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The Insurance Industry in Fiji, Key Trends and Opportunities to 2017

Timetric
Published Date » 2014-01-15
No. Of Pages » 157
   
  Synopsis  
     
  The report provides in-depth industry analysis, information and insights of the insurance industry in Fiji, including:  
   
 
 
 The Fijian insurance industry’s growth prospects by insurance segments and categories 
 The competitive landscape in the Fijian insurance industry 
 The current trends and drivers of the Fijian insurance industry 
 Challenges facing the Fijian insurance industry 
 The detailed regulatory framework of the Fijian insurance industry 
 
 
   
  Executive summary  
   
 After contracting by 1.3% in 2009 as a result of the global financial crisis, political instability and damages caused by floods and cyclones, the Fijian economy rebounded and grew by 1.9% in 2011 and 2.5% in 2012. Accommodative government policies,...
Table of contents

1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Fijian Insurance Industry Overview
3.1 Fijian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges

4 Governance, Risk and Compliance
4.1 Legislation Overview and Historical Evolution
4.2 Legislation Trends by Type of Insurance
4.2.1 Life insurance regulatory trends
4.2.2 Property insurance regulatory trends
4.2.3 Motor insurance regulatory trends
4.2.4 Liability insurance regulatory trends
4.2.5 Marine, aviation and transit insurance regulatory trends
4.2.6 Personal accident and health insurance regulatory trends
4.3 Compulsory Insurance
4.3.1 Motor third-party insurance
4.3.2 Workmen’s compensation insurance or pension
4.4 Supervision and Control
4.4.1 International Association of Insurance Supervisors
4.4.2 Reserve Bank of Fiji
4.5 Non-Admitted Insurance Regulatory Trends
4.5.1 Overview
4.5.2 Intermediaries
4.5.3 Market practices
4.5.4 Fines and penalties
4.6 Company Registration and Operations
4.6.1 Types of insurance organization
4.6.2 Establishing a local company
4.6.3 Foreign ownership
4.6.4 Types of license
4.6.5 Capital requirements
4.6.6 Solvency margins
4.6.7 Reserve requirements
4.6.8 Investment regulations
4.6.9 Statutory return requirements
4.6.10 Policy terms and conditions
4.7 Taxation
4.7.1 Corporate tax
4.7.2 VAT
4.7.3 Captives
4.8 Legal System
4.8.1 Introduction
4.8.2 Access to court
4.8.3 Alternative dispute resolution (ADR)

5 Industry Segmentation
5.1 Life Insurance
5.1.1 Individual life insurance
5.1.2 Individual endowment insurance
5.1.3 Individual term life insurance
5.1.4 Other insurance
5.2 Non-Life Insurance
5.2.1 Property insurance
5.2.2 Motor insurance
5.2.3 Liability insurance
5.2.4 Marine, aviation and transit insurance
5.3 Personal Accident and Health Insurance
5.3.1 Personal accident insurance
5.3.2 Health insurance
5.4 Reinsurance

6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 BSP Life (Fiji) Ltd
6.2.2 Life Insurance Corporation of India (LICI) Fiji
6.2.3 Tower Insurance Fiji Ltd
6.2.4 Dominion Insurance Company Ltd
6.2.5 QBE Insurance (Fiji) Ltd

7 Economic Indicators
7.1.1 Market capitalization trend – South Pacific Stock Exchange, Fiji
7.2 Economic Performance
7.2.1 GDP at constant prices (US$)
7.2.2 GDP per capita at constant prices (US$)
7.2.3 GDP at current prices (US$)
7.2.4 GDP per capita at current prices (US$)
7.2.5 GDP by key segments
7.2.6 Mining, manufacturing and utilities at current prices (US$)
7.2.7 Construction net output at current prices (US$)
7.2.8 Inflation rate
7.2.9 Exports as a percentage of GDP
7.2.10 Imports as a percentage of GDP
7.2.11 Gross national disposable income (US$)
7.2.12 Total population

8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric’s Services
8.5 Disclaimer

