Insurance Companies In Nepal | Best Insurance Company In Nepal

Best Insurance Company In Nepal

A business that provides coverage, in the form of compensation resulting from loss, damages, injury, treatment or hardship in exchange for premium payments.

The company calculates the risk of occurrence then determines the cost to replace (pay for) the loss to determine the premium amount. The main purpose of an insurance company is to provide insurance.

And the economic purpose of insurance is risk management. An insurance contract, ideally, transfers risk from the relatively risk-averse (the insured) to the relatively risk-tolerant (the insurer).

When you begin to shop for insurance and consider your options for purchasing an insurance policy, you may receive multiple insurance quotes for coverage from different types of insurance companies.

If you know what type of insurance company you are dealing with, you will have a better idea of whether you are getting the best value on your insurance policy.In this article we’ll answer to the following questions:

• How many insurance company are there in Nepal?
• How many non life insurance companies are there in Nepal?
• Which is the first insurance company of Nepal?
• Which insurance company is best in Nepal or Which insurance is best in Nepal?
• What is non life insurance company?
• What is the concept of life insurance?
• What is included in general insurance?
• What do you mean by insurance company?
• List of insurance companies in Nepal

Let’s begin

What do you mean by insurance company?
-> Insurance company is a financial institution that provides a range of INSURANCE policies to protect individuals and businesses against the RISK of financial losses in return for regular payments of PREMIUMS.An insurance company operates by pooling risks amongst a large number of policyholders.

How many insurance companies are there in Nepal?
-> Right now,there are 38 insurance companies in Nepal.

Few Top insurance companies in Nepal-

• METLIFE – Metlife provides  insurance for life, accident and health, and group insurance for businesses big and small.
• NECO Insurance – Neco insurance is one of the leading general insurance companies in Nepal. Neco offers a wide range of policies including Fire, Earthquake, Motor, Engineering, Travel Medical, Marine or Agriculture policies etc. to its customers.
• ALLIANCE COMPANY LIMITED – Alliance Insurance Company Limited is a non-life insurance company founded in 1996 by leading industrial and business houses of Nepal having share participation of Karmachari Sanchaya Kosh (Employee’s Provident Fund) an enterprise of Nepal Government and People’s Finance Limited. It has paid up capital of approximately 14 crores which is the highest among non-life insurance companies of Nepal.
• ASIAN LIFE INSURANCE COMPANY – Asian Life has been dedicated to maintain the highest level of professional integrity, regulatory compliance and corporate governance. Since inception, the company has focused on policy- holder’s satisfaction. The company is equipped with modern technology to conduct the insurance business in professional manner and is in the position to properly deal with all types of clients and ready to provide excellent service.
• EVEREST INSURANCE COMPANY LIMITED – Everest Insurance Company has served for over 2 decades ensuring on world-class property and casualty insurance products and services. Our insurance policies are varied in nature, and we have a wide range of non-life insurance schemes, which will ensure that you have a life of comfort.
• GURANS LIFE INSURANCE COMPANY LIMITED – Gurans Life Insurance Co .Ltd. has been established and registered under Company Act 2063 B.s.(Regd. No. 1005/063-64) and Insurance Act 2049 as a public Limited Co. and was issued a license to operate Life Insurance Business on 2064/12/18. Gurans Life Insurance Co. Ltd. is promoted by Dugar Group, Sunrise Bank Ltd. along with group of diverse and renowned Businessmen, Industrialist and Legal professionals.
• HIMALAYAN GENERAL INSURANCE COMPANY LIMITED – HGI is committed to providing cost-effective insurance with efficient claims handling.We strive to deliver superior services to our customers, sustained returns to our stakeholders and progressive development opportunities to our employees.
• LIFE INSURANCE CORPORATION (NEPAL) LIMITED – LIC Nepal has got many national and international Laurrels. LIC Nepal has got many national and international Laurrels. LIC Nepal has got many national and international Laurrels. LIC Nepal has got many national and international Laurrels.
• NATIONAL INSURANCE COMPANY LIMITED – NIC is serving Nepal over Four Decades having its controlling office in Kathmandu and reaching out offices in Biratnagar, Birganj,etc.
• NATIONAL LIFE & GENERAL INSURANCE COMPANY LIMITED – For more than two decades, National Life has built reputation as a company that believes in highest level of customer’s service. The company’s well known name and good reputation are reinforced by our commitment to deliver value and service to all who do business with us.

Which is the first insurance company of Nepal?
->  Established in 1947 (2004 BS),Nepal Insurance and Transport Company Ltd” (now named Nepal Insurance Co. Ltd) is the first insurance company in Nepal.

What Is the concept of life insurance company?
-> A life insurance policy is a contract with an insurance company.

In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death. Typically, life insurance is chosen based on the needs and goals of the owner.

What is non-life insurance company?
-> Non-Life or General Insurance provides cover for all the rest (house, warehouse, industry, vehicle etc.) apart from that covers in Life Insurance.

However, Personal Accidents, Personal Medical, Third Party Liability, Production Liability, Travel Trip are also covered in Non-Life Insurance. The nature of Non-Life insurance cover is normally short term, such as one year.
How many non-life insurance companies are there in Nepal?
-> There are Currently 20 non-life insurance companies in Nepal.

What is Included In General Insurance?
-> General Insurance is  a policy or agreement between the policyholder and the insurer which is considered only after realization of the premium.

The premium is paid by the insurer who has a financial interest in the asset covered.The insurer will protect the insured from the financial liability in case of loss.
Which is the best insurance company in Nepal?
-> The top 6 best insurance companies in Nepal are:

1. Metlife Insurance Nepal
2. Alliance Company Limited Nepal
3. Neco Insurance Limited Nepal
4. Everest Insurance Company Limited Nepal
5. Gurans Life Insurance Company Limited Nepal
6. Asian Life Insurance Company Limited Nepal

Motor/Vehicle insurance companies in Nepal:

1. Everest Insurance
2. NEPALI Insurance
3. Sagarmatha Insurance
4. Premier Insurance
5. Siddhartha Insurance
6. IME General Insurance
7. Prudential Insurance
8. General Insurane Company Nepal

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