Name List of Non Life Insurance companies in Nepal

11. Prudential Insurance Company Limited;

Prudential insurance company is the leading and successful insurance company of Nepal. Prudential Insurance Company was incorporated on November 30, 2000. The company commenced it’s non-insurance operation on June 20, 2002, with the approval of Beema Samiti. The head office of the Company is housed in the floor of Kamaladi Complex which is located in the heart of the City.

The company has started its operation from with an initial capital of Rupees 25 Crores which includes Public Issue of Rs. 5 Crores. As the first essential ingredient for the success in the insurance business is to have a strong financial base.The potential, reputation and the influence of the reputed groups and their business associates together with the professional management of the Company give an assurance of stability and quality services to the Nepalese customers.

The Company has adequate Reinsurance Arrangement with the leading reinsurers of the world such as;

• XL Re. Ltd., Singapore Branch, Main Office Bermuda, Latin America (Credit Rated A+ by S& P)

• Hannover Ruckversicherungs AG, Malaysian Branch (Credit Rated A+ by A.M. Best)

• Trust International Insurance & Reinsurance Company B.S.C. (C), Trust Re., Bahrain (Credit Rated A- by A.M. Best)

• Kenya Reinsurance Corporation, Nairobi, Kenya (Credit Rated BBB by A.M. Best)

• African Reinsurance Corporation, Mauritius (Credit Rated A- by A.M. Best)

• Asian Reinsurance Corporation, Bangkok, Thailand (Credit Rated BBB by A.M. Best)

• East Africa Reinsurance Company Limited, Nairobi, Kenya (Credit Rated B by A.M. Best)

The company is spreading its branches throughout the country to serve its customers. The locations of the company are Birgunj, Biratnagar, Dhangadi, Butwal, Itahari, Baglung, Nepalgunj, Bhairahwa, Dang, Dharan, Janakpur, Lahan, Dumre, Mahendranagar, Lalitpur, Surkhet, Nawalparasi, Bhaktapur, lamjung, Nuwakot, Dhadeldhura, Narayanghad, Birtamod, Banepa, Hetauda, Gorkha, Damak, Pokhara and Syanja,

12. 12. Shikhar Insurance Company Limited;

Shikhar insurance company is the leading Non-life insurance company of the country. It is established and registered under the insurance board of Nepal. The company commenced it’s operation with the establishment of registrar’s office on 28^th March 2004. It gets registered under insurance act on 11^th November 2004. The head office of the company is located in Shikhar biz, Thapathali, Kathmandu. Shikhar Insurance Company promoted by a young team of reputed Industrial and Business Houses involved in various fields like Aviation, Banking, Manufacturing, Trading, Travel Trade, Media Houses etc. There are seventeen individuals representing represent various diversified fields like Banking, Insurance, Trading, Manufacturing, Aviation, Tourism etc.

The members of Board of directors are;

• Chairman; Mr. Rajendra Prasad Shrestha
• Director; Mr. Ang Tshiring Sherpa, Mr. Raemsh Kumar Luitel, Mr. Skand Amatya, Mr. Saurav J.B Rana,
• Director, Public Shareholder; Mr. Dinesh Bajra bajracharya

Also, the Company made an adequate Reinsurance Arrangement with the leading reinsurers of the world such as;

• General Insurance Corporation, India
• Tokio Marine Global Re, Labuan
• African Re, Mauritius
• ICICI Lombard
• Sirius International, UK Branch

The company is serving the clients by offering the best services through the spreading 24 branches in Nepal. The locations of branches of Shikhar insurance company are Kathmandu, Narayanghad, Dang, Butwal, Biratnagar, Birtamod, Itahari, Nepalgunj, Pokhara, Hetauda, Dhangadi, Lahan, Nuwakot, Dhading, Jumla, Tanhun, Bhairahwa, and Syangja.

13. Lumbini Insurance Company Limited; Lumbini Insurance Company is the leading non-life insurance company in the path of success. Lumbini General Insurance was incorporated in 2005. The company was established by prominent Businessmen, Industrialists, Commercial Banks, Financial Organizations and First Ex-Governor Himalaya SJB Rana as Founder Chairman. Lumbini General Insurance Company Ltd. have jointly promoted by Prominent Bankers, Dealers of Automobiles, Entrepreneurs, Hydro-Power Developers, Industrialists, Finance Institutions & Commercial Banks such as Lumbini Bikash Bank Limited, Nepal Himalayan Trade Company P. Ltd., Sunrise Bank Limited, Kumari Bank Limited, Central Finance Limited, Om Development Bank Limited, Narayani Development Bank.The bank is providing the good services to its customers by its well-experienced staff

members in the insurance industry for more than three decades.

