Karnali Province recorded the highest growth in Nepal’s life insurance sector during the first ten months of FY 2082/83, according to data published by the Nepal Insurance Authority. Although Karnali remains the smallest life insurance market by premium volume, it achieved the fastest growth rate among all provinces.
Life insurance companies collected a total of NPR 159.97 billion in premiums nationwide by the end of Baisakh 2083, representing a 13.98% increase compared to the same period of the previous fiscal year.
Provincial Life Insurance Premium Collection
| Province | FY 2082/83 Premium (NPR Billion) | Growth Rate |
|---|---|---|
| Bagmati | 70.13 | 12.06% |
| Lumbini | 25.47 | 16.10% |
| Koshi | 19.05 | 12.87% |
| Gandaki | 16.26 | 14.98% |
| Madhesh | 14.53 | 17.18% |
| Sudurpashchim | 9.77 | 15.58% |
| Karnali | 4.76 | 20.18% |
Fastest Growing Provinces
| Rank | Province | Growth Rate |
|---|---|---|
| 1 | Karnali | 20.18% |
| 2 | Madhesh | 17.18% |
| 3 | Lumbini | 16.10% |
| 4 | Sudurpashchim | 15.58% |
| 5 | Gandaki | 14.98% |
| 6 | Koshi | 12.87% |
| 7 | Bagmati | 12.06% |
Market Share by Province
| Province | Market Share |
|---|---|
| Bagmati | 43.84% |
| Lumbini | 15.00% |
| Koshi | 11.91% |
| Gandaki | 10.16% |
| Madhesh | 9.08% |
| Sudurpashchim | 6.11% |
| Karnali | 2.97% |
Key Highlights
Karnali Leads Growth
Karnali's life insurance premium collection increased from NPR 3.96 billion to NPR 4.76 billion, making it the fastest-growing insurance market in the country.
Madhesh Shows Strong Expansion
Madhesh Province recorded the second-highest growth rate, with premium collections rising to NPR 14.53 billion, reflecting growing insurance awareness and penetration.
Bagmati Remains the Largest Market
Despite slower growth compared to other provinces, Bagmati continues to dominate Nepal’s life insurance industry, accounting for nearly 44% of total premiums collected nationwide.
National Insurance Business Expands
Total life insurance premiums increased from NPR 140.35 billion in the previous fiscal year to NPR 159.97 billion, highlighting continued expansion of Nepal’s life insurance sector.
Conclusion
While Bagmati remains the largest life insurance market in Nepal, the strongest growth momentum is emerging from Karnali, Madhesh, and Lumbini provinces. The data suggests that insurance penetration is gradually expanding beyond major urban centers, contributing to more balanced growth across the country's life insurance industry.
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