Fiji’s largest life and health insurer BSP Life paid out $94million in various customer benefits in 2023 — the highest ever recorded in its 147-year history.
This translated to an average weekly disbursement of $1.8m that included the maturity payouts for life insurance policies, death and disability payouts, and payments for expensive overseas evacuations.
“Last year we recorded a 13 per cent increase over 2022, with 100,000 benefit applications processed, averaging 1900 a week,” said BSP Life managing director Michael Nacola.
“Our acceptance rate was 97 per cent which means only three per cent were declined due to non-conformance with policy terms and conditions. This is in line with world best-practice benchmarks.”
The breakdown of the mega $94m payout:
- $66m (70 per cent of total payouts) for living benefits — empower customers to pursue their life goals, including education expenses, home renovations, family vacations, and retirement planning;
- $11m (12 per cent) for death and disability benefits — provide essential financial support to surviving family members and customers with disabilities; and
- $17m (18 per cent) for medical insurance payouts — played a critical role in supporting customers during traumatic times.
Over the last five years, BSP Life, a subsidiary of BSP Group, has disbursed a total of $382m in customer benefits — $72m in 2019, $70m in 2020, $66m in 2021, $80m in 2022 and $94m last year.
Mr Nacola said making a difference in their customers’ lives was their “singular purpose”, backed by efficient systems, streamlined processes, and a dedicated team.
“We ensure we have enduring financial capability to constantly meet these large cash disbursements.”
