THE insurance industry in Fiji have reported a strong performance last year.
And according to the Reserve Bank of Fiji in its 2011 Insurance Annual Report, the strong performances have been attributed to the stable investment income and the notable absence of severe catastrophes during this period.
In a statement RBF said the insurance industry recorded a growth of 6.4 per cent in gross premiums to $221.2 million, a higher growth compared to 0.9 per cent in 2010.
Additionally, improvements were also noted in the solvency surplus of both the life and general insurance sectors last year.
The introduction of micro-insurance was further enhanced as part of the national initiative to promote greater financial inclusion through the provision of affordable insurance plans to low income earners said RBF.
RBF has also predicted another challenging year with premium rates expected to increase as the pressure of significant losses in the international markets flow through to the domestic market through reinsurance premiums. RBF stated that it would continue to develop the policy environment conducive to the growth of the insurance industry, as well as enhancing its supervisory role.