Press Release No. : 20/2024
Date : 17 September 2024
Press Release No 20 – Reserve Bank of Fiji Releases 2023 Insurance Annual Report
The Honourable Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development and Statistics, Professor Biman Chand Prasad tabled the 2023 Insurance Annual Report in Parliament on Friday, 06 September 2024. The Report includes a review of the Fijian insurance industry in 2023, and key developments in the global insurance industry.
In releasing the 2023 Insurance Annual Report, the Governor of the Reserve Bank of Fiji, Mr Ariff Ali said that for the international insurance market, challenging economic conditions, catastrophe losses and inflationary pressures continued to hamper the global insurance and reinsurance markets in 2023, with global economic losses estimated at US$380.0 billion, of which US$117.0 billion was insured.
Notwithstanding developments in the international scene the Fijian insurance industry continued to demonstrate sound operating results and solvency positions in 2023 on the back of favorable economic conditions and the absence of significant catastrophes. The combined premium income of Life and General insurers continued to grow, surpassing the all-time high of $409.9 million recorded in 2022, to $440.7 million. The combined assets also grew by 7.9 percent to $2.7 billion, representing 9.2 percent of the gross assets of the Fijian financial system, with Life insurers holding the majority.
Governor Ali further stated that with increasing reinsurance costs, higher claim payments, challenges in affordability, evolving cyber risks and climate change events, the insurance industry is expected to manage various risks, remain solvent and improve operational resilience in 2024. The Reserve Bank will continue to prioritise the maintenance of an agile regulatory framework in 2024, supporting innovative solutions and sound risk management.
The Reserve Bank acknowledged the co-operation of the insurance industry, the assistance of key stakeholders including the Government, international financial institutions and development partners in supporting the Reserve Bank’s regulatory role.
RESERVE BANK OF FIJI
For further details, please contact: –
Communications Office:
Telephone: (679) 3223 381 Email: info@rbf.gov.fj
Mr Mervin Singh – Manager Corporate Communications:
Telephone: (679) 3223 229 Email: mervin@rbf.gov.fj