BRED Bank (Fiji) Pte Limited and the New India Assurance Co Ltd (NIA) have signed a Memorandum of Understanding (MOU) for the provision of Motor Vehicle Insurance solutions to BRED Bank customers across all its branches in Fiji.
In a statement, BRED Bank said the collaboration will allow its customers to “enjoy the convenience of purchasing motor vehicle insurance directly through BRED Bank branches, backed by the assurance of Fiji’s largest general insurers.”
BRED Bank chief executive officer Pierre Tastet said the partnership was about aligning energies for the benefit of their customers.
“Together, we are building a service that’s more like a one-stop-shop and most importantly protecting the hard-earned assets of our customers.”
New India Assurance chief operating officer Madhu Elayath the New India Assurance had been serving the Fiji market since 1949 and therefore brought decades of experience to the collaboration.
“We have been market leaders in India in non-life business for more than 50 years.
“Our Global business crossed $F11,700 million (Indian Rs 43,400 crores) as on March 31, 2025.
“In the financial year 2024, NIA-Fiji underwrote a total premium of $F64.30m and settled claims totaling $F26.16m with a solvency surplus of $98.02 m,” Mr Elayath said.
The two executives said the partnership reflected the shared vision of both institutions to deliver streamlined and customer-focused solutions that enhance everyday banking and insurance experiences.
The agreement was signed at the New India Assurance head office in Suva.
