After the establishment of the first commercial bank, Nepal bank limited and some other industries like Biratnagar jute mill and juddha match factory ,etc in 1992 B.S,rana priminister juddha shasher brought the concept of insurance policy in Nepal ,which was the stepping stone in the development of modern insurance in Nepal. There was no insurance corporation registered in Nepal before 2004 B.S and the Indian insurance company was operating its business in Nepal .
In 2004 B.S Nepal bima and chalani company was established to provide insurance of trade between india and Nepal .later on Nepal bank ltd invested for establishment of Nepal insurance and transport company in 2016 B.S. which was renamed as Nepal insurance company ltd .
Therefore at the time, the insurance was heavily dependent on the agents of Indian companies mainly Indian life insurance corporation ,oriented fire and general insurance company ,ruby general insurance company and sterling general insurance company.
A joint venture company of public and private sector named rastriya bema shasthan was established in 2024/09/01 .In 2025 ,rastriya bema shansthan was changed into corporation from private company under rastraya bema shansthan act 2025.
Nepal life and general insurance company private limited was the first insurance company established from private sector in 2043 B.S.they started business in 2044. Currently there are 18 insurance in operation among them 3 have participated in life insurance business.
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