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 oneAdvertisementsThis 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…
Life assurance sees surge in forex revenue
According to IPEC, funeral assurance and group life assurance remain the key revenue drivers for the sector, contributing a combined 87 percent of total income.