The Insurance Annual Report 2023, recently presented in Parliament, reveals that life insurance policy terminations rose by 2.7 percent, totaling 11,888 policies. The report highlights that terminations due to forfeiture made up 48.8 percent, while surrenders constituted 25.3 percent and maturities accounted for 19.8 percent.
In conjunction with the rise in terminations, the annual premiums for these terminated life policies increased by 8.9 percent, amounting to $33.2 million in 2023, reversing the significant decline of 24.9 percent observed in 2022. However, despite the increase in terminated policies, the total sum insured for these policies saw a decrease of 1.3 percent, dropping to $587.8 million.
Average coverage per terminated policy was $49,442, compared to an average of $55,767 for new policies.