Press Release No. : 19/2025
Date : 30 September 2025
Press Release No 19 – Reserve Bank of Fiji Releases 2024 Insurance Annual Report
The 2024 Insurance Annual Report (Report) has been released by the Reserve Bank of Fiji (RBF) following its tabling in Parliament by the Honourable Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development and Statistics, Professor Biman Chand Prasad, on 29 September 2025. The Report, prepared annually as required under the Insurance Act 1998, provides a review of the performance of the Fijian insurance industry in 2024, including key developments in the international insurance market.
In releasing the Report, Governor of the RBF, Mr Ariff Ali stated that globally, the insurance and reinsurance industries reported strong growth in 2024, on the back of improved levels of profitability, investment income and premium income, amidst pressures of rising claim costs and hardening reinsurance markets. In tandem, the Fijian insurance industry continued to remain resilient noting an all-time high level of gross premiums of $476.0 million, supported by the growth in the Fijian economy in 2024. Assets of the domestic insurance industry grew over the year by 7.5 percent to $2.9 billion, with the industry’s combined solvency surplus position increasing by 22.6 percent to $688.5 million.
While there was a notable absence of severe catastrophic events during 2024, licensed insurers still reported an increased level of net claims and policy payments of $254.2 million, with the life insurance sector paying out $139.3 million in net policy payments mostly for matured policies, while the general insurance sector paid $114.9 million mostly for medical and motor vehicle claims.
Governor Ali highlighted that the RBF continues to modernise its regulatory framework with the ongoing review of the Insurance Act 1998 and further progressed its actions to ensure the smooth transition of local insurers to the adoption of International Financial Reporting Standard 17 (IFRS 17). As part of its initiatives with development partners to provide climate-vulnerable households access to climate risk insurance products, the Reserve Bank had signed a grant agreement with InsuResilience Solutions Fund in August 2024, that has enabled the introduction of new and scaling up of existing climate risk parametric insurance products in Fiji.
The Fijian insurance industry is expected to maintain its positive performance in 2025 however against an outlook that remains vulnerable to increasing volume and cost of claims arising from climate related volatility, and growing instability and interconnectedness of world economies elevating geopolitical risk, a critical factor for insurers to price, model and manage.
The RBF remains committed to ensuring that the Fijian insurance industry is well-positioned to meet the growing demand for insurance coverage and the potential for innovation-led growth and acknowledges all industry stakeholders for their support in maintaining a safe and inclusive insurance industry in Fiji.
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