The insurance industry shows resilience

The non-bank financial services sector was resilient, despite lingering effects of the pandemic. The long-term insurance industry registered relatively healthy solvency margins in terms of gross premiums. Since the onset of the pandemic, life insurers have demonstrated resilience by reallocating their investment mix, primarily by shifting to safer assets at the peak of the economic downturn in 2020 and gradually to riskier assets as the economy recovers. Similarly, the general insurance sector was assessed to be resilient as the solvency margin was above requirement and gross premiums grew strongly.