The Insurance Industry in Fiji, Key Trends and Opportunities to 2017

The Insurance Industry in Fiji, Key Trends and Opportunities to 2017

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After contracting by 1.3% in 2009 as a result of the global financial crisis, political instability and damages caused by floods and cyclones, the Fijian economy rebounded and grew by 1.9% in 2011 and 2.5% in 2012. Accommodative government policies, increasing investment in the construction sector and growing tourism acted as driving forces for insurance industry expansion. The gross written premium of the industry recorded a CAGR of 6.4% during the review period, increasing from FJD201.6 million (US$126.5 million) in 2008 to FJD258.3 million (US$144.3 million) in 2012.There were two life insurers and eight non-life insurers licensed to operate in the Fijian insurance industry at the end of 2012.

Key Highlights
  • There were two life insurers and eight non-life insurers licensed to operate in the Fijian insurance industry at the end of 2012.
  • The Fijian insurance industry continues to maintain strong growth, supported by economic recovery during the review period.
  • Despite the challenges faced due to heavy losses from the 2009 floods and 2012 earthquake, the solvency of the industry remained intact.
  • The non-life segment accounted for the largest share (44.6%) of gross written premium of the industry.
  • The life segment registered the fastest CAGR of 7.7% during the review period, as a result of an increase in demand for endowment products including savings and investment-linked products.
  • Insurance companies are focusing on assets quality management, product diversity and improving distribution channels to cater to consumer demand and expand their market reach.
Scope

This report provides a comprehensive analysis of the insurance industry in Fiji:
  • It provides historical values for the Fijian insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
  • It offers a detailed analysis of the key segments and sub-segments in the Fijian insurance industry, along with forecasts until 2017.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in Fiji, and outlines the key regulations affecting them.
Reasons to Purchase
  • Make strategic business decisions using in-depth historic and forecast industry data related in the Fijian insurance industry and each segment within it.
  • Understand the demand-side dynamics, key trends and growth opportunities within the Fijian insurance industry.
  • Assess the competitive dynamics in the Fijian insurance industry.
  • Identify the growth opportunities and market dynamics within key segments.
  • Gain insights into key regulations governing the Fijian insurance industry and its impact on companies and the industry's future.


Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Fijian Insurance Industry Overview
3.1 Fijian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Governance, Risk and Compliance
4.1 Legislation Overview and Historical Evolution
4.2 Legislation Trends by Type of Insurance
4.2.1 Life insurance regulatory trends
4.2.2 Property insurance regulatory trends
4.2.3 Motor insurance regulatory trends
4.2.4 Liability insurance regulatory trends
4.2.5 Marine, aviation and transit insurance regulatory trends
4.2.6 Personal accident and health insurance regulatory trends
4.3 Compulsory Insurance
4.3.1 Motor third-party insurance
4.3.2 Workmen's compensation insurance or pension
4.4 Supervision and Control
4.4.1 International Association of Insurance Supervisors
4.4.2 Reserve Bank of Fiji
4.5 Non-Admitted Insurance Regulatory Trends
4.5.1 Overview
4.5.2 Intermediaries
4.5.3 Market practices
4.5.4 Fines and penalties
4.6 Company Registration and Operations
4.6.1 Types of insurance organization
4.6.2 Establishing a local company
4.6.3 Foreign ownership
4.6.4 Types of license
4.6.5 Capital requirements
4.6.6 Solvency margins
4.6.7 Reserve requirements
4.6.8 Investment regulations
4.6.9 Statutory return requirements
4.6.10 Policy terms and conditions
4.7 Taxation
4.7.1 Corporate tax
4.7.2 VAT
4.7.3 Captives
4.8 Legal System
4.8.1 Introduction
4.8.2 Access to court
4.8.3 Alternative dispute resolution (ADR)
5 Industry Segmentation
5.1 Life Insurance
5.1.1 Individual life insurance
5.1.2 Individual endowment insurance
5.1.3 Individual term life insurance
5.1.4 Other insurance
5.2 Non-Life Insurance
5.2.1 Property insurance
5.2.2 Motor insurance
5.2.3 Liability insurance
5.2.4 Marine, aviation and transit insurance
5.3 Personal Accident and Health Insurance
5.3.1 Personal accident insurance
5.3.2 Health insurance
5.4 Reinsurance
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 BSP Life (Fiji) Ltd
6.2.2 Life Insurance Corporation of India (LICI) Fiji
6.2.3 Tower Insurance Fiji Ltd
6.2.4 Dominion Insurance Company Ltd
6.2.5 QBE Insurance (Fiji) Ltd
7 Economic Indicators
7.1.1 Market capitalization trend - South Pacific Stock Exchange, Fiji
7.2 Economic Performance
7.2.1 GDP at constant prices (US$)
7.2.2 GDP per capita at constant prices (US$)
7.2.3 GDP at current prices (US$)
7.2.4 GDP per capita at current prices (US$)
7.2.5 GDP by key segments
7.2.6 Mining, manufacturing and utilities at current prices (US$)
7.2.7 Construction net output at current prices (US$)
7.2.8 Inflation rate
7.2.9 Exports as a percentage of GDP
7.2.10 Imports as a percentage of GDP
7.2.11 Gross national disposable income (US$)
7.2.12 Total population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables

Table 1: Insurance Industry Definitions
Table 2: Fijian Insurance Overall Written Premium by Segment (FJD Million), 2008-2012
Table 3: Fijian Insurance Overall Written Premium by Segment (US$ Million), 2008-2012
Table 4: Fijian Insurance Overall Written Premium by Segment (FJD Million), 2012-2017
Table 5: Fijian Insurance Overall Written Premium by Segment (US$ Million), 2012-2017
Table 6: Fijian Insurance Segmentation (% Share), 2008-2017
Table 7: Fiji - Corporate Tax Rates for the Financial Year 2013


Companies Mentioned:

BSP Life (Fiji) Ltd
Life Insurance Corporation of India (LICI) Fiji
Tower Insurance Fiji Ltd
Dominion Insurance Company Ltd
QBE Insurance (Fiji) Ltd