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New Market Report Now Available: The Insurance Industry in Fiji, Key Trends and Opportunities to 2017

Fast Market Research recommends "The Insurance Industry in Fiji, Key Trends and Opportunities to 2017" from Timetric, now available

 
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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.

Key Highlights

- 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.

View Full Report Details and Table of Contents

Scope

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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