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Fiji’s insurance industry reported an adequate solvency position in 2009 despite natural catastrophes and challenging economic conditions, with gross premiums increasing by 2.2 percent to $206.1 million says Reserve Bank of Fiji governor Sada Reddy.
Reddy said much of the growth stemmed from the life insurance sector primarily due to the underwriting of investment-linked policies.
Overall, he said, the industry recorded an after tax surplus of $44.6 million, representing a growth of 32.2 percent in 2009.
Reddy said the insurance market continued to operate in a prudent manner in 2009 and played an important role in assisting economic recovery following “the devastating effects” of the January floods and Cyclone Mick.
He said the outlook for the domestic insurance industry remained positive, consistent with the anticipated economic recovery.
“The role of the insurance industry in the sustainable development of Fiji continues to be of paramount importance,” Reddy said.
The governor made the comments in connection to the 2009 insurance annual report tabled in Cabinet last month by Prime Minister and Minister for Finance, Commodore Voreqe Bainimarama.
By Richard Naidu
