Press Release No. : 30/2026
Date : 02 October 2026
Press Release No 30 – Reserve Bank of Fiji Releases 2025 Insurance Annual Report
The Reserve Bank of Fiji (RBF) has released its 2025 Insurance Annual Report following its tabling in Parliament by the Honourable Minister for Finance, Mr Esrom Immanuel. Mandated under section 165 of the Insurance Act 1998, the Report provides a comprehensive overview of the insurance industry’s performance, resilience and contribution to Fiji’s financial system.
RBF Governor, Mr Ariff Ali, in releasing the Report highlighted that the global insurance and reinsurance industries demonstrated resilience in 2025 despite higher catastrophe losses and continuing geopolitical and economic pressures. Global natural disasters were attributed with estimated economic losses of US$260.0 billion in 2025, of which insurers covered approximately US$127.0 billion.
Supported by a prolonged absence of major catastrophic events, the Fijian insurance industry recorded a sustained positive performance in 2025. Gross premiums increased marginally by 5.4 percent to a record $501.5 million, equivalent to 3.7 percent of GDP, compared to 3.5 percent in 2024. Total industry assets also expanded by 5.2 percent to $3.0 billion while aggregate solvency surplus remained strong at $688.1 million.
Gross claims and policy payments reached a record $280.4 million in 2025 compared with $261.8 million in 2024. Life insurers paid $145.1 million in policy benefits, with matured policies accounting for 77.3 percent of total payments. General insurers settled $135.3 million in gross claims, of which medical and motor vehicle claims represented 67.8 percent.
Combined net profit after tax for the life and general insurance sectors fell by 3.5 percent to $68.3 million in 2025. Despite the decline, insurers remained profitable, supported by sound risk management and adequate capital buffers to absorb potential losses.
The RBF continued to modernise its prudential supervision framework by developing and reviewing relevant standards and supervisory guidance in 2025. The Insurance (Budget Amendment) Act 2025 enabled the full implementation of the revised risk based solvency framework. Engagement with the insurance industry on incorporating International Financial Reporting Standards (IFRS) also continued in 2025.
Following a successful first year, the second phase of the InsuResilience Solutions Fund (ISF) programme began in 2025. The programme continued to expand access to parametric microinsurance, helping vulnerable communities across Fiji strengthen their capacity to manage climate-related risks and disasters.
Governor Ali further stated that while the Fijian insurance industry looks forward to 2026 from a position of strength, risks are heightened at all fronts and insurers will need to adapt and respond quickly to geopolitical tensions, inflationary pressures, climate driven catastrophe losses and cyber vulnerabilities linked to Artificial Intelligence adoption.
In 2026, the Reserve Bank will remain vigilant in carrying out its prudential oversight amid heightened uncertainty arising from economic volatility, changing customer demands and disruptive technologies. The Bank will continue to seek the support of key stakeholders, including the Government, industry participants and development partners whose partnership it valued in 2025.
To view the RBF Insurance Annual Report 2025 please Click on the below icon.
RESERVE BANK OF FIJI
For further details, please contact: –
Communications Office
Telephone: (679) 3223 381 Email: info@rbf.gov.fj
Mr Mervin Singh – Manager Corporate Communications
Telephone: (679) 3223 229 Email: mervin@rbf.gov.fj