BIRATNAGAR: Insurance coverage in Nepal has reached 52.04 percent of the total population, according to the Nepal Insurance Authority, Koshi Province office. This marks an increase from the 48.33 percent recorded in the fiscal year 2081/82.
During a press interaction in Biratnagar on Wednesday, Assistant Director of the Authority, Sachin Rai, shared that the insurance sector collected a total of Rs 256.52 billion in premiums during the fiscal year 2082/83. In the previous fiscal year, the total premium collection stood at Rs 227.19 billion. Of the latest figures, Rs 204.60 billion was collected from life insurance, while Rs 59.92 billion came from non-life insurance.
Insurance penetration is also expanding within Koshi Province. In the fiscal year 2082/83, there were 2.06 million active life insurance policies in the province, generating Rs 26.16 billion in premiums. Meanwhile, 449,427 non-life insurance policies were active, contributing Rs 4.39 billion in premiums.
The Authority noted that despite the government providing subsidies of up to 80 percent for livestock and crop insurance, the uptake remains below expectations. Rajendra Maharjan, head of the Authority’s Koshi Province office, stated that the provincial government is collaborating on various insurance initiatives. These include an accident insurance program for journalists and ongoing studies regarding insurance coverage for damages caused by wild animals.
During the event, Bharat Khadka, president of the Federation of Nepali Journalists, Koshi Province, urged the Authority to introduce an integrated insurance scheme that covers both accidents and health services for journalists.
