Competition in Fiji’s insurance market is set to heat up with the introduction of Ama Insurance Company Limited, which aims to offer innovative products and enhance customer service. Chief Executive Officer Tarcholan Singh emphasized that the increasing competition will benefit consumers, especially in addressing Fiji’s low insurance uptake.
Singh stated, “We want to ensure that people understand what insurance is, and they can make up their minds to have it or not to have it. Ultimately, it’s the choice of the consumer, but we want to give that choice.” This emphasis on consumer education reflects a broader commitment to increasing awareness and accessibility in the industry.
While many insurance products share common features, Ama Insurance intends to set itself apart by providing better benefits and expedited claims processing. The company will initially target personal insurance products, with plans to expand into the small and medium enterprise market in the coming months.
With robust reinsurance support from international partners rated A and above, Singh expressed confidence in Ama Insurance’s ability to honor its claims obligations. He noted that Fiji’s selection as the company’s base is driven by its growth potential and low insurance penetration rates.
The official launch event took place last night at the Grand Pacific Hotel, although the Reserve Bank issued the company’s general issuance license back in January. Ama Insurance Company operates as a subsidiary of Apia Insurance Company Limited, further bolstering its market presence in a burgeoning sector.
The entry of new players like Ama Insurance could foster a more competitive environment, ultimately driving improvements in service quality and consumer choice across Fiji’s insurance landscape.
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