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Evolution of Insurance In Nepal - History of Insurance In Nepal

Evolution of Insurance Industry in Nepal

Insurance is a newly emerging business in Nepal. Therefore, the history of insurance business is definitively very short in Nepal. 

which is the first insurance company in Nepal?

Nepal Mal chalani Tatha Bima Company Ltd. is the first insurance company in Nepal which was established in 2004 B.S. 

evolution of insurance in nepal

How did the insurance industry start 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 and Transport Company Pvt. Ltd. in 2048 B.S.

what was the first insurance in Nepal?

The first insurance in Nepal 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.

History of Insurance companies in Nepal?

As the first insurance company in Nepal was not successful to provide all types of insurance facilities all over the country following foreign large insurance companies were doing well business in Nepal through agents to until 2024 B.S.
  • Unite India Insurance
  • Hindustan General Insurance
  • Starling Insurance
  • Ruby General Insurance
  • Oriental Fire Insurance

Role of  Nepali Insurance Business in Economy of Nepal

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 type of insurance facilities for about 2 decades in Nepal.

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