Fiji’s domestic insurance industry reached a new milestone in 2024, recording a record gross premium income of $476 million, according to the Insurance Annual Report tabled in Parliament yesterday.
This marks consecutive year-on-year growth, with the life insurance sector contributing $203.1 million, up 3.2 percent due to strong uptake of endowment products, while the general insurance sector grew by 11.9 percent to $272.9 million, driven by growth across most insurance classes.
A total of $254.2 million in claims and policy payments were made in 2024, up from $244.5 million in 2023.
Life insurers paid out $139.3 million, largely for matured policies (79.7%), while general insurers paid $114.9 million, mostly for medical (35.9%) and motor vehicle (34.9%) claims.
The industry’s profit after tax more than doubled, rising 114.4 percent to $70.8 million, driven by reduced outgoings and strong underwriting results. Life insurers posted $35.7 million in profits, while general insurers recorded $35.1 million.
Total assets grew by 7.5 percent to $2.9 billion, with life insurers holding 76.5 percent of the industry’s total assets, largely in government securities, bank deposits, and equities.
Looking ahead, the industry is forecast to maintain its strong performance in 2025, underpinned by an expected 3.2 percent growth in the Fijian economy. However, challenges remain from rising claims, climate risks, cyber threats, and geopolitical tensions.
