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Insurance Companies in Nepal

Insurance companies in Nepal

In Nepal, the regulation and licensing of insurance companies are overseen by the Nepal Insurance Authority (NIA). To operate in the insurance sector, companies must first incorporate under the Company Act 2063 and obtain the necessary license from the Nepal Insurance Authority. It’s crucial to note that no entities or companies are permitted to engage in any form of insurance business without obtaining the required license from the regulatory body. Besides, companies are required to take prior approval from the regulator before launching any new kind of insurance product. In this article we will list out the life, non-life, micro and reinsurance companies existing today in the Nepali insurance industry.

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Life Insurance Companies in Nepal

As of the beginning of 2024 A.D., there are 14 life insurance companies operating in Nepal. These companies offers various products such as, but not limited to, whole life, term life, single premium plans, endowment, rural endowment programs along with coverage for disabilities and critical illness. Regulator has set a minimum paid-up capital of Rs. 5 billion for these companies. There is “Life Insurance Association Nepal (Jeevan Bimak Sangh Nepal)” of these life insurance companies to discuss and enforce the common agendas, make collective negotiations, and streamline the operation. Below is the list of life insurance companies in Nepal:

  1. Asian Life Insurance Company Limited
    • Website: asianlife.com.np
    • Contact/Phone: +977-01-4510115/4530270
    • Address (Head Office): Maitidevi – 30, Kathmandu
  2. Citizen Life Insurance Company Limited
    • Website: citizenlifenepal.com
    • Contact/Phone: +977-01-5970217
    • Address (Head Office): LS Complex, Thapathali, Kathmandu
  3. Himalayan Life Insurance Limited
    • Website: himalayanlife.com.np
    • Contact/Phone: +977-01-5970057
    • Address (Head Office): Manakamana Marga, Hattisar, Kathmandu
  4. IME Life Insurance Company Limited
    • Website: imelifeinsurance.com
    • Contact/Phone: +977-01-4024071
    • Address (Head Office): 3rd Floor, Hathway Complex, Lainchaur, Kathmandu
  5. Life Insurance Corporation (Nepal) Limited
    • Website: licnepal.com.np
    • Contact/Phone: +977-01-4012613, +977-01-4012614
    • Address (Head Office): 4th Floor – Star Mall, Putalisadak, Kathmandu
  6. MetLife (ALICO)
    • Website: metlife.com.np
    • Contact/Phone: +977-01-5970166
    • Address (Head Office): Narayani Complex, Pulchowk, Lalitpur
  7. National Life Insurance Company Limited
    • Website: nationallife.com.np
    • Contact/Phone: +977-01-4514799, 4516556, 4514803, 4535636
    • Address (Head Office): Lazimpat, Kathmandu
  8. Nepal Life Insurance Company Limited
    • Website: nepallife.com.np
    • Contact/Phone: +977-01-5970971
    • Address (Head Office): Kamaladi, Kathmandu
  9. Prabhu Mahalaxmi Life Insurance Limited
    • Website: pmlil.com
    • Contact/Phone: +977-01-5352012, 5326856 , 5362223, 5326065, 5326568
    • Address (Head Office): Shanti Marg, Kamaladi, Kathmandu
  10. Rastriya Jeewan Beema Company Limited
    • Website: rbs.gov.np
    • Contact/Phone: +977-01-4262520
    • Address (Head Office): Ramshahpath, Kathmandu
  11. Reliable Nepal Life Insurance Limited
    • Website: reliablelife.com.np
    • Contact/Phone: +977-01-4523618, 4523630
    • Address (Head Office): Gyaneshwor, Kathmandu
  12. Sanima Reliance Life Insurance Limited
    • Website: sanimareliancelife.com
    • Contact/Phone: +977-01-5970400, +977-01-4797124
    • Address (Head Office): New Baneshwor, Kathmandu
  13. Sun Nepal Life Insurance Company Limited
    • Website: sunlife.com.np
    • Contact/Phone: +977-01-4536126
    • Address (Head Office): New Plaza, Putalisadak, Kathmandu
  14. SuryaJyoti Life Insurance Company Limited
    • Website: suryajyotilife.com
    • Contact/Phone: +977-01-4545941, 4545942
    • Address (Head Office): Shanta Plaza, Gyaneshwor, Kathmandu

