THE true value of insurance cannot be measured in numbers alone, Prime Minister Sitiveni Rabuka stressed after giving an update on how the sector has grown.
In 2023, the combined assets of life and general insurers reached $2.7 billion – representing over nine percent of Fiji’s total financial system assets, “no small achievement,” Mr Rabuka said while officiating at the inaugural Insurance Association of Fiji 2025 Annual Awards and Gala Night at the Grand Pacific Hotel in Suva on Saturday night.
“Its true value lies in helping families rebuild after a cyclone, enabling small businesses to reopen and giving people hope during their most difficult times.”
Mr Rabuka said the Government viewed the insurance industry as a key partner in its mission to eliminate poverty and improve the lives of all Fijians, particularly vulnerable communities.
“In partnership with the Reserve Bank, insurers, and development partners, Government has expanded affordable insurance products to reach those most in need.
“These initiatives include:
· Micro-insurance for over 86,000 social welfare recipients;
· Innovative parametric disaster insurance; and
· Specialised products supporting women and rural communities.”
Commending the industry’s shift from simply paying claims after disasters to actively helping people reduce risks and make better choices, PM Rabuka said since 2018, more than $20 million has been paid out in claims, with rapid disbursements helping Fijians recover quickly after disasters.
“These efforts, carried out under the National Financial Inclusion Strategy (NFIS), are strengthening financial resilience, protecting livelihoods and promoting inclusive growth.”
The Prime Minister also outlined the need to:
· Expand insurance coverage to reach more people, especially in rural and maritime areas;
· Modernise regulations to protect consumers and encourage innovation; and
· Develop affordable products for the poor, informal workers, farmers, and small business owners.
He said true innovation is inclusive, meaning developing products for those who need them most – single mothers, market vendors, cane farmers, and students.
“Insurance should not be a privilege. It should be a basic right for everyone – giving all Fijians the ability to recover, rebuild and restart after hardship.”
Note: This article was first published on the print version of the Fiji Times dated August 18, 2025