Howden enters the Fiji Insurance Market
THE Reserve Bank of Fiji (RBF) has officially granted an Insurance Broker license to Howden Insurance Brokers (Fiji) Pte Limited, following the company’s successful fulfillment of all regulatory requirements under
Ensuring a bright future
AS the nation commemorates its coming of age, the tendency can be to measure progress in the visible: new infrastructure, thriving businesses, and community
BSP Life allocates $43.8million in Policyholder Bonuses for 2024
BSP Life recently announced $43.8 million in bonuses to eligible life insurance policyholders for the 2024 financial year. This marks the first time the bonus pool has surpassed $40million, growing by 14% over 2023, and
Risky business: Bridging the insurance gap
The insurance gap is not only a Pacific Island problem. Australia faces a massive insurance gap that leaves home and business owners increasingly vulnerable to either dealing with disasters without being fully insured
Insurance sector taps into AI
The insurance industry is under pressure to transform. This shift is global, and is about improving customer experience and ensuring efficiency, cost-effectiveness, and sustainability in a highly competitive
Insurance grows but faces challenges
The general insurance sector in Fiji has maintained a positive performance in 2023, growing 8%.Despite facing challenges such as rising claims costs and increasing competition, the sector showed resilience and is poised
WTW and PCRIC renew disaster insurance for Pacific nations
The Pacific Catastrophe Risk Insurance Company (PCRIC), in collaboration with global advisory firm WTW, has renewed its disaster risk insurance coverage for 2024 and
The perils of underinsurance
Underinsurance and the unawareness of insurance remain significant challenges say insurance providers in Fiji and the Pacific. Chief Executive Officer of Capital Insurance in Fiji, Tonga, and Vanuatu, David Ariff Chan,
Growing insurance in the Pacific
A vibrant ‘insurance movement’ is “disrupting the historical status quo of insurance coverage access being largely confined to medium to high income urbanites,” says the General Secretary of the United Nations
Micro-insurance gaining ground
Parametric insurance programs are seeing increasing payouts to farmers, social welfare participants and persons with disabilities, and increased interest in the micro-insurance schemes. In Fiji, 202 persons with
Ship insurers accused of enabling fishing vessels to ‘go dark’
When it comes to illegal fishing, London’s ancient business of ship insurance may not get much attention. But according to a new complaint, the UK capital’s insurance industry is partly to blame when fishing vessels
New parametric insurance products launched
In early August, Salaseini Koroi, a schoolteacher turned cane farmer, sent two tonnes of harvested cane to Lautoka mill. It was the culmination of a year’s hard work in the fields of Lautoka, in Fiji’s western
BSP Life paid $67M in 2021 and $40M so far in 2022
MEDIA RELEASE5th July 2022 BSP Life today announced it processed 75,000 benefits worth F$67 million in 2021, averaging $250,000 each working day. Life insurance maturities and living benefits totalled $44 million. Death
Insuring against disasters
As November nears, the thoughts of many Pacific islanders turn to preparations for the South Pacific cyclone season. Are there matches and candles, batteries and bottled water in the house? Are the hurricane shutters in
Pacific Islands need technology more than travel bubbles
A pathway to reopening Pacific Island tourism in parallel with the roll out of NZ’s COVID-19 vaccination programme in 2021 would be a significant economic boost for the region. While NZ