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Reserve Bank of Fiji governor Sada Reddy has encouraged the country’s insurance industry to focus their attention on the uninsured sectors of the economy.
Commenting on the industry’s 2009 annual report, Reddy said expanding coverage for the micro to small and medium enterprises and agricultural sectors are some areas that the industry could consider.
He said the Reserve Bank will continue to align its prudential supervisory efforts to ensure that Fiji’s insurance industry is developed to an internationally reputable status.
“A culture of good governance will ensure that the insurance industry will remain sound and stable,” Reddy said.
Prime Minister and Minister for Finance Commodore Voreqe Bainimarama tabled the 2009 annual report in Cabinet on Tuesday.
The report includes a review of the performance of the international and local insurance industry in 2009.
Reddy said that 2009 was a year of recovery for the international insurance market.
“The impact of the global financial crisis subsided, as insurers and reinsurance companies had written off most of the direct exposures to the financial crisis. Fundamental to the recovery of the global insurance market was the lower level of catastrophe losses in 2009 compared to previous years.”
By Richard Naidu
