Kathmandu. The Insurance Authority has started publishing insurance reflections. The AUTHORITY has started publishing the ‘Biga Reflection’ covering all the activities related to insurance.
The insurance sector is an important pillar of the economy, contributing to financial security as well as long-term investment and social stability. Nepal Insurance Authority (INSURANCE) is responsible for effective regulation, monitoring and analysis of this sector in Nepal.
A total of 37 insurance companies are in operation in the Nepali insurance market till mid-April of fy 2081/82. Based on the nature of work, 14 life insurance companies, 14 non-life insurance, 7 microinsurance companies (3 life micro insurance and 4 non-life microinsurance) and 2 reinsurance companies are doing business.
Similarly, the contribution of insurance to Nepal’s GDP is increasing. In addition, the AUTHORITY has been carrying out its work within the scope of action as directed by the Insurance Act, 2079 BS.
The analysis of key data in the insurance sector helps to identify the progress, challenges, and policy requirements in the insurance sector.
Through this monthly data edition, the major indicators including insurance access, financial condition of insurers, claims, number of insurance policies, collection of insurance fees have been studied.
This analysis will be the basis for transparency, accountability, and policy making in the insurance sector. In addition, it has been designed to provide useful information to insurers, policy makers, researchers, and the general public. After the appointment of Sadar Ojha as the chairman of the NRA, he started publishing the reflection.
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