Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697771759338.pdf (Fiji)
i insurance annual report 2018 ii Our Vision Leading Fiji to Economic Success • Enhance our role in the development of the economy • Provide proactive and sound advice to Government Our Mission • Develop an internationally reputable financial system • Conduct monetary policy to foster economic growth • Disseminate timely and quality information • Recruit, develop and retain a professional team Our Values • Professionalism in the execution of our duties • Respect for our colleagues • Integrity in our dealings • Dynamism in addressing our customers’ needs • Excellence in everything • To administer the Insurance Act (1998) efficiently and effectively; • To ensure that the legislation relating to insurance and supervision is proactive, relevant and effective; Our Objectives • To promote professional standards of management and business practice in the insurance industry; • To provide information, advice and dialogue relating to insurance and insurance supervision; • To support orderly growth of the insurance industry and its services; and • To maintain a professional supervisory body that delivers a high standard of service.
Note: All values in this report are in Fijian Dollars unless otherwise specified.

Some variations in calculations are due to rounding off.

Photo Credits: The Fiji Times.

iii Table of Contents Letter to the Minister Governor’s Foreword Economic Overview International Insurance Market Domestic Insurance Market Regulation and Supervision General Insurance Market 1 2 3 7 11 14 22 Life Insurance Market 27 Insurance Brokers Calendar of Events Appendices i.

General Insurance ii.

Life Insurance iii.


Insurance Brokers 31 34 37 38 62 73 iv.

Key Disclosure Statements of Licensed 79 Insurance Companies v. Licensed Insurance Agents as at 31 December 2018 vi.
Fiji: Key Indicators 83 88 1 Letter to the Minister RESERVE BANK OF FIJI Governor Governor Our Reference: D19/7948 Your Reference: Commodore Josaia Voreqe Bainimarama Prime Minister and Minister for Finance Ministry of Finance Ro Lalabalavu House Victoria Parade SUVA Mr Aiyaz Sayed-Khaiyum Honourable Minister for Economy Ministry of Economy Ro Lalabalavu House Victoria Parade SUVA Insurance Annual Report 2012 Dear Sir 28 June 2013 28 June 2019 Pursuant to the requirements of section 165 of the Insurance Act (1998), I am pleased to submit the Insurance Annual Report on the administration of the Insurance Act (1998) and other matters, during the year ended 31 December 2012.
Dear Minister Re: Insurance Annual Report 2018 Yours sincerely Pursuant to the requirements of section 165 of the Insurance Act (1998), I am pleased to submit the Insurance Annual Report, on the administration of the Insurance Act (1998) and other matters, during the year ended 31 December 2018.
………………….. Barry Whiteside Governor Yours sincerely attch: ………………….. Ariff Ali Governor Private Mail Bag, Suva, Fiji Tel: (679) 331 3611 Fax: (679) 330 4363 Email: info@rbf.gov.fj Website: www.rbf.gov.fj Private Mail Bag, Suva, Fiji Tel: (679) 331 3611 Fax: (679) 330 4363 Email: info@rbf.gov.fj Website: www.rbf.gov.fj Governor’s Foreword 2 “The Fijian insurance industry continued to demonstrate positive operating results and solvency position in 2018, as the economy grew for the ninth consecutive year and with an absence of significant natural catastrophes.” The global insurance industry recorded The growth noted by the general Together with the technical and modest growth in premium in 2018, insurance sector was partly attributed financial assistance of the Pacific driven mainly by the United States (US) to the take up of the micro insurance Financial Inclusion Programme (PFIP) and Japan.
This was however, partly bundled product, while growth for the and the Asian Development Bank (ADB), offset by a one-off effect of regulations life insurance sector was from larger the Reserve Bank continued to press in China which affected high interest renewal premiums received from forward, growing the initiatives for rates and short term asset management investment linked products.

inclusive insurance and bridging the products.

insurance coverage gap in Fiji.


The domestic insurance industry’s net Global insured losses in the review year profit after tax stood at $23.7 million, For 2019, both total premium and was notably less than that recorded approximately half the $45.2 million profitability for the domestic insurance in 2017.

Contrasting the previous reported in 2017, underpinned by the industry is expected to rise further.
peak years where one or a couple of higher loss ratio for the fire and motor This outturn is largely due to no major natural disasters represented a large CTP classes.

percentage of the insured losses during a given year, for 2018 there was no such major events concentrating a large proportion of the losses, but rather losses were from minor and medium sized loss events.
Notwithstanding the absence of catastrophic events during the year, net policy payments and net claims paid grew to $223.3 million, and this was mainly due to the settlement of major fire claims for general insurers, and the natural disaster experienced in the past cyclone season and provisional data now received for the first quarter.