Non-Life Insurance Companies in Nepal

As of the beginning of 2024 A.D., there are 14 non-life or general insurance companies operating in Nepal. These companies offers various products such as motor insurance (bike or car), engineering policies (EAR, CAR, machinery breakdown, electronic equiment, etc), medical or health insurance, travel insurance, property insurance, etc.  to mention the few. Regulator has set a minimum paid-up capital of Rs. 2.5 billion for these companies. There is “Nepal Insurers’ Association (Nepal Bimak Sangh)” of these general insurance companies, represented by respective CEOs, to discuss and enforce the common agendas, make collective negotiations, and streamline the operation. Below is the list of general (non-life) insurance companies in Nepal:

  1. Himalayan Everest Insurance Limited
    • Website: hei.com.np
    • Contact/Phone: +977-01-5245090
    • Address (Head Office): Thapagaun, Kathmandu
  2. IGI Prudential Insurance Limited
    • Website: igiprudential.com
    • Contact/Phone: +977-01-4511510
    • Address (Head Office): Narayanchaur, Naxal, Kathmandu
  3. National Insurance Company Limited
    • Website: nicnepal.com.np
    • Contact/Phone: +977-01-4260366, 4250710, 4254045
    • Address (Head Office): KKM Building (2nd Floor), Tripureshwor, Kathmandu
  4. Neco Insurance Limited
    • Website: neco.com.np
    • Contact/Phone: +977-01-4542263
    • Address (Head Office): Beema Bhawan, Gyaneshwor, Kathmandu
  5. Nepal Insurance Company Limited
    • Website: nepalinsurance.com
    • Contact/Phone: +977-01-5321353, 5328690, 5345565, 5345568
    • Address (Head Office): Ameer Bhawan (1st & 7th Floor), Ganeshthan, Kamaladi, Kathmandu
  6. NLG Insurance Company Limited
    • Website: nlgi.com.np
    • Contact/Phone: +977-01-4542646, 4006648
    • Address (Head Office): Lazimpat, Kathmandu
  7. Prabhu Insurance Limited
    • Website: prabhuinsurance.com
    • Contact/Phone: +977-01-5199220, 5199226
    • Address (Head Office): Prabhu Complex, Tinkune, Kathmandu
  8. Rastriya Beema Company Limited
    • Website: rbcl.gov.np
    • Contact/Phone: +977-01-5358866, 5359374, 5360352, 5315536
    • Address (Head Office): RBCL Building, Ramshahpath, Kathmandu
  9. Sagarmatha Lumbini Insurance Company Limited (SALICO)
    • Website: salico.com.np
    • Contact/Phone: +977-01-4529042, 4529043
    • Address (Head Office): Surakshan Bhawan, Bhagwati Marg, Naxal, Kathmandu
  10. Sanima GIC Insurance Limited
    • Website: sgic.com.np
    • Contact/Phone: +977-01-4527170, 4527171, 4527172, 4527101
    • Address (Head Office): Tangal Marg, Tangal, Kathmandu
  11. Shikhar Insurance Company Limited
    • Website: shikharinsurance.com
    • Contact/Phone: +977-01-5346101, 01-5346102
    • Address (Head Office): Shikhar Biz Centre, Thapathali, Kathmandu
  12. Siddhartha Premier Insurance Limited
    • Website: siddharthapremier.com.np
    • Contact/Phone: +977-01-5705766, 5707190, 5705447
    • Address (Head Office): Siddhartha Premier Bhawan, Babarmahal (Hanumansthan), Kathmandu
  13. The Oriental Insurance Company Limited
    • Website: orientalinsurance.com.np
    • Contact/Phone: +977-01-4520402, 4516439, 4518578
    • Address (Head Office): Sunrise Bizz Park (1st Floor), Charkhal, Dillibazar
  14. United Ajod Insurance Limited
    • Website: unitedajodinsurance.com
    • Contact/Phone: +977-01-5343072
    • Address (Head Office): CTC Mall (7th Floor), Sundhara, Kathmandu

