While Nepal’s law mandates at least one woman on the board of directors for all insurance companies, most insurers in Nepal have complied only at the minimum level, appointing a single female director to meet the legal requirement. A handful of firms, however, particularly those with female leadership, have demonstrated higher levels of gender inclusion on their boards.
Among Nepal's 13 life insurance companies, only four have more than one female director. Prabhu Mahalaxmi Life Insurance stands out with five women on its seven-member board, making it the most gender-inclusive among its peers. National Life Insurance, led by Chairperson Prema Rajyalakshmi Singh, has three female directors, while SuryaJyoti Life and Asian Life each have two.
In contrast, all 13 non-life insurance companies have at least one female director, though none are currently led by a woman. Nepal Insurance leads the sector in female board representation, with three women among its six directors. National Insurance and Sanima GIC Insurance each have two female directors, while the remaining companies maintain the legal minimum of one.
Chandra Singh Saud, chairperson of Nepal Insurance Company, noted that the increased female presence has strengthened board dynamics, highlighting the value of diversity not just in numbers but in decision-making influence. He emphasized that expertise in insurance sector is more crucial than gender alone, and affirmed that the women serving on their board contribute meaningfully to key decisions.
Although some companies have yet to implement the mandated inclusion, the Nepal Insurance Authority formally instructed all insurers last year to ensure compliance with the gender representation clause. Shamba Raj Lamichhane, head of Legal Affairs at the NIA, confirmed that the regulator itself has implemented the one-woman rule and expects all insurance companies to do the same.
Despite no structural barriers to enforcement, companies cite a limited supply of qualified female candidates as a persistent challenge. According to Shivnath Pandey, CEO of Sanima Reliance Life Insurance Company, many women are either unwilling to serve on boards or unable to complete their full terms. He stressed that while female representation across various sectors is growing, the insurance industry must also foster women’s leadership capacity alongside participation.