List of Tables


Table 1: Insurance Industry Definitions
Table 2: Fijian Insurance Overall Written Premium by Segment (FJD Million), 2008–2012
Table 3: Fijian Insurance Overall Written Premium by Segment (US$ Million), 2008–2012
Table 4: Fijian Insurance Overall Written Premium by Segment (FJD Million), 2012–2017
Table 5: Fijian Insurance Overall Written Premium by Segment (US$ Million), 2012–2017
Table 6: Fijian Insurance Segmentation (% Share), 2008–2017
Table 7: Fiji − Corporate Tax Rates for the Financial Year 2013
Table 8: Fijian Life Insurance – Written Premium by Category (FJD Million), 2008–2012
Table 9: Fijian Life Insurance – Written Premium by Category (US$ Million), 2008–2012
Table 10: Fijian Life Insurance – Written Premium by Category (FJD Million), 2012–2017
Table 11: Fijian Life Insurance – Written Premium by Category (US$ Million), 2012–2017
Table 12: Fijian Life Insurance – Paid Claims (FJD Million), 2008–2012
Table 13: Fijian Life Insurance – Paid Claims (FJD Million), 2012–2017
Table 14: Fijian Life Insurance – Incurred Loss (FJD Million), 2008–2012
Table 15: Fijian Life Insurance – Incurred Loss (FJD Million), 2012–2017
Table 16: Fijian Life Insurance – Loss Ratio (%), 2008–2012
Table 17: Fijian Life Insurance – Loss Ratio (%), 2012–2017
Table 18: Fijian Life Insurance – Combined Ratio (%), 2008–2012
Table 19: Fijian Life Insurance – Combined Ratio (%), 2012–2017
Table 20: Fijian Life Insurance – Total Assets (FJD Million), 2008–2012
Table 21: Fijian Life Insurance – Total Assets (FJD Million), 2012–2017
Table 22: Fijian Life Insurance – Total Investment Income (FJD Million), 2008–2012
Table 23: Fijian Life Insurance – Total Investment Income (FJD Million), 2012–2017
Table 24: Fijian Life Insurance – Retentions (FJD Million), 2008–2012
Table 25: Fijian Life Insurance – Retentions (FJD Million), 2012–2017
Table 26: Fijian Individual Life Insurance – Written Premium (FJD Million), 2008–2012
Table 27: Fijian Individual Life Insurance – Written Premium (FJD Million), 2012–2017
Table 28: Fijian Individual Endowment Insurance – Written Premium (FJD Million), 2008–2012
Table 29: Fijian Individual Endowment Insurance – Written Premium (FJD Million), 2012–2017
Table 30: Fijian Individual Term Life Insurance – Written Premium (FJD Million), 2008–2012
Table 31: Fijian Individual Term Life Insurance – Written Premium (FJD Million), 2012–2017
Table 32: Fijian Other Insurance – Written Premium (FJD Million), 2008–2012
Table 33: Fijian Other Insurance – Written Premium (FJD Million), 2012–2017
Table 34: Fijian Non-Life Insurance – Written Premium by Category (FJD Million), 2008–2012
Table 35: Fijian Non-Life Insurance – Written Premium by Category (US$ Million), 2008–2012
Table 36: Fijian Non-Life Insurance – Written Premium by Category (FJD Million), 2012–2017
Table 37: Fijian Non-Life Insurance – Written Premium by Category (US$ Million), 2012–2017
Table 38: Fijian Non-Life Insurance – Paid Claims (FJD Million), 2008–2012
Table 39: Fijian Non-Life Insurance – Paid Claims (FJD Million), 2012–2017
Table 40: Fijian Non-Life Insurance – Incurred Loss (FJD Million), 2008–2012
Table 41: Fijian Non-Life Insurance – Incurred Loss (FJD Million), 2012–2017
Table 42: Fijian Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 43: Fijian Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 44: Fijian Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 45: Fijian Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 46: Fijian Non-Life Insurance – Total Assets (FJD Million), 2008–2012
Table 47: Fijian Non-Life Insurance – Total Assets (FJD Million), 2012–2017
Table 48: Fijian Non-Life Insurance – Total Investment Income (FJD Million), 2008–2012
Table 49: Fijian Non-Life Insurance – Total Investment Income (FJD Million), 2012–2017
Table 50: Fijian Non-Life Insurance – Retentions (FJD Million), 2008–2012
Table 51: Fijian Non-Life Insurance – Retentions (FJD Million), 2012–2017
Table 52: Fijian Property Insurance – Written Premium (FJD Million), 2008–2012
