INSURANCE brokers secured $22.2 million as premiums with overseas insurers last year, the Reserve Bank of Fiji said in its remarks of the satisfactory performance of the insurance industry.
This, as the life insurance industry dominated the market share at 71.4 per cent, the bank said in its 2011 annual report.
The report said insurance brokers placed 872 applications for overseas insurers.
Released last week, the report said the combined industry assets reached its $1billion mark last year as life insurers' assets expanded by 14.6 per cent to $750.1million, largely owed to growing investments in term deposits and government securities. The net premium income for the industry was $191.1million, increasing by 8.5 per cent over, the report said. Net claims paid last year fell by 0.7 per cent to $107million made up mostly of life insurers at 58.7 per cent of the payout, the report said.