The Reserve Bank of Fiji has granted an Insurance Broker license to Howden Insurance Brokers (Fiji) Pte Limited, marking a significant development in the nation’s financial landscape. The company successfully fulfilled the licensing requirements outlined in section 43 of the Insurance Act 1998, paving the way for its formal operations to begin next month.
Howden Insurance, a subsidiary of Howden Pacific Holdings Pty Ltd and part of the broader Howden Group Holdings Ltd, is anticipated to enhance the insurance intermediary services in Fiji. By offering specialized expertise and tailored risk management solutions, Howden Insurance aims to provide valuable advisory and placement services, ultimately contributing to the overall growth of the financial services sector in the region.
The Reserve Bank of Fiji expressed its support for the entry of Howden Insurance into the market and looks forward to a productive partnership with the company’s management team as they launch operations. This addition bolsters the number of licensed insurance brokers in Fiji to six, which is a positive sign of growth and diversification in the domestic financial market. The establishment of Howden Insurance is expected to foster competition and innovation, benefitting consumers and businesses alike.
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