$19m insurance payout

BSP Life has paid about $19million in life claims for the first six months of this year, $2m more than what was paid in the first half of last year.

And according to managing director Malakai Naiyaga, about half of the $19m went to maturity payouts.

“For the first six months of this year, we have also paid close to $5m in health claims, which is equivalent to the full year payout for last year,” he said during an announcement of their investment in commercial residential properties this week in Suva.

“This was driven in part by the dengue epidemic where many of our customers needed medical hospitalisation.”

He said they paid about $43m in claims last year, of which about $37m was paid for life insurance and $5.8m for health insurance.

In terms of life insurance, Mr Naiyaga said $32m of the $37m was for maturities and other benefits.

“Policyholders were able to enjoy the full benefits of their investments to fulfil their life plans whether it was for retirement, payment of children’s tertiary fees, paying off their mortgage or starting their own business,” he said.

The remaining $5.2m, he said, was for death payments assisting families financially after they’ve lost a loved one.

In terms of health insurance, he said bulk of the payout of $5.2m was for medical claims including overseas evacuations.

“To bring these figures into perspective, on average we paid out about $4m in benefits per month in the first half of the year.”

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