Micro-insurance Companies in Nepal

Micro-insurance companies typically target individuals or communities with limited financial resources and limited access to traditional insurance services. The primary focus is on serving the needs of low-income and vulnerable populations who may be excluded from or under served by conventional insurance providers. It has not been long since regulator had opened the application for license of micro-insurance companies in Nepal. As of the beginning of 2024 A.D., 7 of the companies have been able to get the license of micro-insurance in Nepal, out of which 3 are life and 4 are non-life. Minimum paid-up capital for these micro-insurance companies are set to Rs. 750 million. In alignment with the Microfinance Directive 2023, the NIA emphasizes provisions tailored to benefit individuals with lower incomes. Below is the list of micro-insurance companies in Nepal:

Life

The NIA has mandated insurance companies to offer micro life-insurance policies with coverage up to Rs. 500,000. Below is the list of micro life insurance companies in Nepal:

  1. Crest Micro Life Insurance Limited
    • Website: cmli.com.np
    • Contact/Phone: +977-083-590622
    • Address (Head Office): Birendranagar-6, Surkhet
  2. Guardian Micro Life Insurance Limited
    • Website: gmli.com.np
    • Contact/Phone: +977-021-590902
    • Address (Head Office): Munal Path, Biratnagar, Morang
  3. Liberty Micro Life Insurance Company Limited
    • Website: libertymlife.com.np
    • Contact/Phone: +977-061-591097/98
    • Address (Head Office): Newroad Complex, Newroad, Ward No. 8, Pokhara Metropolitan City, Kaski

Non-life

The regulatory body has set the cap for micro insurance in the non-life segment at Rs 5 million. Below is the list of micro life insurance companies in Nepal:

  1. Nepal Micro Insurance Company Limited
    • Website: nepalmicro.com
    • Contact/Phone:+977-056-494327
    • Address (Head Office): Maharjan Complex, Bhrikuti Path, Bharatpur-1, Chitwan
  2. Protective Micro Insurance Limited
    • Website: protectivemicro.com
    • Contact/Phone: +977-091-590707
    • Address (Head Office): Chatakpur, Dhangadhi, Kailali
  3. Star Micro Insurance Company Limited
    • Website: starmicroinsure.com
    • Contact/Phone: +977-041-591453
    • Address (Head Office): Bhanuchowk, Janakpur, Madesh Pradesh
  4. Trust Micro Insurance Limited
    • Website: trustmicroinsure.com
    • Contact/Phone: +977-071-591422
    • Address (Head Office): Tilottama-2, Rupandehi

Reinsurance Companies in Nepal

As of beginning of 2024 A.D., there are only two reinsurance companies in Nepal. They have the first right to choose or deny reinsurance business for insurance policies issued in Nepal. Below is the list of Reinsurance companies in Nepal:

  1. Himalayan Reinsurance Limited
    • Website: himalayanre.com
    • Phone: +977-1-4543432, +977-1-4003123, +977-1-4003122
    • Address: 1st Floor, Lalita Bhawan, Opposite President’s House, Maharajgunj, Kathmandu
  2. Nepal Reinsurance Company Limited (An undertaking of Nepal Government)
    • Website: nepalre.com.np
    • Phone:+977-015970401, +977-015970402
    • Address: 3rd Floor, LS Building (beside Tata Showroom), Thapathali, Kathmandu

Hope you liked our list of insurance companies in Nepal. We have tried our best to collect the information from authentic sources. However, we don’t guarantee the accuracy of information provided here. If you own or manage a insurance company in Nepal and have some suggestion to enrich this list, please feel free to write us.