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FijiCare Insurance Ltd says it has made a loss in 2009 due to escalating medical and term life claims and the devaluation of the Fiji dollar.
In a statement posted on the South Pacific Stock Exchange, the company said medical and term life claims were the dominant factor in its unaudited 2009 income being below expectations.
However it said the devaluation had an “immense impact” on revenue compared to previous years.
Company secretary Victor Robert said that to manage risk, the company had diversified into new products such as motor vehicle insurance, funeral benefits and more active worker’s compensation and marine insurance.
“…which will assist to improve our revenue and open our markets for a much better product base for our clients,” said Robert.
FijiCare shares are trading at $0.67 on the South Pacific Stock Exchange.
