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

Published: Jan, 2014 | Pages: 157 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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

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, increasing investment in the construction sector and growing tourism acted as driving forces for insurance industry expansion. The gross written premium of the industry recorded a CAGR of 6.4% during the review period, increasing from FJD201.6 million (US$126.5 million) in 2008 to FJD258.3 million (US$144.3 million) in 2012.There were two life insurers and eight non-life insurers licensed to operate in the Fijian insurance industry at the end of 2012.
Scope
This report provides a comprehensive analysis of the insurance industry in Fiji:
It provides historical values for the Fijian insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key segments and sub-segments in the Fijian insurance industry, along with forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Fiji, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related in the Fijian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Fijian insurance industry.
Assess the competitive dynamics in the Fijian insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Fijian insurance industry and its impact on companies and the industry's future.
Key Highlights
There were two life insurers and eight non-life insurers licensed to operate in the Fijian insurance industry at the end of 2012.
The Fijian insurance industry continues to maintain strong growth, supported by economic recovery during the review period.
Despite the challenges faced due to heavy losses from the 2009 floods and 2012 earthquake, the solvency of the industry remained intact.
The non-life segment accounted for the largest share (44.6%) of gross written premium of the industry.
The life segment registered the fastest CAGR of 7.7% during the review period, as a result of an increase in demand for endowment products including savings and investment-linked products.
Insurance companies are focusing on assets quality management, product diversity and improving distribution channels to cater to consumer demand and expand their market reach.

 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 Governce, 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 Persol 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 Intertiol 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 pelties
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 Altertive 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 Persol Accident and Health Insurance
5.3.1 Persol 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 tiol 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 Fincial 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 Persol Accident and Health Insurance - Written Premium by Category (FJD Million), 2008-2012 
Table 61: Fijian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2008-2012 
Table 62: Fijian Persol Accident and Health Insurance - Written Premium by Category (FJD Million), 2012-2017 
Table 63: Fijian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2012-2017 
Table 64: Fijian Persol Accident and Health Insurance - Paid Claim (FJD Million), 2008-2012 
Table 65: Fijian Persol Accident and Health Insurance - Paid Claim (FJD Million), 2012-2017 
Table 66: Fijian Persol Accident and Health Insurance - Incurred Loss (FJD Million), 2008-2012 
Table 67: Fijian Persol Accident and Health Insurance - Incurred Loss (FJD Million), 2012-2017 
Table 68: Fijian Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012 
Table 69: Fijian Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017 
Table 70: Fijian Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012 
Table 71: Fijian Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017 
Table 72: Fijian Persol Accident and Health Insurance - Total Assets (FJD Million), 2008-2012 
Table 73: Fijian Persol Accident and Health Insurance - Total Assets (FJD Million), 2012-2017 
Table 74: Fijian Persol Accident and Health Insurance - Total Investment Income (FJD Million), 2008-2012 
Table 75: Fijian Persol Accident and Health Insurance - Total Investment Income (FJD Million), 2012-2017 
Table 76: Fijian Persol Accident and Health Insurance - Retentions (FJD Million), 2008-2012 
Table 77: Fijian Persol Accident and Health Insurance - Retentions (FJD Million), 2012-2017 
Table 78: Fijian Persol Accident Insurance - Written Premium (FJD Million), 2008-2012 
Table 79: Fijian Persol 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 Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012 
Table 91: Fijian Persol 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