Find Insurance and Reinsurance expertise in Fiji
There are two large life insurance companies, Life Insurance Company of India and Colonial Fiji Life Ltd, both of which are foreign owned. There are seven general insurers four of which are foreign owned. Around two-thirds of insurance assets belong to the life insurance subsector. There is a wide range of general insurance options from coverage for homeowners to hull insurance for boat owners. In addition, all automobiles are required to have third party insurance. Multinational insurance services company AON has a presence in the country.
Fiji is has a very low rate of insurance penetration, only 1.5% of the population hold life insurance and 2% are covered by general insurance. Part of the reason for the country’s low insurance penetration is the fact that only salaried persons and companies may take out policies. A large percentage of Fiji’s workforce is paid by the hour or is involved subsistence labour, so is therefore excluded from the system. As a result, the Asian Development Bank has suggested that there is great potential for microinsurance. The Reserve Bank of Fiji regulates this industry.
|Insurance and Reinsurance organisations in Fiji|
|Dominion Insurance Ltd||