Insurance in Nepal: Compare Insurers on Claims, Size and Price
Byajdar now covers insurance the way it covers bank rates: official numbers side by side, with no sales pitch. Every figure on this page comes from the Nepal Insurance Authority (NIA), the regulator.
- Nepal has 14 life insurers and 14 non-life insurers, plus 3 micro life and 4 micro non-life insurers, all licensed by the NIA.
- The number that matters most is how much of the money claimed an insurer actually pays. Among life insurers it ranged from 79.9% (IME Life Insurance) to 98.9% (Asian Life Insurance) in FY 2081/82. See every insurer.
- Third-party motor insurance is compulsory and its price is set by the NIA, so it costs the same at every insurer: about Rs 1,705 a year for a bike under 150cc. Work out yours.
- For life cover, a term plan gives the most cover per rupee; endowment plans mix insurance with saving. Read the guide.
- Life insurance premiums up to Rs 40,000 and health insurance premiums up to Rs 20,000 a year can be deducted from taxable income.
यो पेज नेपालीमा पनि छ: नेपालमा बीमा: दाबी भुक्तानी, आकार र मूल्यका आधारमा बीमा कम्पनी तुलना
Which life insurers pay the most of what is claimed?
This table shows, for each life insurer, the claims it paid in FY 2081/82 and the claims still waiting to be paid at the end of that year. A high share paid means fewer customers are left waiting. Click a column heading to sort.
| Insurer | Claims paid (Rs cr) | Pending (Rs cr) | Share paid |
|---|---|---|---|
| Asian Life Insurance | 618.89 | 7.18 | 98.9% |
| Sun Nepal Life Insurance | 157.34 | 2.06 | 98.7% |
| Prabhu Mahalaxmi Life Insurance | 115.08 | 1.96 | 98.3% |
| Himalayan Life Insurance | 733.85 | 14.30 | 98.1% |
| Reliable Nepal Life Insurance | 143.91 | 3.05 | 97.9% |
| Surya Jyoti Life Insurance | 369.67 | 9.49 | 97.5% |
| Citizen Life Insurance | 191.18 | 12.48 | 93.9% |
| Life Insurance Corporation (Nepal) | 1,259.02 | 99.28 | 92.7% |
| Nepal Life Insurance | 1,919.65 | 200.51 | 90.5% |
| Rastriya Jeevan Beema Company GOVT | 656.19 | 73.43 | 89.9% |
| MetLife Nepal | 294.62 | 51.06 | 85.2% |
| National Life Insurance | 1,107.13 | 202.25 | 84.6% |
| Sanima Reliance Life Insurance | 177.12 | 41.64 | 81.0% |
| IME Life Insurance | 128.37 | 32.30 | 79.9% |
Source: NIA Annual Report 2081/82, Annex 14, 15, 25 and 26. FY 2081/82 figures are unaudited. "Share paid" is our calculation: claims paid in the year ÷ (claims paid + claims still pending at year end).
Non-life insurers: claims paid vs pending
Non-life insurers (motor, property, travel, health and others) always show a lower share, because a large claim cannot be paid until a surveyor has assessed the damage, so more money is pending at any time. Compare non-life insurers with each other, not with life insurers.
| Insurer | Claims paid (Rs cr) | Pending (Rs cr) | Share paid |
|---|---|---|---|
| NLG Insurance | 237.94 | 140.11 | 62.9% |
| IGI Prudential Insurance | 246.33 | 161.20 | 60.4% |
| United Ajod Insurance | 190.59 | 129.11 | 59.6% |
| Shikhar Insurance | 307.44 | 211.31 | 59.3% |
| Himalayan Everest Insurance | 189.58 | 148.78 | 56.0% |
| The Oriental Insurance | 175.25 | 141.27 | 55.4% |
| Nepal Insurance | 98.17 | 88.52 | 52.6% |
| NECO Insurance | 167.15 | 171.34 | 49.4% |
| Siddhartha Premier Insurance | 276.40 | 284.40 | 49.3% |
| Sagarmatha Lumbini Insurance | 362.52 | 387.90 | 48.3% |
| Sanima GIC Insurance | 115.54 | 193.03 | 37.4% |
| Prabhu Insurance | 51.63 | 133.76 | 27.8% |
| National Insurance | 62.99 | 164.92 | 27.6% |
| Rastriya Beema Company GOVT | 32.64 | 146.89 | 18.2% |
Source: NIA Annual Report 2081/82, Annex 14, 15, 25 and 26. FY 2081/82 figures are unaudited. "Share paid" is our calculation: claims paid in the year ÷ (claims paid + claims still pending at year end).
How big is Nepal's insurance market?
In FY 2082/83 the 14 life insurers collected about Rs 20,002 crore in premiums and the 14 non-life insurers about Rs 5,060 crore (NIA monthly business data, Ashar 2083). Motor insurance is the largest non-life line. The biggest life insurer by premium is Nepal Life Insurance; the biggest non-life insurer is Shikhar Insurance. Size alone does not tell you how well an insurer pays claims, which is why we show both.
Insurance you will be asked for with a bank loan
- Home loan: the bank will ask you to insure the house (fire and allied perils, often earthquake too) with the bank named on the policy. See home loan rates.
- Vehicle loan: a comprehensive motor policy, not just third-party, with the bank named as financier until the loan is repaid. See vehicle loan rates.
- Other secured loans: the property or stock pledged as collateral usually has to be insured too.
- Many banks also offer term life cover tied to the loan. It is often worth having, but you can usually compare it with a term plan bought directly from an insurer.
Is Byajdar an insurance broker?
No. Byajdar is not licensed by the Nepal Insurance Authority, does not sell policies and takes no commission from insurers. We publish the regulator's own figures so you can compare. Under the Insurance Act 2079, only licensed insurers, agents, brokers and aggregators may sell or arrange insurance, so buy from the insurer directly or from an agent who can show an NIA licence.
Frequently asked questions
How many insurance companies are there in Nepal?
There are 14 life insurers and 14 non-life insurers, plus 3 micro life insurers (Guardian Micro Life Insurance, Crest Micro Life Insurance, Liberty Micro Life Insurance) and 4 micro non-life insurers (Nepal Micro Insurance, Protective Micro Insurance, Star Micro Insurance, Trust Micro Insurance), all licensed by the Nepal Insurance Authority.
Which insurance company pays claims best in Nepal?
On the NIA's FY 2081/82 figures, Asian Life Insurance paid the largest share of claim value among life insurers (98.9%) and NLG Insurance among non-life insurers (62.9%). One year can be unusual, so also check the previous year on our claims page.
Is third-party vehicle insurance compulsory in Nepal?
Yes. Every vehicle on the road must have at least third-party insurance, and you need a valid policy to renew your bluebook. The premium is fixed by the Nepal Insurance Authority, so it is the same at every insurer.
Who regulates insurance in Nepal?
The Nepal Insurance Authority (NIA), formerly called Beema Samiti, under the Insurance Act 2079. It licenses insurers, agents and brokers, sets the motor tariff and publishes each insurer's figures.
What can I do if my insurance claim is not paid?
First complain in writing to the insurer and keep a copy. If the insurer does not resolve it, you can file a complaint with the Nepal Insurance Authority, which handles claim complaints against insurers.
Byajdar does not sell insurance. We are not licensed by the Nepal Insurance Authority and take no commission from insurers. Buy directly from an insurer or a licensed agent, and see our methodology for how we source figures.