SA life insurers have seen an overall decline in policies in force as lapses were greater than new policies bought in the first half of 2020, according to the Association for Savings and Investments SA .
Asisa life and risk board committee deputy chair Hennie de Villiers said while this is concerning, it does not come as a surprise given the impact of the Covid-19 lockdown on the earning ability of thousands of South Africans. “At the same time, more policyholders surrender their savings policies to access their savings due to financial hardship.”
Source: Insurance Report (insurancereport.net)
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