Shikhar Insurance

What Shikhar Insurance does

Shikhar Insurance Co. Ltd. (SICL) is a publicly listed general (non-life) insurance company headquartered at Shikhar Biz Centre, Thapathali, Kathmandu, Nepal. It operates as a full-spectrum non-life insurer offering 21 product lines spanning motor (Vehicle Insurance, Auto Plus), health (Shikhar Swasthya Surakshya, Health Insurance, Group Medical), travel (Travel Medical, Trekker's Assistance), property (Home, Property), agriculture, marine transit, aviation, contractors' all risk, cash-in-transit, bankers indemnity, fidelity guarantee, public liability, group personal accident, and credit life (Secure Mind). The company holds the highest market share among Nepalese general insurers at 13.29% and serves over 2 lakhs (200,000) customers through 115+ branches staffed by 650+ employees and a network of licensed agents, supported by 5,800+ cashless network hospitals spanning Nepal and India.

SICL's technology stack is anchored on the Digital Shikhar platform, accessible via web and mobile, with chatbots deployed on Facebook Messenger and Viber for policy purchase, renewal, claim lodgment, and KYC updates. A suite of online premium calculators across motor, health, travel, property, GPA, burglary, and cash products supports self-service quoting. Information security is certified to ISO-IEC 27001:2022 (UKAS-accredited), and premium collection is integrated with three Nepalese digital payment rails — Connect IPS, eSewa, and Khalti. The company has reinsurance protection of NRs. 700 crores against catastrophic risk and carries an ICRANP-IR AA- credit rating, which it claims as a first for a Nepalese insurer.

Revenue is generated through upfront annual (and, for travel, pay-as-you-go) insurance premiums across retail and commercial lines, distributed via a hybrid model combining direct-to-consumer branch sales, licensed agents and surveyors, self-service digital channels, and an enterprise sales team serving corporate clients (group medical, contractors' all risk, aviation, etc.). Customer segments span individuals and families (retail health, motor, home, travel), corporate employees (group medical), farmers and agri-businesses, banks and financial institutions (cash, fidelity, bankers indemnity), and vehicle owners (motor). The company is promoted by industrial and business houses in aviation, banking, and manufacturing, and has been publicly traded for at least 20 years based on AGM milestones (20th AGM held February 2025).

Name

Shikhar Insurance

Legal name

Shikhar Insurance Co. Ltd.

Website

https://shikharinsurance.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Shikhar Insurance Co. Ltd. (SICL) is Nepal's largest general insurer by market share (13.29%), offering motor, health, travel, property, agriculture, and commercial insurance across 115+ branches and a 5,800-hospital cashless network serving retail, corporate, and institutional customers.

Ownership category

akta.pro rank

Product category

General Insurance (Non-Life Insurance)

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Health and Medical Insurance Carriers (524114)

SIC

Insurance Carriers, Nec (6399), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Travel & Accident (Non-Life) Insurance (FSAJAMAN)

Keywords

• General insurance
• Non-life insurance
• Motor insurance
• Health insurance
• Property insurance

Headquarters

HQ city

Kathmandu

HQ country

Nepal

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Non-Life Insurance Premiums: Collection of insurance premiums from various general insurance products including motor, health, property, travel, marine, agriculture, and personal accident insurance. Premiums are collected upfront at policy inception with coverage periods typically of one year.
2. Motor Vehicle Insurance: Comprehensive and third-party liability vehicle insurance for cars, bikes, trucks, and commercial vehicles. Premiums based on vehicle type, engine capacity, usage, and coverage selected.
3. Health Insurance: Individual and family floater health insurance with cashless treatment at network hospitals. Premiums vary by sum insured (Rs.50,000 to Rs.20 lakhs) and age of members.
4. Agricultural Insurance: Insurance coverage for livestock, poultry, fish, crops (paddy, vegetables, fruits), and other agricultural activities against natural perils and diseases.
5. Commercial Insurance Products: Enterprise-focused products including Contractors' All Risk, Erection All Risk, Cash Insurance, Banker's Indemnity, Fidelity Guarantee, Aviation, and Public Liability insurance.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Shikhar Insurance Co. Ltd. is a non-life (general) insurance company that underwrites and sells a comprehensive suite of annual insurance policies covering motor vehicles, health, home, travel, personal accident, property, agriculture (livestock, crops, poultry), marine cargo, aviation, and commercial lines such as contractors' all risk, erection all risk, cash, bankers' indemnity, fidelity guarantee, public liability, group personal accident, group medical, and credit life (Secure Mind). Policies are sold to individual policyholders and corporate clients across Nepal via 115+ branches, licensed agents, the Digital Shikhar online platform, and chatbot channels, with claims serviced through a 5,800+ cashless hospital network in Nepal and India.

