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Fiji

Life Report

Product Insurance Market Reports Life Rev Fiji

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Fiji's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Fiji's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Fiji

The Fiji life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Fiji.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Fiji and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Fiji’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Fiji is available.

Axco’s report describes the regulatory framework that applies to the Fijian domestic life insurance sector, including whether non-admitted insurance is permitted in Fiji; as well as the legislation necessary to know regarding Fiji’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Fiji with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Fijian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Fiji, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Fijian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Fiji report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Fiji Life and Benefits Report Extract

Below are brief extracts of information from the Fiji Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

With a population of fewer than one million people and a difficult political environment, Fiji's economic development in the 21st century has historically been limited, although the restoration of democracy in 2014 has led to some improvement in Fiji's sometimes strained relations with its main trading partners and regional neighbours. Prime Minister Bainimarama is said to be eager for Fiji to play a leadership role among the Pacific Islands and will seek to reduce reliance on Australia and New Zealand by strengthening ties with ....

Pensions

Whilst local tax legislation makes provision for "an approved fund", in practice the only pension provider continues to be the Fiji National Provident Fund (FNPF), the largest financial institution in Fiji, with members' funds of FJD 5.7bn (USD 2.71bn) as at 30 June 2017 and nearly 418,000 members.

The drafting of a Pensions Savings Act commenced in 2013, which will provide legal powers to the RBF to supervise the Fiji National Provident Fund, although the FNPF has in fact been under the prudential supervision of the RBF since 2005 after having .... 

Healthcare

Private medical insurance (PMI) generated premiums of FJD 31.1mn (USD 15.03mn) in 2017, representing a 13.2% increase compared with 2016. PMI is an important employee benefit, though in the majority of cases premiums are paid by salary deduction and the benefit comes in the form of favourable group rating rather than employer contributions, which were somewhat discouraged by the fringe benefits tax introduced in 2012, although following the 2017-18 National Budget, employer contributions, are no longer subject to fringe benefits ....

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