THE life assurance sector has recorded a 140 percent increase in foreign currency revenue, reaching US$76,91 million, as policyholders shift from local currency-denominated policies to forex-based ones.
This significant growth compares to the US$32,1 million recorded during the same period in 2022.
“Given that a substantial portion of the business is recurring, the rise in forex revenue reflects the trend of policyholders opting for foreign currency policies,” stated the Insurance and Pensions Commission in its Life Assurance Sector Report for the nine months ending 30 September 2024.