There are several insurance companies in Nepal. Insurance companies are those companies that provide compensation for any loss, injury, or damage to human life or any assets in the exchange for the premium payments. The insurance companies are mainly used for risk management purposes. In the beginning, you have to pay a certain amount to ensure your assets or human life and if anything goes wrong then the insurance company will pay you as compensation. Today, we will discuss 10 insurance companies in Nepal that provide insurance services in Nepal.
10 Insurance companies in Nepal
1. MeetLife – Nepal
MeetLife is one of the insurance companies in Nepal which is a global insurance service provider that was founded in 1868 and is headquartered in New York. This company runs its services in more than 50 countries. In Nepal, there is also a subsidiary of this company. In Nepal, this company started its operation on 5th December 2001. The primary services of this company are Accident & Health Insurance, Life insurance, and Employee benefits. This is the first foreign company that obtained the insurance license in Nepal.
2. National Insurance Company Limited (NICL)
NICL is one of the insurance companies in Nepal which is also a subsidiary company of Centennial Insurance Company. the parent company is from India and headquartered in Kolkata. The parent company has only one foreign branch which is National Insurance Company Limited in Nepal and is headquartered in Tripureshwor. The company is operating in Nepal since 1959 under the name Rubi General Insurance & Hindustan General Insurance. The company was officially registered as NICL in 1974. The primary products of this company are Motor insurance, health insurance, and fire insurance.
3. National Life Insurance Company Limited
National Life Insurance Company Limited was previously called National Life & General Insurance Co. Ltd. It was set up in 1988 AD. As per the company’s site within two decades, the company has built a reputation as it is providing high satisfaction customer care service. The 45% of the company’s share lies within Nepalese financers, 10% from comes from foreign collaboration, 10% from Rastriya Banijya Bank and rest 35% from public shareholders. The company has got several insurance plans such as children’s plans, money back plans, whole life plans, retirement plans, and endowment assurance plans.
4. Neco Insurance Limited
Neco Insurance Limited, one of the insurance companies in Nepal, was established on 16th December 1994 and has been operating as an insurance business in Nepal since 30th May 1996. It is one of the insurance companies in Nepal. The primary service provided by the company is motor insurance policies, fire insurance policies, aviation policies, and engineering policies. The company is headquartered at Anamnagar Kathmandu. The company has 29 branches and 23 sub-branches throughout Nepal. The company has been awarded as “best managed general business company 2018”.
5. Prabhu Insurance Company Limited
Prabhu Insurance Company Limited is one of the insurance companies in Nepal which was established in 1996. The company is involved in providing a range of insurance services. The major insurance services of Prabhu Insurance Company Limited are Fire insurance, household insurance, motor insurance, marine cargo insurance, personal accident insurance, burglary & housebreaking insurance, travel insurance, cash in transit insurance, fidelity guarantee insurance, students’ safety insurance, contractors’ all risk insurance, erection all risk insurance, aviation insurance, electronic equipment insurance, machinery breakdown insurance, marine cum erection insurance, and other insurance services.
6. Asian Life Insurance Company
Asian Life Insurance Company officially started its services on 3rd April 2008. The company has got an authorized capital of Rs. 5 billion. The company has reinsurance support from Hannover Rück Re, Hannover, German. The company also has got a range of services. There are provisions of ranges of endowment policies, Endowment and whole life policies, money-back policies, term insurances, and micro-insurance policies for the service users. The company has got almost 93 promoters in the country out of which 2 are institutional promoters and the rest of 91 are individual promoters.
7. Everest Insurance Company Limited
Everest Insurance Company Limited was established in 1994. The company has served for more than 2 decades ensuring on world-class property and casualty insurance services. The company is providing ranges of non-life insurance schemes. The primary service provided by the company are property insurance, burglary & housebreaking insurance, accident insurance, medical expenses insurance, electronic equipment insurance, machinery breakdown insurance, boiler explosion insurance, fidelity guarantee insurance, cash in transit insurance, vehicle insurance, marine transit insurance, contractors’ all risk insurance, duty insurance, Everest travel trip insurance, erection all risk insurance, household insurance, public liability insurance, banker’s indemnity insurance, and agricultural insurance.
8. Himalayan General Insurance Co. Ltd.
Himalayan General Insurance Co. Ltd is one of the insurance companies in Nepal which was started in 1993. Some of the services provided by this company are All Risk Insurance, Aviation Insurance, Banker’s Indemnity Insurance, Business Machine Insurance, Burglary, Engineering Insurance, Fidelity Guarantee, Fire Insurance, Group Hospitalization, Household Insurance, Marine Insurance, Group Medical Insurance, Auto Insurance, Group/Personal Accident, Public Liability, Travel Insurance, Crops insurance, and Cattle Insurance.
9. Life Insurance Corporation (Nepal) Limited
Life Insurance Corporation (Nepal) Limited was started in 2000. 55% of the shares is owned by the L.I.C of India and 25% share is owned by Vishal Group. The rest 20% is held by the general public. The company offers a range of insurance services such as endowment plan, children’s endowment plan, money back plan, child plan, Jeevan Tarang, Jeevan Anand, Amulya Jeevan, Bima Kiran Plan, Jeevan Astha Plan, Jeevan Sathi, Dhan Bristi, Jeevan Bachat, and so on.
10. Gurans Life Insurance Company Limited
Gurans Life Insurance Company Limited operates the business of life insurance and was established on 31st March 2008. The company is promoted by Dugar Group, Sunrise Bank Ltd. along with a group of diverse and renowned Businessmen, Industrialists and Legal professionals.
The company provides wide range of life insurance policies such as Gurans Savadhik Jeevan Beema Yojana (Gurans Endowment with Profit Policy), Gurans Agrim Bhuktani (Gurans Money Back Endowment with Profit Policy), Gurans Jeevan Shree Beema Yojana (Gurans Endowment with Whole Life Policy), Gurans Bal Surakhsya Jeevan Bima Yojana (Child Endowment with Profits)/Gurans Naulo Bal Surakshya, Gurans Sanjeevani Agrim Bhuktani Jeevan Bima Yojana (Gurans Sanjeevani Pre-payment Insurance Policy), Gurans Jeevan Rakshyak (Limited Payment Endowment With-Profits), Gurans Foreign Employment Policy, Gurans Annual Cash Back Life Insurance Policy, and Gurans Surakshit Bhavisya Jiwan Bima Yojana.