The capital structure comprises of 51% by individual and Institutional Promotors whereas 49% by Public.  The Authorized capital of the company is NRs. 1,000,000,000. and the paid-up capital of the company is NRs. 780,000,000. The public individuals hold 32.95% share whereas the institutes hold 18.05%.

In addition to its own services, Lumbini General Insurance Company has been successfully joining hands with the best securities around the globe such as

• General Insurance Corporation of India, India
• African Reinsurance Corporation, Mauritius
• Trust International Insurance Company Ltd, Bahrain
• Hannover Re, Germany
• XL Catlin, Singapore
• ZEP-RE (PTA Reinsurance Company), Nairobi, Kenya
• Kenya Reinsurance Corporation Ltd, Nairobi, Kenya
• Asian Reinsurance Corporation, Thailand
• Asian Reinsurance Corporation, Thailand

The members of board are;

• Chairman; Mr. Manohar Das Mool
• Directors; Mr. Bishow Raj Regmi, Mr. Arun Raj Shrestha
• Director ( Public); Mr. Pratap Kumar Acharya, Mr. Kamal Bhattarai, Mr. Madhur lal Sinnya
• Director ( Independent); Mr. Anil Raj Bhattarai
• Company Secretary; Mr. Devendra Koirala

The Head office of Lumbini Insurance company is located in Gyaneshwor, Kathmandu. It is serving the clients by offering the reliable services through 4 regional branches which are located in Biratnagar, Birgunj, Nepalgunj and Pokhara and 16 branches. The location of branches is Baglung, Banepa, Bhairahwa, Bhaktapur, Birtamod, Butwal, Dang, Dhangadi, Hetauda, Itahari, Janakpur, Kathmandu, Lalitpur, Narayanghad, and Surkhet. Across the country, there are sub-branches which are located in Rautahat, Kapilbastu, Jhapa, Tanahun, Gorkha ( Opening soon), Kailali, Mahendranagar, Rukum, lahan, Sankhuwasabha, Bhojpur, Khotang, and Udaipur.

14. NLG Insurance Company Limited; NLG Insurance Company Limited is a well-established non-life insurance company which is the part of National Life and General Insurance. It was incorporated in 1988 to administrate Life as well as General business. General Insurance business of NLGI was separated as per the requirement of the Insurance Act of Nepal and a new company was named as NLG Insurance Company Ltd. (NLG), which was incorporated in 2005. it’s been over 25 years that the NLG insurance company is providing the excellent insurance services such as Fire Insurance, Marine Insurance, Motor Insurance, Engineering Insurance, Aviation Insurance and Misc. Accident Insurance to its individual and corporate clients.

The customers are enjoying services like customer-driven service packages, personalized service delivery, and technology-focused operation. The company is promoted by renowned industrialists, Businessman and banks such as Sanima bank, Grand bank, Nepal SBI bank, Megabank, Laxmi bank, Citizen bank, Nabil bank, Janata bank, Siddhartha bank Everest bank, Prime bank, Prabhu bank, Civil Bank, Nepal Bangladesh bank, Lumbini bank, Sunrise bank, Global bank, Rashtriya Banijya Bank, NIC Asia bank, Kumari bank, Global IME bank, Nepal Credit and commerce bank, Machhapuchhre bank, Agricultural development bank and Bank of Asia.

After separation, the company started with an authorized capital of NPR 150 million and the issued and paid-up capital was NPR 100 million. But, in the fiscal year, the company changed its authorized capital to NPR 500 million and issued capital to NPR 225 million in order to meet the capital requirement set by insurance board. And, at the end of Fiscal year 207172, the company has issued and paid up capital of Rs. 341.55 million which does not include proposed bonus share for the same fiscal year.

The members of board of directors are;

• Chairperson; Mr. Kush Prasad Malli
• Director; Mr. Anmol Prakash Singh, Mr.Sanjay Bahadur Shah Director, Mr. Anil Shrestha, Mr. Gautam Prasad Khanal, Mr.Rajesh Upadhaya
• Director (Public); Prof. Dr. Hemraj Subedi

The company made a reinsurance agreement with reinsurers of the world such as Hannover Reinsurance Company, Malaysia, Catlin Singapore Pte. Ltd., Singapore, Trust International Insurance Company EC, General Insurance Corporation of India Mumbai, African Reinsurance Corporation, Asian Reinsurance Corporation.