Table 53: Fijian Property Insurance – Written Premium (FJD Million), 2012–2017
Table 54: Fijian Motor Insurance – Written Premium (FJD Million), 2008–2012
Table 55: Fijian Motor Insurance – Written Premium (FJD Million), 2012–2017
Table 56: Fijian Liability Insurance – Written Premium (FJD Million), 2008–2012
Table 57: Fijian Liability Insurance – Written Premium (FJD Million), 2012–2017
Table 58: Fijian Marine, Aviation and Transit Insurance – Written Premium (FJD Million), 2008–2012
Table 59: Fijian Marine, Aviation and Transit Insurance – Written Premium (FJD Million), 2012–2017
Table 60: Fijian Personal Accident and Health Insurance – Written Premium by Category (FJD Million), 2008–2012
Table 61: Fijian Personal Accident and Health Insurance – Written Premium by Category (US$ Million), 2008–2012
Table 62: Fijian Personal Accident and Health Insurance – Written Premium by Category (FJD Million), 2012–2017
Table 63: Fijian Personal Accident and Health Insurance – Written Premium by Category (US$ Million), 2012–2017
Table 64: Fijian Personal Accident and Health Insurance – Paid Claim (FJD Million), 2008–2012
Table 65: Fijian Personal Accident and Health Insurance – Paid Claim (FJD Million), 2012–2017
Table 66: Fijian Personal Accident and Health Insurance – Incurred Loss (FJD Million), 2008–2012
Table 67: Fijian Personal Accident and Health Insurance – Incurred Loss (FJD Million), 2012–2017
Table 68: Fijian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Table 69: Fijian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Table 70: Fijian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Table 71: Fijian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Table 72: Fijian Personal Accident and Health Insurance – Total Assets (FJD Million), 2008–2012
Table 73: Fijian Personal Accident and Health Insurance – Total Assets (FJD Million), 2012–2017
Table 74: Fijian Personal Accident and Health Insurance – Total Investment Income (FJD Million), 2008–2012
Table 75: Fijian Personal Accident and Health Insurance – Total Investment Income (FJD Million), 2012–2017
Table 76: Fijian Personal Accident and Health Insurance – Retentions (FJD Million), 2008–2012
Table 77: Fijian Personal Accident and Health Insurance – Retentions (FJD Million), 2012–2017
Table 78: Fijian Personal Accident Insurance – Written Premium (FJD Million), 2008–2012
Table 79: Fijian Personal Accident Insurance – Written Premium (FJD Million), 2012–2017
Table 80: Fijian Health Insurance – Written Premium (FJD Million), 2008–2012
Table 81: Fijian Health Insurance – Written Premium (FJD Million), 2012–2017
Table 82: Fijian Reinsurance Ceded by Insurance Industry (FJD Million), 2008–2012
Table 83: Fijian Reinsurance Ceded by Insurance Industry (US$ Million), 2008–2012
Table 84: Fijian Reinsurance Ceded by Insurance Industry (FJD Million), 2012–2017
Table 85: Fijian Reinsurance Ceded by Insurance Industry (US$ Million), 2012–2017
Table 86: Fijian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 87: Fijian Life Insurance – Percentage of Reinsurance Ceded (%),2012–2017
Table 88: Fijian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 89: Fijian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 90: Fijian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 91: Fijian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 92: Fijian Life Insurance Companies – Market Shares, 2011 and 2012
Table 93: Fijian Non-Life Insurance Companies – Market Shares, 2011 and 2012
Table 94: BSP Life Ltd, Main Products
Table 95: BSP Life Ltd, Key Employees
Table 96: Life Insurance Corporation of India (LICI) Fiji, Main Products
Table 97: Life Insurance Corporation of India (LICI) Fiji, Key Employees
Table 98: Tower Insurance Fiji Ltd, Main Products
Table 99: Tower Insurance Fiji Ltd, Key Employees
Table 100: Dominion Insurance Company Ltd, Main Products
Table 101: Dominion Insurance Company Ltd, Key Employees
Table 102: QBE Insurance (Fiji) Ltd, Main Products

