Insurance firms have reported a sharp rise in policy cancellations and withdrawals by customers squeezed by the economic fallout from Covid-19, raising fears that many insurers could soon face liquidity challenges.
Top insurers confirmed a sharp rise in withdrawals and surrenders, majorly on life assurance and pension products — a trend linked to the coronavirus pandemic which has hurt many livelihoods through jobs losses and pay cuts.
Many policy holders are struggling to sustain payment of premiums while others are opting to use their contributions as…
