THE Insurance and Pensions Commission (Ipec) has urged life assurers to continuously strengthen their balance sheets to withstand exogenous shocks.
In its latest report on the sub-sector, Ipec has implored companies to comply with all regulatory requirements “on an ongoing basis”.
The commission noted that the need to transition to IFRS 17 reporting, a risk-based capital regime, and timely filing of returns cannot be overemphasised.
During the period under review, the sector’s gross premium written rose by 175,8 percent compared to the same period last year driven by premium adjustments in line with rising inflation and new business, though on a small scale.
“Recurring premiums and new business written increased in nominal terms by 463 percent and 558 percent, respectively, as compared to the same period in 2022,” Ipe
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