Research & Analysis
Fundamental analysis of Nepal's industries and companies. Each sector starts with an industry overview, followed by individual company deep-dives.
Company Research
Neco Insurance is Nepal's sole AIG Network Partner and one of the sector's most consistent underwriters, with a net combined ratio of 70–75% maintained over four audited years. At NPR 272.9 crore in nine-month GWP (FY 2082/83), it ranks seventh among the 14 non-life insurers, with a 30-year operating history and state-owned institutional promoters including Rastriya Banijya Bank and Agriculture Development Bank.
Sanima GIC Insurance is a post-merger entity formed in October 2022 from the combination of Sanima General Insurance and GIC Nepal. It ranks #10 of 14 non-life insurers by nine-month FY 2082/83 GWP at 5.74% market share. The company achieved a net combined ratio of 75.6% in FY 2081/82, underwritten by a Hannover Re quota-share treaty, but a severely loss-making Q1 FY 2082/83 (net claims NPR 277M against NEP of NPR 112M) and a capital shortfall of NPR 350M below the NIA minimum are the key near-term monitoring points.
Shikhar Insurance is Nepal's largest private-sector non-life insurer by gross written premium — #1 of 14 non-life companies at 13.23% market share. In FY 2081/82 the company achieved a net combined ratio of 60%, the best single-year underwriting result of its peer group, and is the only non-life insurer to hold an ICRA Nepal AA- credit rating. A catastrophic first quarter in FY 2082/83 driven by Bhadra floods and civil unrest was absorbed by a NPR 700–900 crore catastrophe reinsurance program, limiting net exposure to approximately NPR 36 crore.