The non-life insurance sector in Nepal has seen remarkable growth, and the compensation packages for its CEOs reflect that success. While these companies provide essential services like health, accident, and property insurance, the financial rewards for their leaders are also significant. Below, we take a closer look at the highest-paid CEOs in the non-life insurance sector and the details of their earnings.
Top Five Highest-Paid Non-Life Insurance CEOs
Ashok Kumar Khadka (Neco Insurance)
Ashok Kumar Khadka, the CEO of Neco Insurance, is the highest-paid CEO in the non-life insurance sector. He earns Rs. 3 crore 22 lakh 7 thousand annually. His pay package includes a Rs. 51 lakh 70 thousand staff bonus, Rs. 1 crore 12 lakh in incentives, and insurance allowances for accident and health coverage. Last year, Khadka earned Rs. 2 crore 99 lakh 37 thousand, showing a notable increase in his salary. His leadership has helped Neco Insurance strengthen its position in the market, making him a top earner in the industry.
Deep Prakash Pandey (Shikhar Insurance)
Deep Prakash Pandey, CEO of Shikhar Insurance, is the second highest-paid in the sector with an annual salary of Rs. 2 crore 58 lakh 40 thousand. His compensation includes a Rs. 1 crore 28 lakh 93 thousand staff bonus and various insurance benefits, including Rs. 3,900 for accident insurance and Rs. 8,400 for health insurance. Pandey’s salary rose from Rs. 2 crore 31 lakh 52 thousand in the previous year, reflecting Shikhar Insurance’s continued growth.
Chanki Chhetri (Sagarmatha Lumbini Insurance)
Chanki Chhetri, CEO of Sagarmatha Lumbini Insurance, earns Rs. 1 crore 66 lakh annually. His salary includes a Rs. 21 lakh 50 thousand staff bonus and Rs. 14 lakh 13 thousand in other benefits. Additionally, he receives Rs. 15,813 for accident insurance and Rs. 23,400 for health insurance. In FY 2079/80, he had earned Rs. 1 crore 6 lakh, showing a rise in his compensation, reflecting the company’s increasing success in the insurance market.
Vijay Bahadur Shah (Former CEO, Himalayan Everest Insurance)
Vijay Bahadur Shah, who served as the CEO of Himalayan Everest Insurance until Ashar 2081, earned Rs. 1 crore 49 lakh 22 thousand 564 in FY 2080/81. His salary included a Rs. 18 lakh 9 thousand staff bonus and Rs. 29 lakh in incentives. He also received Rs. 64 thousand for health insurance. Shah’s compensation in FY 2079/80 was Rs. 1 crore 20 lakh. After leaving the company, Anju Shrestha took over as CEO.
Birendra Baidawar Chhetri (Siddhartha Premier Insurance)
Birendra Baidawar Chhetri, the CEO of Siddhartha Premier Insurance, earns Rs. 1 crore 45 lakh annually. His pay includes a substantial Rs. 87 lakh 2 thousand staff bonus and Rs. 21 lakh 30 thousand in other benefits. His salary for FY 2079/80 was Rs. 67 lakh 60 thousand, indicating a significant increase in his compensation, which reflects the company’s growth under his leadership.
A Snapshot of CEO Earnings in the Non-Life Insurance Sector
| Company | CEO | Salary (Rs) | FY |
|---|---|---|---|
| Neco Insurance | Ashok Kumar Khadka | 3,22,07,660 | 2080/81 |
| Shikhar Insurance | Deep Prakash Pandey | 2,58,40,822 | 2080/81 |
| Sagarmatha Lumbini | Chanki Chhetri | 1,66,03,880 | 2080/81 |
| Himalayan Everest | Vijay Bahadur Shah (then) | 1,49,22,564 | 2080/81 |
| Siddhartha Premier | Birendra Baidawar | 1,45,66,607 | 2080/81 |
| Nepal Insurance | BK Maharjan | 1,31,96,096 | 2080/81 |
| Oriental Insurance | BV Ghate (then) | 1,20,53,514 | 2079/80 |
| IGI Prudential | Yugesh Bhakta Wade Shrestha | 1,18,36,130 | 2079/80 |
| Sanima GIC | Sudhyumna Prasad Upadhyaya | 1,14,33,112 | 2080/81 |
| NLG Insurance | Sunil Ballabh Pant | 92,22,336 | 2080/81 |
| Prabhu Insurance | Sanchit Bajracharya | 81,43,295 | 2080/81 |
| United Ajod | Shravan Rawal | 50,66,800 | 2079/80 |
Conclusion
The CEOs of non-life insurance companies in Nepal are well-compensated for their leadership, with salaries reflecting their companies’ strong market positions. From Ashok Kumar Khadka at Neco Insurance to Sanchit Bajracharya at Prabhu Insurance, the pay packages for these top executives show the continued growth of the sector. As these companies expand their offerings, the salaries of the CEOs highlight the importance of their roles in leading the industry forward.
While these salaries are substantial, they reflect the success of the companies and the contributions of the executives to their growth. The non-life insurance sector in Nepal is thriving, and these pay packages serve as a testament to the hard work and leadership that drive this growth.