Locally-owned Sun Insurance Co Ltd has taken a significant step in its growth strategy by entering into reinsurance agreements with prominent global partners based in Singapore and London. This announcement was made public last week in a filing to the South Pacific Stock Exchange (SPX), detailing the successful placement of its reinsurance program for 2026.
Chairman Padam Lala emphasized that this landmark reinsurance arrangement was negotiated with highly-rated international insurers, reinforcing the global market’s confidence in Sun Insurance’s financial strength and prudent underwriting practices. With the new program, the company has enhanced its catastrophe protection, providing increased security and peace of mind to its policyholders.
“This placement affirms our ability to manage large-scale natural disaster risks and highlights our strategic approach to risk management through the latest impact forecasting models,” stated Mr. Lala. This move is not only pivotal for strengthening the company’s resilience but also ensures that Sun Insurance can continue to confidently service the diverse needs of Fiji’s businesses and communities.
Deven Sharma, Chairman of the Claims and Underwriting Committee, remarked on the significant increase in coverage capacity across major sectors, including commercial property and public liability. “These improvements better position us to adapt to the evolving demands of our clients and partners,” he noted.
This new reinsurance program is particularly noteworthy as it’s the first international venture undertaken by Sun Insurance since going public, illustrating the strong response from the market that recognizes its strategic direction and potential for future growth. With enhanced capacity, the company is well-equipped to underwrite larger, more complex risks while maintaining its low-volatility risk management approach—a vital aspect as Fiji faces increasing natural catastrophe threats.
Overall, Sun Insurance’s proactive measures and strategic partnerships reflect a positive trajectory for the company’s future and the broader economic landscape in Fiji, showing resilience and strength in a competitive market. As businesses like Sun Insurance continue to innovate and expand, they play a critical role in fostering economic growth and stability within their communities.
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