The company’s registered office of the company is situated in Panipokhari, Lazimpat, Kathmandu which is also the Head office. It is providing the consistent services to its customers with more than 180 employees across Nepal through it’s spreading branches. It has six regional offices which are located in Biratnagar, Bhairahawa, Lalitpur, Nepalgunj, Birgunj, and Pokhara. It has 11 branches such as Hetauda, Birtamode, Dharan, Dang, Damak, Janakpur, Narayangarh, Itahari, Dhangadi, Butwal, and Lumjung. Also, it has 11 sub-branches situated in Banepa, Bhaktapur, Baglung, Mahendranagar, Sarlahi, Surkhet, Rajbiraj, Darbarmarg, Lahan, Ekantakuna, and Salyan. A new sub-branch has been started its operation in Bardiya from 4^th April 2017.

15. Siddhartha Insurance Limited; Siddhartha insurance limited is one of the largest insurance companies in the Nepalese general insurance industry in terms of premium earnings. Siddhartha Insurance Company Ltd (SIL) is the latest established insurance company in the non-life insurance industry of Nepal. As this company was established in 2006. Siddhartha Insurance Limited has achieved 9% of market share in terms of Gross Premium 8% in terms of net premium in past 2 years.

As of July-16, this company is providing services with 200 staffs posted over 21 networks spread across the nation for procuring business and extending after sales services. The head office of the company is situated in Babarmahal, Kathmandu. Siddhartha Limited Company has 51:49 promoter-public shareholding ratios with major shareholding from Siddhartha Bank Limited.

16. 16. Rastriya Beema Sansthan; Rashtriya Beema Company Limited is a public limited company owned by Government formed under the decision of Government of Nepal, It is established as a separate general insurance business of Rastrya Beema Sansthan(RBS) by mobilizing internal resources of Nepal. This company is successfully providing returns as per set goals and objectives of Nepal Government in this tenure till today. Thye company is contributing revenue without modulating any additional liability on government.

The company has spread skilled manpower in the insurance sector & has identified itself as a credible insurance sector. The Main Branch of the company is situated in Ramshahpath, Kathmandu. Through its 12 branches, it is providing its services to its customers throughout the country. The location of branches of Rastriya Beema Sansthan is Biratnagar, Bhairahwa, Birgunj, Pokhara, Banepa, Nepalgunj, Narayanghad, Birtamod, Hetauda, Nuwakot, Itahari, and Dhangadi.

The members of board of Rastriya Beema Sansthan are;

• Chairman; Dr. Khom Raj Kharel
• Director; Mr. Ishwori Prasad Aryal, Mr. Maheshwor Lal Shrestha, Mr. Durga Raj Regmi, Mr. Premraj Bhatta
• Board Secretary; Mr. Laxman Thapa

17. Deposit Insurance and Credit Guarantee Corporation; Deposit Insurance and Credit Guarantee Corporation is the non-life insurance company of Nepal which is leading in the insurance service providing the path. From the year, Deposit and Credit Guarantee Corporation has started the deposit guarantee scheme in Nepal. The company is recognized globally as an important component of a country’s financial safety. The company has specified the legal responsibility to carry out both the deposit guarantee and credit guarantee function through its own “Deposit and Credit Guarantee Fund Act, 2073”. In the Board of the company, there have been six representatives from the government and one representative from Nepal Rastra Bank.

As this company is a government-sponsored and administered separate entity. By which deposit guarantee system is a government-sponsored scheme. In Nepal, deposit guarantee scheme is confined to commercial banks, development banks, finance companies and microcredit development banks. On guaranteed deposit, it provides the premium rate of 0.20%. in term of Shareholder, Nepal Government holds 90% share with the share amount  2,800,014,000 and Nepal Rashtriya Bank holds 10% share with the share amount 300,000,000.

The head office of the company is located in Naxal, Kathmandu. The company is spreading its services throughout the country via it’s four regional branches which are located in Biratnagar, Bharatpur, Nepalgunj, and Pokhara.

 

Name List of Non-Life Insurance companies in Nepal

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Nepal Insurance Company Limited, The Oriental Insurance Company Limited, National Insurance Company Limited, Himalayan General Insurance Company Limited, United Insurance Company (Nepal) Limited, Premier Insurance Company (Nepal) Limited,  Everest Insurance Company Limited, Neco Insurance Limited, Sagarmatha Insurance Company Limited,  Alliance Insurance Company Limited, NB Insurance Company Limited,  Prudential Insurance Company Limited,  Shikhar Insurance Company Limited, Lumbini General Insurance Company Limited, NLG Insurance Company Limited, Siddartha Insurance Limited, Rastriya Beema Sansthan, Deposit insurance and credit guarantee corporation. List of Non-Life Insurance companies in Nepal