Fiji Insurance Industry – Key Trends and Opportunities to 2028
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Fiji Insurance Market Report Overview
The gross written premium of the Fiji insurance market was FJD447.6 million ($203.9 million) in 2023. The market will achieve a CAGR of more than 5% during 2024-2028. The Fiji insurance market research report provides in-depth market analysis, information, and insights into the Fiji insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review and forecast periods.
Fiji Insurance Market Outlook, 2023-2028 (FJD Million)
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The Fiji insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Fiji economy and demographics. It further evaluates the competitive landscape, which entails information on segment dynamics, competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2023) | FJD447.6 million ($203.9 million) |
CAGR (2024-2028) | >5% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Segments | · General Insurance
· Life Insurance |
Key Companies | · FijiCare
· BSP Life · New India Assurance · Sun Insurance · Tower |
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Fiji Insurance Market Trends
The key trends impacting the Fiji insurance market are the focus on digitalization, the launch of comprehensive travel insurance plans, and parametric insurance. For instance, in November 2023, Fiji, India, and the United Nations launched a pilot project called Scaling Climate and Disaster Risk Financing Framework and Parametric Insurance in Fiji. The project expands the coverage of the parametric insurance product launched in 2021. It also provides tailored Climate Disaster Risk Financing Instruments to increase Fiji’s financial resilience against climate change and natural disasters.
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Fiji Insurance Market by Segments
The key segments in the Fiji insurance market are life insurance and general insurance. The general insurance segment dominated the Fiji insurance market in 2023 and is expected to register significant growth over 2024-2028. Property insurance accounted for a significant share of general insurance GWP in 2023, making it the leading LOB followed by general insurance personal accident and health (PA&H) and motor.
Fiji Insurance Market Analysis by Segments, 2023 (%)
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Fiji Insurance Market – Competitive Landscape
In 2022, FijiCare accounted for the highest market share in the Fiji life insurance market
A few of the key companies in the Fiji insurance market are:
- FijiCare
- BSP Life
- New India Assurance
- Sun Insurance
- Tower
Fiji Life Insurance Market Analysis by Companies, 2022(%)
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Fiji Insurance Market – Latest Developments
- In June 2023, FijiCare launched Comprehensive Travel Insurance along with VuvaleCare Micro-insurance. The Comprehensive Travel Insurance covers travel-related benefits for visitors to Fiji and Fijians traveling abroad.
- In November 2023, the Life Insurance Corporation of India (LICI) collaborated with Digicel Fiji and introduced the MyCash mobile application. The application allows users to manage financial transactions, and pay LICI Fiji premiums directly from their MyCash wallet.
Fiji Insurance Market Segments Outlook (Value, FJD Million, 2019-2028)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Fiji insurance industry. It also offers:
- Historical values for the Fiji insurance industry for the review period, 2019-2023, and projected figures for the forecast period, 2024-2028.
- A detailed analysis of the key categories in the Fiji insurance industry and market forecasts up to 2028.
- Insights on key regulations affecting the market.
- Analysis of distribution channels operating in the segment, an overview of the Fiji economy and demographics, and detailed information on the competitive landscape in the country.
- Profiles of the top life insurance companies in Fiji and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Fiji insurance industry.
- A comprehensive overview of the Fiji economy, government initiatives, and investment opportunities.
- The Fiji insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Fiji insurance industry’s market structure giving details of lines of business.
- Fiji reinsurance business’s market structure giving details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Fiji insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Fiji insurance industry.
- Assess the competitive dynamics in the Fiji insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Life Insurance
FijiCare
New India Assurance
BSP Health
QBE Insurance
Sun Insurance
Tower
Table of Contents
Frequently asked questions
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What was the Fiji insurance market gross written premium in 2023?
The gross written premium of the Fiji insurance market was FJD447.6 million ($203.9 million) in 2023.
-
What will the growth rate of the Fiji insurance market be during the forecast period?
The insurance market in Fiji is expected to achieve a CAGR of more than 5% during 2024-2028.
-
Which segment dominated the Fiji insurance market in 2023?
The general insurance segment dominated the Fiji insurance market in 2023.
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Which are the major companies operating in the Fiji insurance market?
A few of the key companies in the Fiji insurance market are FijiCare, BSP Life, New India Assurance, Sun Insurance, and Tower among others.
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