Press Release No. : 21/2023
Date : 21 November 2023
Press Release No 21 – 2022 Insurance Annual Report
RESERVE BANK OF FIJI RELEASES 2022 INSURANCE ANNUAL REPORT
The 2022 Insurance Annual Report was tabled in Parliament on 20 November 2023 by the Honourable Deputy Prime Minister and Minister for Finance, Professor Biman Chand Prasad. The Report provides an overview of the performance of the Fijian insurance industry in 2022, with a reflection of key developments in the global insurance industry.
The Governor of the Reserve Bank of Fiji, Mr Ariff Ali stated that the global insurance and reinsurance market remained resilient despite recording above-average levels of insured losses on the back of economic factors such as high inflation rates, accumulation of asset values, urbanisation and rising population, as well as, weather and climate-related events such as prolonged droughts, scorching heatwaves, and severe cyclones and flooding.
On the domestic front, Mr Ali said that the Fijian insurance industry was assessed as resilient in 2022, with adequate solvency and liquidity positions, and positive profitability, supported by economic recovery and the absence of major catastrophes. The domestic gross premium pool continued to grow and stood at $409.9 million in 2022, equivalent to 3.8 percent of Fiji’s GDP.
The Fijian insurance industry’s total assets grew by 8.4 percent to $2.5 billion. Total assets of life insurers expanded by 8.5 percent to $1.9 billion, with the general insurance sector’s assets increasing by 7.9 percent to $551.2 million. The combined net profit after tax of the life and general insurance sectors stood at $49.0 million. General insurers’ recorded a profit of $32.8 million, while life insurers’ reported a profit of $16.2 million.
Governor Ali further remarked that having demonstrated strength and resilience throughout the pandemic, the insurance industry must continue to be innovative and responsive to the needs and expectations of consumers. Sustaining growth without sacrificing profitability will be a challenge, with climate change impacting risk profiles, and customers expecting tailor made products. Entities that focus on technology led innovation but remain customer centric, will continue to succeed.
The Reserve Bank remains grateful to the insurance industry and relevant stakeholders, for their ongoing collaboration in supporting the Reserve Bank’s regulatory role.
The 2022 Insurance Annual Report is available on the RBF website at www.rbf.gov.fj.
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