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48 years in existence

Monika Singh
Friday, October 13, 2017

INSURANCE brokers have existed in Fiji for the past 48 years which was a great achievement considering the fact that over the years there had been many challenges faced by the industry in terms of devastating natural disasters which crippled the industry.

Marsh Ltd branch manager, Wayne Wong, made the statement at the submission by the Insurance Brokers of Fiji on the Reserve Bank of Fiji 2016 Insurance Annual Report to the Parliamentary Standing Committee on Economic Affairs yesterday.

Mr Wong said one of the biggest achievements of the insurance brokers in Fiji was that they had survived over the years and were still operating with potential for more investment companies acquiring shares in the companies.

He said one of the biggest challenges of the industry was when the cyclone insurance had dried out after the cyclones in the 80s and 90s.

However, Mr Wong said the insurance brokers had survived and over the past five to 10 years had seen increase in premiums paid to insurance policy holders which was a good sign for the industry.

Insurance Holdings country manager Jason Nili said there was so much potential in the insurance sector in Fiji but more work needed to be done in terms of creating awareness among the people on the importance of insurance.

Mr Nili said there was still about 12 per cent take up on insurance in Fiji but with more education and awareness more people could be encouraged to take up insurance covers.

"I only know a number of stakeholders whether it be government, insurers, or the brokers by pulling together and working together and making a larger education picture and helping the people understand and are we going to increase the 12 per cent just something that really needs to be which is an awful lot more."

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