Product overview

Shikhar Insurance Company Ltd. (SICL) is a Non-Life/General Insurance company offering a comprehensive portfolio of insurance products. The product portfolio includes health insurance products (Shikhar Swasthya Surakshya, Health Insurance, Group Medical Insurance), motor vehicle insurance (Vehicle Insurance, Auto Plus Insurance), travel insurance (Travel Medical Insurance, Trekker's Assistance Insurance), property insurance (Home Insurance, Property Insurance), agricultural insurance (Agri Insurance), and specialized commercial insurance products (Aviation Insurance, Contractors' All Risk Insurance, Marine Transit Insurance, Cash Insurance, Erection All Risk Insurance, Banker's Indemnity Insurance). Additionally, the company offers personal protection products (Personal Accident Insurance, Group Personal Accident Insurance, Secure Mind Insurance, Fidelity Guarantee Insurance) and liability insurance (Public Liability Insurance). The company also provides online premium calculators for various insurance products and operates digital platforms for policy management. Shikhar Insurance is the leading general insurance company in Nepal with 13.29% market share, operating 115 branches across the country.

Differentiator

Problem solved

Functional benefit

Products and services

• Shikhar Swasthya Surakshya A comprehensive health insurance plan providing cashless treatments at network hospitals in Nepal, with coverage ranging from NPR 150,000 to NPR 20,00,000. Includes inpatient hospitalization, day care procedures, pre and post hospitalization expenses, and optional OPD benefits. Targeted at individuals and families.
• Vehicle Insurance Motor vehicle insurance covering damage to vehicles and third-party liability. Offers comprehensive insurance and third-party liability coverage for cars, motorcycles, trucks, taxis, commercial vehicles, and electric vehicles.
• Health Insurance Health insurance covering a wide range of expenses with cashless treatments in 28 listed hospitals in Nepal and over 5,800 hospitals in India. Covers individuals, couples, families, and corporate employees with sum insured from NPR 50,000 to NPR 20 lakhs.
• Travel Medical Insurance Travel medical insurance for Nepalese citizens traveling abroad and foreigners living in Nepal. Offers multiple plans (Standard Plan A Worldwide excl. USA/Canada, Standard Plan B Worldwide incl. USA/Canada, Standard EURO, Asian Plan, SAARC Countries Plan) with coverage for medical expenses, personal accident, baggage loss, passport loss, and travel delays.
• Agri Insurance Agricultural insurance providing coverage for livestock, poultry, fish, paddy, vegetables, fruits, and farming against risks including fire, earthquake, flood, landslide, storm, diseases, and insects. Targeted at farmers and agri-businesses.
• Home Insurance Insurance policy covering residential properties up to NPR 2 crores against losses from fire, water hazards, theft, burglary, and other specified risks. Targeted at homeowners and residential property owners.
• Personal Accident Insurance Insurance providing coverage for accidental injury and death, including benefits for death, permanent total disablement, permanent partial disablement, temporary total disablement, and medical expenses. Targeted at individuals.
• Property Insurance Insurance providing coverage against loss or damage caused by accidental fire, lightning, earthquake, explosion, storm, flood, landslide, and other perils for buildings, offices, and properties. Targeted at commercial property owners and businesses.
• Marine Transit Insurance Insurance for goods in transit by sea, air, rail, or road, covering cargo from the warehouse of the supplier to the final warehouse of the consignee against various transit perils. Targeted at importers, exporters, and logistics operators.
• Trekker's Assistance Insurance Personal accident insurance modified for trekking, providing 24-hour coverage during the trekking period including coverage for high altitude sickness, snow blindness, frostbite, and blizzard-related injuries. Can be extended to cover medical expenses and search and rescue. Targeted at trekkers and trekking agencies.
• Aviation Insurance Insurance covering aircraft against accidental damage, war risks, third-party liability including passenger and cargo liability. Also covers aircrew personal accidents, loss of license to pilots, aero-engine breakdown, and airport operator liability. Targeted at airlines, aircraft operators, and airport operators.
• Contractors' All Risk Insurance Insurance protecting contractors, principals, sub-contractors, and lenders in civil engineering projects such as buildings, roads, bridges, dams, canals, tunnels, water supply, and irrigation. Covers accidental damage during construction, water damage, flood, earthquake, and subsidence. Targeted at construction contractors and principals.
• Cash Insurance Insurance covering loss of money in transit and premises against robbery, theft, burglary, and holdup. Covers cash in safe, vault, counter, and transit from one place to another. Targeted at banks, retailers, and businesses handling significant cash.
• Erection All Risk Insurance Insurance protecting contractors, principals, sub-contractors, and lenders during erection and installation of plant and machinery. Covers fire, lightning, accidental damage, water damage, flood, earthquake, and collapse. Targeted at industrial contractors and principals.
• Banker's Indemnity Insurance Comprehensive insurance for financial institutions covering cash on premises, cash in transit, forgery or alteration, dishonesty, and hypothecated goods. Targeted at banks and financial institutions.
• Group Personal Accident Insurance Group version of personal accident insurance covering a group of people under one policy against accidental injury and death. Targeted at employers providing employee welfare benefits.
• Secure Mind Insurance Credit life insurance that pays outstanding loans to banks or financial institutions in case of borrower's death, permanent total disability, involuntary unemployment, or any of 18 listed critical illnesses. Targeted at bank borrowers.
• Fidelity Guarantee Insurance Insurance protecting employers against financial loss arising from employee dishonesty or fraud, including cash handling and cash carrying responsibilities. Targeted at employers handling cash and sensitive financial transactions.
• Group Medical Insurance Group health insurance providing reimbursement of medical expenses for insured persons arising from accidental injury and illness, whether treatment is taken at home or in hospital, within Nepal and SAARC countries. Targeted at corporate employers providing employee benefits.
• Public Liability Insurance Insurance providing compensation against loss or damage to third party's personal injury and property damage arising from business operations. Common for manufacturing, construction, hotels, offices, educational institutions, hospitals, and exhibitions. Targeted at commercial operators with public-facing premises or activities.
• Auto Plus Insurance An enhanced motor vehicle insurance product providing depreciation waiver, daily rental/transportation cost during repairs, and new vehicle replacement coverage. Targeted at vehicle owners seeking enriched motor coverage.

