History of Insurance Company in Nepal.

Insurance is a newly emerging business in Nepal. Therefore, the history of insurance business is definitively very short in Nepal. As the first insurance company, Nepal Mal Chalani Tatha Bima Company Ltd.was established in 2004 B.S. This insurance company can be taken as the first step or milestone of Nepalese insurance history, with authorized capital of five lakhs. It was later converted into Nepal Insurance and Transport Company Pvt. Ltd., in 2016 B.S. This was again renamed as Nepal Insurance Company Ltd in 2048 Bs. Basically, the company was concentrated in non life insurance business. Before the establishment of that company there were some branches of Indian Insurance companies operating to provide insurance service.

As a private insurance company with limited capital, the Nepal Mal Chalani Tatha Bima Company Limited. Was not successful to provide all types of insurance facilities all over the country. Foreign large insurance companies were doing well business in Nepal through agents. Unite India Insurance, Hindustan General Insurance, Starling Insurance, Ruby General Insurance, Oriental Fire insurance had branches in Nepal to provide insurance facilities until 2024 B.S.

Considering the role of insurance business in the expansion of economic activities and alarming outflow of money from the country, the government of Nepal felt the need of large and well organized insurance company within the country. Then immediately, the HMG established Rastriya Bima Sansthan under the Insurance Act 2025. This insurance company is totally financed by the government to provide all types of insurance perils, which is essential for economic development. This insurance company has alone provided various types of insurance facilities for about 2 decades in Nepal.

After reestablishment of democracy, Nepal also implemented the policy of privatization and economic liberalization and globalization. As the country was following economic liberalization, the previous acts were amended and new Insurance Act 2049 was introduced. The number of insurance companies in Nepal has been gradually increasing year by year. At present there are 25 insurance companies in Nepal. They are as follows.

S.N	Name of Company	Address	Business Type	Ownership	Date of Registration	Branch
1	Nepal Insurance Co. Ltd	Kamaladi, Ktm	Non Life	Public	2004-06-08	9
2	The Oriental Insurance Co. Ltd	Kantipath, Ktm	Life & Non life	Foreign(Branch)	2024-05-30	10
3	Rastriya Bima Sansthan	Ramasahapath, Ktm	Life & Non life	Government	2025-09-01	10
4	National Insurance Co. Ltd	Tripureshwor, ktm	Life	Foreign(Branch)	2030-09-17	6
5	National Life insurance Co. Ltd	Lazimpat, Ktm	Life	Joint Investment	2044-09-23	28
6	Himalayan Insurance Co. Ltd	Darbarmarge, ktm	Non-life	Public	2050-04-06	6
7	United insurance Co. Ltd	Darbarmarge, ktm	Non-life	Public	2050-06-07	4
8	Premier Insurance Co. Ltd	Tripureshwor, ktm	Non-life	Public	2051-01-08	6
9	Everest Insurance Co. Ltd	Hattisar, Ktm	Non-life	Public	2051-02-17	7
10	Neco Insurance Ltd.	Hattisar, Ktm	Non-life	Public	2053-02-17	8
11	Sagarmatha Insurance Co. Ltd	Kathmandu Plaza	Non-life	Public	2053-03-12	10
12	Aliance Insurance Co. Ltd	Kamaladi, Ktm	Non-life	Public	2053-04-04	9
13	N.B Insurance Co. Ltd	Lal Darbar, Ktm	Non-life	Public	2057-10-10	12
14	Nepal Life insurance Co. Ltd (NLIC)	Kamaladi, Ktm	Life	Public	2058-01-04	12
15	American Life insurance Company Ltd.	Pulchowk, Lalitpur	Life	Foreign Branch	2058-04-18	11
16	Life insurance Co. Ltd	Kamaladi, Ktm	Life	Joint Investment	2058-04-23	13
17	Prudential Insurance Co. Ltd	Putalisadak, Ktm	Non-life	Public	2059-01-20	2
18	Sikhar Insurance Co. Ltd	New Baneshwor	Non-life	Public	2061-07-02	4
19	Lumbani Insurance Co. Ltd	Kantipath, Ktm	Non-life	Public	2062-03-31	5
20	N.L.G. Insurance Co. Ltd	Lazimpat, Ktm	Non-life	Joint Investment	2062-06-23	28
21	Siddhartha insurance Co. Ltd	Tripureshwor, Ktm	Non-life	Public	2062-12-23	3
22	Asian Life insurance Co. Ltd	Kathmandu	Life	Public	2064-12-21	14
23	Surya Life insurance Co. Ltd	Kathmandu	Life	Public	2064-12-06	2
24	Guras life insurance Co. Ltd	Kathmandu	Life	Public	2064-12-18	7
25	Prime life insurance Co. Ltd	Kathmandu	Life	Public	2065-02-22	12