Among the new companies, Citizen Life succeeded in becoming the third in the first insurance fee, behind the union

Citizen Life has overtaken Union Life Insurance Company, which is moving forward aggressively. Citizen has managed to rise to the third position in the first two-month period of the current fiscal year, surpassing the old life insurance companies, including unions.

Among the new life insurance companies, Union Life had moved aggressively since its inception. Other companies have begun to outperform the unions as the bonus rate for insured has been very low due to money-making policies and excessive agent commissions and service facilities. Meanwhile, Citizen has been the most aggressive in recent market expansion.

Citizens are looking ahead because of the top management who have created the image of doing fair business in the insurance sector. Nepal Life has the first insurance premium of Rs 1.18 billion in August and September. Similarly, the second place National Life has Rs 660 million and the third place Citizen Life has Rs 540 million. The company has been very active in the life insurance business since the beginning of the fiscal year. Citizens have been active from the beginning, removing the tendency to work only in the second half of the fiscal year.

The union, which has always been in the first position on the new side, has dropped to the third position this time. In the second place, Reliable Nepal has managed to earn the first premium of Rs 430 million. The third-ranked union has a total of Rs 370 million. Among the overall life insurance companies, Union ranks 7th. Combining both the first premium and the renewal premium, the union is ahead.

The union is ahead in policy surrender. Due to force selling and fraudulent sales, there has been a relatively high level of surrender in the union. The increase in policy surrender has a direct effect on the bonus rate received by the insured.

Nepal Life is still the most aggressive in the old company. But this time, Nepal has lost a large market share towards the first premium. The more insurance premiums you earn now, the more the company’s business will expand in the future. Even if the citizen does not look ahead in earning total insurance premium for the time being, if the market continues to expand in this regard, it will be able to easily reach the first place in the future.

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