Short-term insurers’ forex business surges

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FOREIGN currency denominated business by short-term insurers increased by 33 percent during the first quarter, an Insurance and Pensions Commission (Ipec) report shows. According to the report, total gross premium written (GPW) by short-term insurers increased by 88 percent from $4 billion in March 2021 to over $7 billion during the comparative period in 2022.…