Prudential Authority approves Capitec’s life insurance business
The insurance segment was the bank’s second-biggest by profit in recent financial results
04 October 2022 - 15:02
The Prudential Authority has granted Capitec a licence to start its own life insurance business as SA’s biggest retail lender by customer numbers recently saw strong growth in the number of insured clients.
Capitec offers long-term insurance products including credit insurance (underwritten by Guardrisk) and a funeral plan, underwritten by Centriq. Credit insurance provides cover for the settlement of debt in the event of death, permanent or temporary disability, and retrenchment...
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