As of 2017 the claims and Benefits Payout made out by BSP Life amounted to $58.6 Million.
This was revealed by BSP Life’s Managing Director-Michael Nacola during their submission on the Reserve Bank of Fiji Insurance 2017 Annual Report.
Nacola says about 65% of that payout was made for Life Insurance which amounted to $38.2 Million
They made their submission to the standing Committee on Economic Affairs in Parliament yesterday.
He says the overall footprint of Life Insurance is still very low in Fiji and still has potential for growth.
“Overall footprint of Life Insurance is still fairly low in Fiji. So I think one of the United Nations study in 2012 identified is that 10% of Fijians have life insurance policies so the potential for growth is that we trying to target more young people to come into the net early so that they can take long-term plan and get good payout over time and that is the key Focus”
He spoke of some of the challenges faced by the Health Insurance Companies like theirs. They are working closely with the Reserve Bank of Fiji on their Financial Inclusion program to create advocacy on the importance of Saving.
He says there has been an increase in chronic alignment from people at the age range of 30-45 as this has seen an effect on this from their insurance side.
He spoke of some of the challenges faced by the Health Insurance Companies like theirs. They are working closely with the Reserve Bank of Fiji on their Financial Inclusion program to create advocacy on the importance of Saving.
He says there has been an increase in chronic alignment from people at the age range of 30-45 as this has seen an effect on this from their insurance side.
BSP Life is one of 4 Insurance Companies that offer Health Insurance alongside Fiji Care, Dominion Insurance and LICI in the country.
