Boston, MA -- (SBWIRE) -- 02/14/2014 -- After contracting by 1.3% in 2009 as a result of the global financial crisis, political instability and damages caused by floods and cyclones, the Fijian economy rebounded and grew by 1.9% in 2011 and 2.5% in 2012. Accommodative government policies, increasing investment in the construction sector and growing tourism acted as driving forces for insurance industry expansion. The gross written premium of the industry recorded a CAGR of 6.4% during the review period, increasing from FJD201.6 million (US$126.5 million) in 2008 to FJD258.3 million (US$144.3 million) in 2012.There were two life insurers and eight non-life insurers licensed to operate in the Fijian insurance industry at the end of 2012.
- There were two life insurers and eight non-life insurers licensed to operate in the Fijian insurance industry at the end of 2012.
- The Fijian insurance industry continues to maintain strong growth, supported by economic recovery during the review period.
- Despite the challenges faced due to heavy losses from the 2009 floods and 2012 earthquake, the solvency of the industry remained intact.
- The non-life segment accounted for the largest share (44.6%) of gross written premium of the industry.
- The life segment registered the fastest CAGR of 7.7% during the review period, as a result of an increase in demand for endowment products including savings and investment-linked products.
- Insurance companies are focusing on assets quality management, product diversity and improving distribution channels to cater to consumer demand and expand their market reach.
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This report provides a comprehensive analysis of the insurance industry in Fiji:
- It provides historical values for the Fijian insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key segments and sub-segments in the Fijian insurance industry, along with forecasts until 2017.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
- It profiles the top insurance companies in Fiji, and outlines the key regulations affecting them.
Reasons to Get This Report
- Make strategic business decisions using in-depth historic and forecast industry data related in the Fijian insurance industry and each segment within it.
- Understand the demand-side dynamics, key trends and growth opportunities within the Fijian insurance industry.
- Assess the competitive dynamics in the Fijian insurance industry.
- Identify the growth opportunities and market dynamics within key segments.
- Gain insights into key regulations governing the Fijian insurance industry and its impact on companies and the industry's future.
Companies Mentioned in this Report: BSP Life (Fiji) Ltd, Life Insurance Corporation of India (LICI) Fiji, Tower Insurance Fiji Ltd, Dominion Insurance Company Ltd, QBE Insurance (Fiji) Ltd,
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