The life insurance sector reported a gross premium income increase of 4.2 percent, reaching $196.8 million in 2023, according to the recently presented Insurance Annual Report 2023. This growth is primarily attributed to a rise in the underwriting of endowment policies.
The report highlights that the gross premium income from endowment policies rose by 4.4 percent to $189.8 million, maintaining a dominant share of 96.4 percent of the total gross premiums. Additionally, premiums from new business saw a 3.6 percent increase, totaling $72.6 million, although this growth was slower compared to the previous year.
Notably, while the number of participating policies issued decreased by 3.3 percent, the value of the sum insured grew by 3.7 percent to $402.3 million. This growth in the sum insured is attributed to increases in both the endowment and term life classes, which rose by $13.3 million and $12 million, respectively.
The report further reveals that the average sum insured for a new single premium life insurance policy in 2023 was approximately $101,955, while the sum insured for a new ordinary life insurance policy stood at around $31,006.