There are ten insurers licenced in Fiji. Of these, two companies specialise in health and medical insurance, two in life insurance and six in general insurance.

The Fijian insurance industry is regulated and licensed by the Reserve Bank of Fiji according to the Insurance Act. Insurance business in Fiji can only be transacted via licensed insurance brokers or insurance companies unless Reserve Bank approval is obtained.

Most general insurance premium rates have increased over the past year primarily due to increases in the cost of reinsurance. This situation has followed global trends and was exacerbated by the political crisis of 19 May 2000 and the subsequent political turmoil and instability.

The Fijian insurance market generates premiums of around F$123,000,000 per annum, with another $24,000,000 being placed with unlicenced offshore insurers (following approval from the Reserve Bank).

Property insurance is the largest class of insurance by premium volume. Natural weather perils have a significant impact on the cost of property insurance in Fiji and other island territories.

Marsh is the leading insurance broker licenced in Fiji. Our clients include most of the major industrial and commercial organisations in Fiji. We also have a very strong association with the tourism sector.