Research & Analysis

Our Research

Fundamental analysis of Nepal's industries and companies. Each sector starts with an industry overview, followed by individual company deep-dives.

All Sectors Banking & Finance Energy & Hydropower Cement & Materials Reinsurance Alcohol & Beverages Investments

Reinsurance

3 reports

Sector Overview

Industry Report

Nepal Reinsurance Sector — Industry Overview

Nepal's two domestic reinsurers — NRIC (est. 2014) and HRL (est. 2021) — exist primarily because of a regulatory mandate requiring Nepali insurers to cede a portion of their risk domestically. The directly mandated cession rate is being phased down from 10% to 2% over four years under the NIA Reinsurance of Insurers Directive 2080 (2023).

May 10, 202613 min

Company Research

HRL

Himalayan Reinsurance (HRL) — Investment Report

Himalayan Reinsurance is one of Nepal's two domestic reinsurers, listed on NEPSE in January 2024. The company carries an AM Best B+ rating and reported a combined ratio of 79.72% in FY 2080/81. Since March 2026, the company has been at the centre of a money-laundering investigation involving a major promoter, with the NIA reviewing its status under Section 101 of the Insurance Act 2079.

May 10, 202616 min

NRIC

Nepal Reinsurance Company (NRIC) — Investment Report

Nepal Reinsurance Company is the older and larger of Nepal's two domestic reinsurers, with approximately 44% Government of Nepal ownership. FY 2080/81 audited financial statements have been outstanding since the original filing window, with NIA reviewing reported accounting discrepancies. Eight-year operating trend, 100% rights issue, and the mandatory-cession-rate taper.

May 10, 202616 min