Momentum’s lapse rate rises amid economic hardship
13 September 2023 - 09:32
UPDATED 13 August 2023 - 19:36
Momentum Metropolitan Holdings, one of SA’s largest insurers, is experiencing a “worrying” rise in clients’ lapse rate and non-taken-up policies at a business unit that caters to the lower-income segment of the market.
“This rate is normally around 20%, but we’ve seen it deteriorate to about 30%, which is worrying for us. Particularly the lower-income groups are under severe financial pressure,” said Jeanette Marais, who started her role as the first female CEO of a large, publicly traded insurance company last month...
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