Market Research Report
Strategic Market Intelligence: Insurance Industry in Fiji - Key Trends and Opportunities to 2022
|Published by||GlobalData||Product code||800132|
|Published||Content info||34 Pages
Delivery time: 1-2 business days
|Strategic Market Intelligence: Insurance Industry in Fiji - Key Trends and Opportunities to 2022|
|Published: March 1, 2019||Content info: 34 Pages||
The Fijian economy grew by 2.5% from 2017 to 2018, supported by a rise in domestic demand and consumption, followed by growth in primary sector. Tourism was the largest contributor, accounting for 40% of GDP in 2018. Fijian economy is expected to grow by 3.4% in 2019, with major developments in the manufacturing; transport; financial and insurance; and wholesale and retail trade sectors.
Large-scale investments, such as FJD594.0 million (US$280.0 million) from the Asian Development Bank expected over the period 2019-2020, will support the infrastructural development. Additionally, the Fijian government promoted foreign investment in the private sector; and the 20-year development plan (2017-2036) for Fiji is projected to create new investment opportunities in the country.
Mandatory classes such as workmen's compensation, professional indemnity insurance, the fidelity guarantee scheme for insurance brokers and liability insurance for ships with respect to oil pollution supported the industry's growth. In 2017, the Fijian insurance industry GWP was valued at FJD323.7 million (US$156.6 million). The industry is projected to value FJD397.6 million (US$194.4 million) in 2022. Retail insurance was the dominant consumer segment in general insurance, accounting for 59.6% of GWP in 2017. Property insurance was the largest general insurance category, accounting for 33.6% of the segment's GWP. During the review period, health insurance GWP recorded the highest CAGR compared to other lines of business.
According to the Reserve Bank of Fiji (RBF), seven general insurers and two life insurers operate in the domestic insurance industry. Two general insurers primarily engage in the retail of medical and term life products. Fiji was dominated by foreign insurance brokers such as Aon, Marsh, Unity Insurance Brokers and Insurance Holdings Fiji during the review period. However, the RBF issued 537 agent licenses in 2017, which comprised 370 licenses for life, 87 for health and 80 for general insurance.
The report "Strategic Market Intelligence: Insurance Industry in Fiji - Key Trends and Opportunities to 2022", provides a detailed outlook by product category for the Fijian insurance industry, and a comparison of the Fijian insurance with its regional counterparts. It provides values for key performance indicators such as written premium, claims paid, loss ratio, commissions and expenses, assets, investment income, density and combined ratio during the review period (2013-2017) and forecast period (2017-2022). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Fijian economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country.
Companies mentioned: BSP life insurance, Fiji care insurance limited, Dominion insurance company limited.