  The gross premiums of the general insurance sector grew by 8.4 percent to $ million, despite the transfer of the CTP insurance class to the ACCF, underpinned by renewals and new policies issued for the motor vehicle class, and the continued uptake of the micro insurance bundled product.
  The life insurance sector recorded a turnaround with a 6.2 percent increase in gross premiums to $ million from a decline in 2017 and is attributed to the continued uptake of investment-linked endowment products. 2    Honourable Chair, the risk transfer role that the insurance industry provides is vital to the sustainability of our economy.