- Introduction to Nepal Reinsurance Company Limited.
Nepal Re-Insurance Company Limited (Nepal Re), the successor of Insurance Pool that was set up in 2003 with the aim to cover damages caused by the terrorism, was incorporated on 7 November 2014, under the Companies Act, 2006 of Nepal in accordance to the decision of Council of Ministers (Nepal) dated 7th August, 2014 to convert the Insurance Pool, Nepal into Reinsurance Company.
Nepal Re was formally inaugurated on 22nd December 2014 by the Hon’ble Finance Minister Dr. Ram Sharan Mahat. It is established in the PPP Model with equity participation of Government of Nepal, Insurance companies (both life and Non-life) as well as the public limited companies operating in Nepal. Altogether, there are thirty two stakeholders of Nepal Re viz. Government of Nepal, Seventeen non-life insurance companies and Eight Life insurance companies operating in Nepal and six Public companies. Nepal Re is the first reinsurance company in Nepal with the paid-up capital of 5 billion Nepalese Rupees (approx. USD 50 million). Nepal Re writes all forms of reinsurance business in both life and non-life sector.
Nepal Re has been established with an objective to enterprise Reinsurance Business in Nepal and contributes towards the economic growth of the country. It also contributes in the national as well as international risk management.