Nepal Insurance Company Ltd., was established in the year 1947 A.D under the leadership of Nepal Bank Ltd., the first commercial Bank of Nepal. At its inception the name of the Company was Nepal Malchalani Tatha Beema Company (Nepal Insurance and Transport Company). It changed its name to "Nepal Insurance Company Ltd." in the year 1991 A.D.
Before 1991 A.D. the Company provided insurance services to Nepal Bank Ltd. & its clients only but after 1991 A.D. it has been writing market business as well. Hence the honor of being the first Insurance Company of Nepal is Nepal Insurance Co. Ltd. and the company had celebrated its golden jubilee in the year 1997 A.D.