Shikhar Insurance Appoints Ashmank Karki as New Director

1st September 2025, Kathmandu

Shikhar Insurance Limited, a prominent non-life insurance company in Nepal, has strategically enhanced its leadership team with the appointment of Ashmank Karki to its Board of Directors.

Shikhar Insurance Director Appointment

This decision, made during a recent board meeting, reflects the company’s commitment to strengthening its governance structure and leveraging external expertise to navigate the dynamic and increasingly competitive insurance market. Karki’s appointment is a temporary one, effective until the company’s next Annual General Meeting, where it will be subject to shareholder approval.

A Strategic Move for Governance and Growth

The appointment of Karki is a key part of Shikhar Insurance’s broader strategy for sustainable growth. In a rapidly evolving industry, companies need visionary leadership to adapt to new challenges and seize emerging opportunities. According to the company, Karki’s professional experience and strategic insights were the primary factors behind his selection. While a detailed public profile has not been disclosed, the board’s confidence in his ability to contribute is evident. His role is expected to be instrumental in:

Enhancing Management Effectiveness: His contributions will likely help streamline internal processes and improve the efficiency of the company’s management.

Supporting Long-Term Growth: Karki’s strategic vision is anticipated to guide the company’s long-term planning, ensuring its objectives are aligned with market trends and opportunities.

Strengthening Shareholder and Policyholder Value: By contributing to better governance and strategic decision-making, he is expected to help increase the value delivered to both shareholders and customers.

This move highlights Shikhar Insurance’s recognition that effective corporate governance is crucial for building trust and ensuring long-term financial health. The company is seeking to integrate diverse expertise into its highest levels of decision-making to stay ahead of the curve.

Shikhar Insurance’s Market Position and Product Portfolio

Founded in 2004, Shikhar Insurance has established itself as a leading and trusted general insurance company in Nepal. With a widespread presence across the country, it offers a comprehensive range of non-life insurance products that cater to various sectors of the economy. These products include:

• Fire and property insurance
• Motor vehicle insurance
• Marine, engineering, and aviation insurance
• Agriculture and micro-insurance products
• Miscellaneous risk coverage

The company has built a strong reputation for innovation, evidenced by its introduction of new products like “Shikhar Swasthya Suraksha,” a health insurance plan offering cashless services up to NPR 2 million. Its dedication to a quick claim settlement process and an expanding distribution network through nationwide branches and partnerships with banks and financial institutions has cemented its position as a market leader. As per recent industry data, Shikhar Insurance consistently ranks among the top non-life insurers in Nepal in terms of key financial indicators like gross insurance contract liabilities and total in-force policies.

Navigating Industry-Wide Challenges and Opportunities

The appointment of a new director is particularly timely given the current state of Nepal’s insurance sector. The industry is experiencing rapid growth driven by rising financial literacy, expanding access to financial services, and government initiatives on financial inclusion. This growth, however, comes with its own set of challenges, including growing competition, regulatory reforms, and the need to address issues like underinsurance and high claim ratios in certain portfolios.

By adding new leadership, Shikhar Insurance aims to effectively address these challenges. The company plans to:

• Enhance corporate governance practices to ensure accountability and transparency.
• Ensure compliance with evolving regulatory frameworks set by the Nepal Insurance Authority.
• Strengthen its ability to respond to market dynamics and manage risk effectively.
• Accelerate its digital transformation initiatives to improve customer service and operational efficiency.

The strategic vision of its leadership will be critical in a market where non-life insurance has a high degree of volatility. While the non-life insurance index has shown significant growth, it also demonstrates higher volatility compared to the broader NEPSE index, as confirmed by recent financial analyses.

Outlook and Commitment to Social Impact

With the addition of Ashmank Karki to the board, Shikhar Insurance is poised to reinforce its strategic planning and governance structure. The company is expected to continue its focus on sustainable profitability while safeguarding the interests of its policyholders. Furthermore, it is set to accelerate its efforts in digital transformation, aiming to improve customer experience and streamline operations.

A key part of the company’s future outlook is its commitment to expanding inclusive insurance solutions. By designing products tailored for SMEs, farmers, and rural households, Shikhar Insurance can not only tap into underserved markets but also contribute to national development by providing essential financial protection. This demonstrates a balance between commercial objectives and social responsibility, a trait that is becoming increasingly important for modern corporations.

Conclusion

The appointment of Ashmank Karki as a member of the Board of Directors marks a significant step for Shikhar Insurance Limited in its ongoing efforts to strengthen leadership and corporate governance. As the company continues to navigate a competitive and evolving market, the professional expertise and strategic direction provided by its board will be crucial. This move is a clear signal of the company’s commitment to innovation, customer satisfaction, and long-term sustainable growth. In an industry that is vital for financial stability and economic development, Shikhar Insurance is positioning itself as a forward-looking leader, ready to meet future challenges and build on its legacy as a trusted insurance provider in Nepal.

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