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Insurance as a social shield: Fiji’s sector reaches 2.7 billion in assets as PM Rabuka highlights its broader value
The true value of insurance, Prime Minister Sitiveni Rabuka stressed, cannot be measured in numbers alone. Speaking at Suva during the inaugural Insurance Association of Fiji 2025 Annual Awards and Gala Night, Rabuka noted that the sector’s assets have climbed to about 2.7 billion, accounting for more than nine percent of Fiji’s total financial system assets. He framed the figure not as a scoreboard, but as a reflection of the sector’s role in helping families rebuild after cyclones, allowing small businesses to reopen, and giving people hope in their darkest moments.
Rabuka said the government views the insurance industry as a key partner in its mission to eliminate poverty and uplift vulnerable communities. In collaboration with the Reserve Bank of Fiji, insurers and development partners, authorities have expanded affordable insurance offerings to reach those in need. Notable initiatives include micro-insurance for more than 86,000 social welfare recipients, innovative parametric disaster insurance, and specialized products designed to support women and rural communities.
Since 2018, the industry has paid out more than 20 million dollars in claims, enabling faster recovery for Fiji’s households after disasters. Rabuka highlighted that these efforts align with the National Financial Inclusion Strategy, strengthening financial resilience, safeguarding livelihoods, and promoting inclusive growth.
Looking ahead, the Prime Minister outlined priorities to further bolster coverage and protection:
– Expand insurance reach to rural and maritime regions.
– Modernize regulations to protect consumers while encouraging innovation.
– Develop affordable products for the poor, informal workers, farmers, and small business owners.
Rabuka emphasised that true innovation must be inclusive—designing products for those who need them most, such as single mothers, market vendors, cane farmers, and students. “Insurance should not be a privilege. It should be a basic right for everyone—giving all Fijians the means to recover, rebuild and restart after hardship,” he said.
Context and broader momentum
The remarks come amid a broader push within Fiji’s financial sector to strengthen consumer protection and resilience. Recent discussions around the Reserve Bank of Fiji’s 2023 Insurance Report highlighted a positive trajectory for the industry, including improved complaint handling and resolution times, and a continued rise in gross premiums to a record 440.7 million dollars in 2023. The Ombudsman’s Office, established within the central bank, resolved the majority of insurance-related complaints in that year, underscoring a growing consumer-protection framework.
Industry and regulatory momentum is also focused on expanding weather-based and micro-insurance tools, improving data transparency on health and gender demographics, and modernizing the legal framework governing insurance. Parliament and statutory bodies are actively engaging with the Consumer Council of Fiji to explore legislative amendments that could enhance service delivery, affordability, and literacy across the market.
In parallel, discussions have underscored the importance of addressing health-insurance bottlenecks—such as upfront payments and shifts away from bulk billing—to ensure broader access and affordability, while maintaining robust risk pools.
Summary
Fiji’s insurance sector is being positioned as a cornerstone of social and economic resilience, with assets nearing 2.7 billion and a strong track record of timely disaster payouts. Government and regulatory bodies are pursuing inclusive product design, expanded rural coverage, better consumer protections, and modernized regulations to sustain growth and protect vulnerable communities in the face of climate and economic challenges.
Value-added notes
– The emphasis on micro-insurance and parametric solutions aligns with climate risk needs, providing faster assistance to communities during extreme weather events.
– Expanding weather-station coverage and improving gender-disaggregated data will enhance product relevance and accessibility.
– Ongoing legislative reviews and consumer-protection improvements are key to building trust and ensuring sustainable growth across Fiji’s insurance ecosystem.
If you’d like, I can add a concise sidebar with key numbers (assets, gross premiums, claims payouts, coverage reach) or craft a short explainer on how parametric insurance works for lay readers.
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