Quantifiable outcome

• Claims Settlement within 15 Days
• +5 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• Connect IPScoreTechnology or IntegrationDigital payment partner enabling online insurance premium payments through Connect IPS platform. Allows customers to pay insurance premiums digitally.
• eSewacoreTechnology or IntegrationDigital payment partner allowing customers to pay insurance premiums through eSewa mobile wallet and payment platform.
• KhalticoreTechnology or IntegrationDigital payment partner enabling insurance premium payments through Khalti digital wallet service.
• Network Hospitals (5800+)coreOthersCashless treatment network of 5800+ hospitals across Nepal (28 listed) and India. Enables insured customers to receive cashless medical treatment at network hospitals without upfront payment.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• ICICI Lombard General Insurance: One of India's largest private general insurers with motor, health, fire, and other non-life products. Comparable for product breadth and underwriting approach, though operates at significantly greater scale in a more developed insurance market.
• New India Assurance Company: Government-owned Indian general insurer with broad non-life product portfolio including motor, health, fire, and marine. Comparable for product mix and underwriting framework, though at substantially greater scale and with global operations.

Direct peers

• Sagarmatha Insurance: Nepal-based general insurance carrier with a similar multi-line portfolio including motor, health, and property. Directly competes with Shikhar for retail and corporate customers across Nepal's provinces.
• Siddhartha Insurance: Nepal-based general insurance company offering a portfolio similar to Shikhar's including motor, property, and personal accident lines. Comparable peer in the same domestic general insurance market.
• Nepal Insurance Company: One of the oldest insurance companies in Nepal providing general (non-life) insurance products including fire, marine, motor, and miscellaneous lines. Comparable as a long-established Nepal-based multi-line insurer.
• Everest Insurance Company: Nepal-based non-life insurance company offering motor, health, and other general insurance products. Comparable peer competing for similar retail and corporate customers in Nepal.
• Himalayan General Insurance: Nepal-based general insurance company offering motor, health, property, and other non-life products. Directly competes with Shikhar in the Nepal general insurance market with similar distribution approach.
• NLG Insurance: Nepal-focused general insurance carrier (formerly Nepal Lumbini General Insurance) offering motor, health, fire, and other non-life products. Comparable in size and product breadth, serving overlapping retail and corporate segments.
• Citizens Insurance Company: Nepal-based general insurance carrier offering motor, fire, marine, and other non-life products. Comparable peer operating in the same Nepal general insurance market with overlapping branch-driven distribution.
• IME General Insurance: One of Nepal's largest general insurance companies offering motor, health, fire, and other non-life products. Directly comparable as a Nepal-based multi-line general insurer competing for the same retail and corporate customer base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks4 records

Key highlights6 records

Customer concentration

• Xx.com/CoShikhar
• Facebookfacebook.com/shikharinsurance
• LinkedInlinkedin.com/company/shikhar-insurance-co-ltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shikhar Insurance