Phone:- ( 977 1) 4427354/442146
9. Sagarmatha Insurance Company Limited
Phone:- ( 977 1)4412367
10. Alliance Insurance Company Limited
Head Office:- Tinkune
Phone:- ( 977 1) 44999220/4499226
11. NB Insurance Company Limited
Head Office:- Lal Durbar
Phone:- ( 977 1) 4442457/4418862
12. Prudential Insurance Company Limited
Head Office:- Putalisadak
Phone:- ( 977 1) 4212940/4212939
13. Shikhar Insurance Company Limited
Head Office:- Thapathali
Phone:- ( 977 1) 4246101/4246102
14. Lumbini General Insurance Company Limited
Head Office:- Thamel
Phone:- ( 977 1) 4411707/443319915.
15. NLG Insurance Company Limited
Head Office:- Panipokhari
Phone:- ( 977 1) 4442646/4418113
16. Siddartha Insurance Limited
Head Office:- Tripureshwor
Phone:- ( 977 1) 4257766/4254547
17. Rastriya Beema Sansthan
Head Office:- Ramshahpath
Phone:- ( 977 1) 4262520/4262564
18. Deposit insurance and credit guarantee corporation
Head Office:- Tangal
Phone:- ( 977 1) 4410659/417602/4421241
Non-Life Insurance Company In Nepal
Risk refers to the financial uncertainty in human’s life. To get relief from such risk, insurance is the way. Insurance is the contract to indemnify losses occurred due to any particular risk in consideration of cash payment in shape of Premium. Insurance spread the losses caused by a particular risk over a number of persons who are exposed to it and agree on themselves ensure against such type of risk.
Functions of Insurance;
- It provides the assurance by the agreement of compensating losses which takes place in future against premium.
- It provides a guarantee for the protection against large and uncertain losses in return for the nominal amount of premium.
- It distributes the risk among a large number of people.
- It collects the amount as premium from the number of clients and forms a large amount of capital.
- It helps to maintain financial stability.
Non- life insurance refers to the all the insurance except life insurance. It is such type of insurance that covers the loss of properties. Non-life insurance is classified as;
- Fire Insurance; Fire insurance is a measure to provide the financial security against the risk of fire. In this insurance, the company made the contract with a promise to pay a sum of money due to loss by fire to the property during the specific time period on the consideration of a premium amount paid by the insured.
- Marine Insurance; Marine Insurance is attempted to minimize the loss due to perils of the sea in course of sea transportation. It is an agreement where the insurer undertakes to protect the insured to the extent they agreed against the marine losses. Marine insurance covers a large number of risks such as sinking, burning of ship, accident, the collision of ships, jettison, barratry, standing or going astray of the ship, piracy, explosion, storms etc.
- Motor Insurance; Motor insurance is such insurance which compensates the loss of motors or vehicles due to theft, accident or similar type of risk. This type of insurance is compulsory in Nepal which compensates the loss of goods and amount for the death of passengers and loss on vehicles.
- Employment liability Insurance; In this insurance, amount of compensation is made by the owner of the company as per the agreement between labor union and company.
- Fidelity Guarantee Insurance; Fidelity Guarantee is made to compensate loss which is incurred due to fraud, embezzlement, and theft by staffs.
- Aviation Insurance; Aviation Insurance is made to compensate the loss incurred due to the risk of aviation.
Other common insurances are Personal accident insurance, Health insurance, credit insurance, theft insurance etc.
A large number of insurance companies have been commenced after the restoration of democracy as the outcome of liberal policy allowed by the government in the field of insurance. In the present context, there are altogether 17 non-life and 8 life insurance companies running successfully in the country. The overall, life as well as general, the insurance business in Nepal is a growing phase. Around more than 25% average annual growth rate has been accounted over the past 5 years in the insurance sector.
The regulatory body of insurance business in Nepal is Insurance Board (Beema Samitee). It has issued a directive on the “Corporate Governance” for the insurance companies which focused to protect the interest of stakeholders mainly insured, staffs and investors.As per the regulator directive, the minimum paid-up capital of non-life insurance should be NRs. 250 million, which is supposed to be increased very soon. The Board has introduced Agriculture and Cattle Insurance policies to assist in commercial agriculture, a plan being implemented by Government of Nepal through the budget of recent fiscal years. So, in the present days, insurance of the life and property is an essential part of our life and by spending the premium, we can secure our lives and properties. So, today, we will tell you about the different Non-life insurance company of Nepal;
- Nepal Insurance Company Limited; Nepal Insurance Company Limited is a leading and well-recognized first non-life insurance company of Nepal. It was established in 1947 A.D. gets involved in non-life insurance business which is commenced by Nepal Bank Limited which is the first commercial Bank of Nepal. The head office of this company is situated in Kathmandu.