List of Figures



Figure 1: Fijian Insurance Overall Written Premium by Segment (FJD Million), 2008–2017
Figure 2: Fijian Insurance Industry Dynamics by Segment, 2008–2017
Figure 3: Fiji − The Insurance Regulatory Framework
Figure 4: Fiji − Insurance Supervision and Control at Various Levels
Figure 5: Fiji − Insurance Regulatory Frameworks For Company Registration and Operation
Figure 6: Fijian Life Insurance – Written Premium by Category (FJD Million), 2008–2017
Figure 7: Fijian Life Insurance – Written Premium by Category (% Share), 2012 and 2017
Figure 8: Fijian Life Insurance – Dynamics by Category, 2008–2017
Figure 9: Fijian Life Insurance – Paid Claims (FJD Million), 2008–2012
Figure 10: Fijian Life Insurance – Paid Claims (FJD Million), 2012–2017
Figure 11: Fijian Life Insurance – Incurred Loss (FJD Million), 2008–2012
Figure 12: Fijian Life Insurance – Incurred Loss (FJD Million), 2012–2017
Figure 13: Fijian Life Insurance – Loss Ratio (%), 2008–2012
Figure 14: Fijian Life Insurance – Loss Ratio (%), 2012–2017
Figure 15: Fijian Life Insurance – Combined Ratio (%), 2008–2012
Figure 16: Fijian Life Insurance – Combined Ratio (%), 2012–2017
Figure 17: Fijian Life Insurance – Total Assets (FJD Million), 2008–2012
Figure 18: Fijian Life Insurance – Total Assets (FJD Million), 2012–2017
Figure 19: Fijian Life Insurance – Total Investment Income (FJD Million), 2008–2012
Figure 20: Fijian Life Insurance – Total Investment Income (FJD Million), 2012–2017
Figure 21: Fijian Life Insurance – Retentions (FJD Million), 2008–2012
Figure 22: Fijian Life Insurance – Retentions (FJD Million), 2012–2017
Figure 23: Fijian Life Insurance – Investment (FJD Million), 2008–2012
Figure 24: Fijian Life Insurance – Penetration (%), 2008–2012
Figure 25: Fijian Life Insurance – Premium per Capita (FJD), 2008–2012
Figure 26: Fijian Individual Life Insurance – Written Premium (FJD Million), 2008–2012
Figure 27: Fijian Individual Life Insurance – Written Premium (FJD Million), 2012–2017
Figure 28: Fijian Individual Endowment Insurance – Written Premium (FJD Million), 2008–2012
Figure 29: Fijian Individual Endowment Insurance – Written Premium (FJD Million), 2012–2017
Figure 30: Fijian Individual Term Life Insurance – Written Premium (FJD Million), 2008–2012
Figure 31: Fijian Individual Term Life Insurance – Written Premium (FJD Million), 2012–2017
Figure 32: Fijian Other Insurance – Written Premium (FJD Million), 2008–2012
Figure 33: Fijian Other Insurance – Written Premium (FJD Million), 2012–2017
Figure 34: Fijian Non-Life Insurance – Written Premium by Category (FJD Million), 2008–2017
Figure 35: Fijian Non-Life Insurance – Written Premium by Category (%), 2012 and 2017
Figure 36: Fijian Non-Life Insurance – Dynamics by Category, 2008–2017
Figure 37: Fijian Non-Life Insurance – Paid Claims (FJD Million), 2008–2012
Figure 38: Fijian Non-Life Insurance – Paid Claims (FJD Million), 2012–2017
Figure 39: Fijian Non-Life Insurance – Incurred Loss (FJD Million), 2008–2012
Figure 40: Fijian Non-Life Insurance – Incurred Loss (FJD Million), 2012–2017
Figure 41: Fijian Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 42: Fijian Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 43: Fijian Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 44: Fijian Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 45: Fijian Non-Life Insurance – Total Assets (FJD Million), 2008–2012
Figure 46: Fijian Non-Life Insurance – Total Assets (FJD Million), 2012–2017
Figure 47: Fijian Non-Life Insurance – Total Investment Income (FJD Million), 2008–2012
Figure 48: Fijian Non-Life Insurance – Total Investment Income (FJD Million), 2012–2017
Figure 49: Fijian Non-Life Insurance – Retentions (FJD Million), 2008–2012
Figure 50: Fijian Non-Life Insurance – Retentions (US$ Million), 2012–2017
Figure 51: Fijian Non-Life Insurance – Investment (FJD Million), 2008–2012
Figure 52: Fijian Non-Life Insurance Penetration (%), 2008–2012
Figure 53: Fijian Non-Life Insurance – Premium per Capita (FJD), 2008–2012
Figure 54: Fijian Property Insurance – Written Premium (FJD Million), 2008–2012
Figure 55: Fijian Property Insurance – Written Premium (FJD Million), 2012–2017
Figure 56: Fijian Motor Insurance – Written Premium (FJD Million), 2008–2012
