FIJI’S insurance brokers handled a record $275.4 million in premiums in 2025, despite higher operating costs contributing to a decline in industry profits.
The 2025 Annual Insurance Report, tabled in Parliament, showed premiums handled by brokers increased 4.7 per cent, from $263.1 million in 2024.
The growth continued a strong upward trend, with premiums handled increasing from $189.9 million in 2021 to $275.4 million last year — an increase of about 45 per cent over four years. Growth in 2025 was led by liability insurance, where premiums increased 27.1 per cent to $16.9 million. Miscellaneous insurance rose 26.3 per cent to $29.3 million, while medical and life insurance increased 16 per cent to $56.5 million.
Fire and householders insurance remained the largest class, despite premiums falling 4 per cent to $135.9 million. It accounted for 49.4 per cent of all premiums handled by brokers.
Medical and life insurance represented 20.5 per cent, transport and marine 13.4 per cent, miscellaneous insurance 10.6 per cent and liability insurance 6.1 per cent.
The sector also received $331.4 million into insurance broking accounts during the year, an increase of 5.6 per cent. Of this, 75.6 per cent represented premiums collected for local insurers, while 24.3 per cent was collected for offshore insurers.
The year-end balance held in broking accounts more than doubled from $13.5 million to $27.8 million.
Despite increased business, insurance brokers recorded a 2.1 per cent decline in net profit after tax to $9.4 million. Revenue increased 8 per cent to $33.6 million, but expenses grew at a faster rate, rising 13.4 per cent to $21.1 million. Brokerage income accounted for 99.7 per cent of industry revenue.
The sector’s total assets increased sharply by 22.7 per cent to $102 million, while owners’ funds rose 8.8 per cent to $22.4 million.
The report said effective client retention and a diversified premium base helped brokers withstand competitive pressures and supported continued growth in premiums during the year.
