Positive outlook for insurance industry: RBF
The total assets of the Fijian insurance industry recorded a growth of 11.2 percent to $2.3 billion in 2021.
Reserve Bank of Fiji Governor, Ariff Ali says although last year posed significant challenges to the international insurance and reinsurance markets, the industry sustained its positive performance.
Ali adds the local insurance industry remained resilient in 2021, notwithstanding the prolonged impact of the COVID-19 pandemic and underpinned by the absence of major catastrophes.
He made the comments while releasing the 2021 Insurance Annual Report, which was tabled in parliament yesterday.
Ali says the life insurance sector’s assets registered an increase of 10.5 percent to $1.8 billion, and the assets of the general insurance sector noted a stronger increase of 13.4 percent, to $510.8 million.
The domestic gross insurance premium pool grew to $383.3 million in 2021, equivalent to 4.0 percent of Fiji’s GDP.
The RBF Governor says the profitability of the industry remains intact with a reported combined net profit after tax of the life and general insurance sectors of $58.6 million.
Ali says the risk transfer role played by the industry is vital to sustain the economy and safeguard the financial health of individuals, families, communities, businesses, and financial institutions.
He says the outlook for the Fijian insurance industry is positive for 2022, on the back of the projected strong growth for the economy.
Credit: FBC TV
#realestate #realestateinvesting #realestateagent #realestatebroker #realtor #realtorlife #realtors #realestateinvestor #realestatelife #realestatephotography #bayshorefiji #oneagencybayshorefiji #houseforlease #houseforsalenadi #houseforsalesuva #houseforsalelami #houseforsalelautoka #realtornadi #realtorfiji #landforsalefiji #fijirealestate #fijilandforsale #landforsalefiji #landforsalenadi #landforsalelautoka #landforsalesuva #landforsalelami #landforsaleba #commerciallandforsaleinnadi #commerciallandforsaleinlautoka #residentiallandforsaleinnadi #residentiallandforsaleinlautoka #residentiallandforsaleinsuva #apartmentsforleaseinsuva #apartmeanforleaseinnadi #home #homefiji #fijihome #fijihomes #property #propertyfiji #fijiproperty #forsale #forsalefiji #forrent #forrentfiji #forrentlautoka #forrentnadi #forrentsuva #realestateagentnadi #realestateagentsuva #realestateagentlautoka #newhome #newhomenadi #newhomesuva #newhomelautoka #newhomelami #dreamhomefiji #dreamhomefijidenarau #newhomedenarau #newhomefantasyfiji #newhomenadi #newhomesuva #newhomelautoka
