FOREIGN currency denominated business by short-term insurers increased by 33 percent during the first quarter, an Insurance and Pensions Commission (Ipec) report shows.
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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.
“In terms of foreign-currency denominated business, the short-term insurers reported an increase of 33,32 percent from US$18,37 million reported for the quarter ended March 31, 2021 to US$24,49 million for the quarter ended 31 March 2022,” Ipe
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