THERE is potential for growth in the life insurance with major focus on getting the younger generation on board to secure a policy for them.
BSP Life managing director Michael Nacola said despite existing for a couple of decades the life insurance footprint was still very low in Fiji.
Mr Nacola said they were also aiming to encourage kava farmers from the maritime zones to invest in the long-term savings scheme (life insurance).
He said as part of their awareness program their agents were in the maritime and rural zones to educate the potential policy holders on the benefits of investing in a policy.
Meanwhile Mr Nacola told the Standing Committee on Economic Affairs that BSP Life’s contribution to the health insurance market in 2017 was $88.4 million and they paid out $58.6m in terms of claims, which he said was an increase of $22.5m when compared with 2016.
According to Mr Nacola for medical insurance the insurance company paid out $10.5m, a 31 per cent increase from 2016, which was because of the increase in chronic illnesses.
Mr Nacola said their most popular product continued to be Bula Prime followed by Bula Scholar however their newest product that was launched just a few months ago was starting to gain a solid foothold in the market.
He said they launched Bula Delite four months ago in the market and so far they had sold 800 policies which included 74 per cent new policyholders.
He made a presentation on the RBF Insurance 2017 Annual Report yesterday.
