Abstract

Corporate sustainability plays a crucial role in the success of organizations, including the insurance sector. Investing in social responsibility enhances the public’s perception and ownership towards the company. This study aims to investigate the Practices of Corporate Social Responsibility (CSR) in Nepalese Insurance Companies. A descriptive design is employed for this research, utilizing appropriate tables to analyze and present the data. The analysis focuses on all 37 insurance companies in Nepal, which include 14 life insurance, 14 non-life insurance, 2 reinsurance, and 7 micro-insurance companies. To achieve objectives of the study, both primary and secondary data are collected. Primary data were gathered using judgmental sampling, in which chosen respondents filled out questionnaires, while secondary data were obtained from various journals, reports, magazines, and websites. From the 37 insurance companies, only seven were selected for the sample: Nepal Life Insurance Company Limited, Himalayan Life Insurance Limited, Sanima Reliance Life Insurance Limited, Suryajyoti Life Insurance Company Limited, Himalayan Everest Insurance Limited, Shikhar Insurance Company Limited, and Himalayan Reinsurance Limited. Employees from these companies participated in the research. Data analysis revealed that most insurance companies in Nepal contribute at least one percent of their net profits to various sectors, including health, education, and various welfare initiatives as part of their CSR efforts. The findings suggest that there is a positive correlation between CSR initiatives and both company’s performance and public image

Keywords

Corporate Social Responsibility (CSR), Insurance Companies, Life Insurance, Non-life Insurance, Reinsurance, Micro-insurance, Goodwill