Nepal bank limited holds the shares of 51% and general public holds the shares of 49% shares. The Company is taken as the innovatory in Nepalese Insurance history. The name of this company was “Nepal Malchalani Tatha Beema Company” in the beginning but on 1959 A.D, its name was changed its name as “Nepal Insurance & Transport Company Ltd.” Since 1991 A.D., its name is “Nepal Insurance Company Ltd.”.
The capital structure is ;
- Authorized Capital 500,000,000.00
50,00,00,000 Shares of Rs. 100 Each
- Issued Capital 300,000,000.00
30,00,00,000 Shares of Rs. 100 Each
- Paid up Capital 287,608,200.00
28,76,082 Shares of Rs. 100 each
The companies which get reinsurance with Nepal insurance company are;
- Kenya Re-insurance Corporation Ltd.
- Asian Reinsurance Corporation.
- East Africa Re-insurance Co. Ltd.
- New India Assurance Company Ltd.
- General Insurance Corporation (GIC)
- Nepal Re-insurance Company Ltd.
- OMAN Re-insurance Company Ltd.
- CICA Re-insurance Company Ltd.
- Sirius International, UK Branch
It is providing the services of non-life insurance through its seven branches and three contact offices with 134 staffs all over Nepal. Branch offices of this insurance company are located in Butwal, Birgung, Biratnagar, Bharatpur, Narayangadh, Nepalgunj, Pokhara and contact offices location are Dhangadi, Birtamod, and Lahan. The website of Nepal Insurance company is www.nepalinsurance.com.np.
- The Oriental Insurance Company; The Oriental insurance company is the public sector non-life insurance company under the Ministry of Finance, Government of India. The Oriental Insurance Company Limited is serving its customers in Nepal since 1956. It is established in Nepal as an extended arm of its parent organization in India. Initially, It started it’s operation as a Branch Office in Kathmandu. The oriental non-life insurance company is the oldest non-life insurance of Nepal.
Now, the corporate office of an oriental insurance company is situated in “Sunrise Bizz Park” charkhal, Dillibazar, Kathmandu. At that time, only one insurance Company i.e. Nepal Insurance and Transport Corporation (NITC) was involved in general Insurance business only for Nepal Bank Ltd. The initial operation consists of direct Insurance acceptances and also acceptance of Re-Insurance business from NITC. With the increase in premium income, the company commenced full fledged Branch Offices at Biratnagar, Hetauda, Butwal, Birgunj, Pokhara and Nepalgunj in succeeding years. Two Branch offices in Kathmandu i.e Divisional Office I and Branch II are opened with an increase in premium in Kathmandu.
Also, four Inspectorate offices are established at Bhairahwa, Narayangarh, Tehrathum, and Birtmode which are managed by Marketing Officer. The branches are successfully providing to the needs of public residing in remote areas as well. A highly dedicated, qualified and encouraged workforce with reasonably vast proficiency in handling the insurance transactions shows the strength of the company. From the company’s corporate office in India, there is a very strong support in terms of highly technically qualified and competent team of professionals to render the services to the customers in the best possible way. The goal of the company is to serve the clients. The company made an unexpected beginning, the company made a gross premium stood at NRs. 5875 lacs. The company has an investment assortment of approx. NRs. 142 crores. The Oriental Insurance is basically a very strong company with great credentials. Oriental Insurance company does not have any joint venture partnership and shareholding from Nepal and as such, there is no shareholding.
The services by the Oriental Insurance Company in Nepal are;
- Fire insurance
- Marine insurance
- Motor insurance
- Engineering insurance, Microinsurance, Aviation insurance
- Group media claim policy
- Erection All risk policy, Contractors all risk policy, Electronic all risk policy
- Personal accident policy
- Burglary and Housebreaking policy, Householders insurance policy, Professional indemnity policy
- Bankers indemnity policy
- Cash in transit policy, Fidelity Guarantee insurance, Machinery break down policy