Problems of Insurance Business in Nepal

Any occupation, business and industry do have positive and negative aspects. Similarly, for any business to have future bright, it should have any problem. We can see, in any business, from small to big problems. It is undisputable fact. The insurance business is an important business in Nepal. But some problems, have been appeared in insurance business. Such problems are as follows:-

1.       Lack of proper consciousness on peoples

2.       Insurance education is not compulsory

3.       Lack of training about insurance business

4.       Lack of skillful and competent officials

5.       Small market of insurance in Nepal

6.       Lack of provision of compulsory insurance

7.       The problem of unemployment

8.       Weak economic condition of the most of the people

9.       Lack of reinsurance company in Nepal

10.   Less Profit from insurance business