Figure 57: Fijian Motor Insurance – Written Premium (FJD Million), 2012–2017
Figure 58: Fijian Liability Insurance – Written Premium (FJD Million), 2008–2012
Figure 59: Fijian Liability Insurance – Written Premium (FJD Million), 2012–2017
Figure 60: Fijian Marine, Aviation and Transit Insurance – Written Premium (FJD Million), 2008–2012
Figure 61: Fijian Marine, Aviation and Transit Insurance – Written Premium (FJD Million), 2012–2017
Figure 62: Fijian Personal Accident and Health Insurance – Written Premium by Category (FJD Million), 2008–2017
Figure 63: Fijian Personal Accident and Health Insurance – Written Premium by Category (%), 2012 and 2017
Figure 64: Fijian Personal Accident and Health Insurance – Dynamics by Category, 2008–2017
Figure 65: Fijian Personal Accident and Health Insurance – Paid Claims by Category (FJD Million), 2008–2012
Figure 66: Fijian Personal Accident and Health Insurance – Paid Claims (FJD Million), 2012–2017
Figure 67: Fijian Personal Accident and Health Insurance – Incurred Loss (FJD Million), 2008–2012
Figure 68: Fijian Personal Accident and Health Insurance – Incurred Loss (FJD Million), 2012–2017
Figure 69: Fijian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 70: Fijian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 71: Fijian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 72: Fijian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 73: Fijian Personal Accident and Health Insurance – Total Assets (FJD Million), 2008–2012
Figure 74: Fijian Personal Accident and Health Insurance – Total Assets (FJD Million), 2012–2017
Figure 75: Fijian Personal Accident and Health Insurance – Total Investment Income (FJD Million), 2008–2012
Figure 76: Fijian Personal Accident and Health Insurance – Total Investment Income (FJD Million), 2012–2017
Figure 77: Fijian Personal Accident and Health Insurance – Retentions (FJD Million), 2008–2012
Figure 78: Fijian Personal Accident and Health Insurance – Retentions (FJD Million), 2012–2017
Figure 79: Fijian Personal Accident and Health Insurance – Investment (FJD Million), 2008–2012
Figure 80: Fijian Personal Accident and Health Insurance Penetration (%), 2008–2012
Figure 81: Fijian Personal Accident and Health Insurance – Premium Per Capita (FJD), 2008–2012
Figure 82: Fijian Personal Accident Insurance – Written Premium (FJD Million), 2008–2012
Figure 83: Fijian Personal Accident Insurance – Written Premium (FJD Million), 2012–2017
Figure 84: Fijian Health Insurance – Written Premium (FJD Million), 2008–2012
Figure 85: Fijian Health Insurance – Written Premium (FJD Million), 2012–2017
Figure 86: Fijian Reinsurance Ceded by Insurance Segment (FJD Million), 2008–2017
Figure 87: Fijian Reinsurance – Dynamics by Insurance Segment, 2008–2017
Figure 88: Fijian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 89: Fijian Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 90: Fijian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 91: Fijian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 92: Fijian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 93: Fijian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 94: Fijian Life Insurance Companies – Market Shares, 2011 and 2012
Figure 95: Fijian Non-Life Insurance Companies – Market Shares, 2011 and 2012
Figure 96: Fijian Stock Exchange Market Capitalization (US$ Billion), 2008–2012
Figure 97: Fijian GDP at Constant Prices (US$ Billion), 2008–2012
Figure 98: Fijian GDP Per Capita at Constant Prices (US$), 2008–2012
Figure 99: Fijian GDP at Current Prices (US$ Billion), 2008–2012
Figure 100: Fijian GDP Per Capita at Current Prices (US$), 2008–2012
Figure 101: Fijian GDP by Key Segments (%) 2007 and 2011
Figure 102: Fijian Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2011
Figure 103: Fijian Construction Net Output at Current Prices (US$ Billion), 2007– 2011
Figure 104: Fijian Inflation Rate (%), 2008–2012
Figure 105: Fijian Exports as a Percentage of GDP (%), 2007–2011
Figure 106: Fijian Imports as a Percentage of GDP (%), 2007–2011
Figure 107: Fijian Gross National Disposable Income (US$ Billion), 2007–2011
Figure 108: Fijian Total Population (Million), 2008–2012

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