However, gross premium growth is expected to slow in the second half of the year in line with the weaker economic growth forecast.
The Fijian insurance industry payments on matured life policies for I acknowledge with much appreciation continued to demonstrate positive life insurers.

operating results and solvency position in 2018, as the economy grew for the ninth consecutive year and with an absence of significant natural catastrophes.
In spite of the transfer of the Insurance uptake arising from the FijiCare and BIMA products increased to 23 percent in 2018, attributed to the extension of the micro insurance bundled cover to include other farmers,1 civil servants and social welfare Compulsory Third Party (CTP) recipients.
As a result, Fiji remains insurance class to the Accident on track to achieve its “percentage Compensation Commission Fiji (ACCF), of adults with an insurance product” the domestic insurance industry still recorded a growth of 7.5 percent in National Financial Inclusion Strategic Plan core indicator target of 25 percent gross premiums to $347.9 million.
by 2020. the cooperation of the insurance industry and other stakeholders in 2018, in enabling the Reserve Bank to maintain the safety and soundness of the insurance industry and the protection of policyholders.

………………….. Ariff Ali Governor 1 The micro insurance bundled cover was extended to other farmers in early 2018 to include dairy farmers (258), copra farmers (89) and rice farmers (63).
3 3 Economic Overview 4 International Economic Developments In 2018, the world economy is estimated to have grown by 3.6 percent as revealed by the International Monetary Fund (IMF) in its April 2019 World Economic Outlook (WEO).

The global growth forecast was revised downwards by 0.3 percentage points to 3.3 percent for 2019 (Graph 1).
The softening in global growth is stemming from weaker international trade, industrial production and investment, regulatory restrictions as well as continuing trade tensions and heightened financial market stress.

Risks to the outlook for global growth have weakened, amid further escalation of trade tensions and a tightening of the financial conditions.
Potential triggers include a greater than envisaged deceleration in the Chinese economy, a ‘no deal’ withdrawal of the United Kingdom from the European Union and a deeper than anticipated contraction in Turkey.

Fiji’s major trading partner countries broadly noted positive growth in 2018.

The US economy is estimated to expand by 2.9 percent in 2018, higher than the 2.2 percent growth in 2017.

Increased consumption expenditures, exports, fixed investments and government spending underpinned this outcome.
The annual inflation rate slowed to 1.9 of Japan continued to maintain its percent compared to 2.1 percent in 2017, interest rate at negative 0.1 percent while the unemployment rate stood in 2018.

For 2019, economic growth is at 3.9 percent in December 2018.

The expected to be 1.0 percent.

improvement in the purchasing power is mainly due to a decline in fuel prices.
The Australian economy expanded by 2.8 percent in 2018, higher than the Given the improving economy, the 2.3 percent growth in the preceding Federal Reserve raised its federal year.

Latest indicators reveal upbeat funds rate four times in 2018.

The US performance boosted by a rebound economy is projected to grow by 2.3 in exports, increased government percent in 2019.

The Euro zone grew by an estimated 1.8 percent in 2018, lower than the 2.4 percent noted in 2017.
The tightening is mainly due to a negative contribution from external demand and a slowdown in private consumption.

The unemployment rate and annual inflation are recorded at 7.9 percent and spending and consumer spending.

The unemployment rate was at 5.0 percent in December 2018, whereas annual inflation stood at 1.8 percent.

The Reserve Bank of Australia kept its benchmark interest rate unchanged at 1.5 percent in 2018, while the economy is forecasted to grow by 2.1 percent in 2019.
1.5 percent, respectively in December The New Zealand (NZ) economy is 2018.

The European Central Bank estimated to have grown by 3.0 percent maintained its benchmark refinancing in 2018, higher than the 2.6 percent rate at 0.0 percent throughout 2018.

The growth in 2017.

Over the same period Euro zone is expected to grow by 1.3 trade deficit narrowed as exports rose percent in 2019.
The Japanese economy is estimated to have grown by 0.8 percent in 2018, following a higher growth of 1.9 percent in the previous year.

Natural disasters like flood and earthquake weighed more on personal consumption and capital investment than initially evaluated.

Labour market conditions improved in December 2018 as the unemployment rate stood at 2.4 percent, while annual inflation was at 0.3 percent.
The Bank while imports edged down, whereas manufacturing activity gained steam and the construction sector rebounded.

Inflation rose to 1.9 percent at the end of 2018 mainly due to elevated prices for housing and utilities while unemployment rate stood at 4.3 percent.

The Reserve Bank of New Zealand retained the Official Cash Rate at 1.8 percent in 2018.

The growth forecast for 2019 remains positive at 2.5 percent.
Graph 1 World Gross Domestic Product (GDP) 6 4 2 0 t n e c r e P -2 Growth Rates 5.4 4.3 3.5 3.5 3.6 3.5 3.8 3.3 3.2 -0. ) e ( 8 1 0 2 Source: International Monetary Fund WEO (April 2018) (e) - estimate 3.6% Global Estimated Economic Growth 2.8% Australian Economic Growth 2.9% United States Estimated Economic Growth 3.0% New Zealand Estimated Economic Growth 5 Economic Overview Economic Developments in Fiji The Fijian economy is estimated to have achieved its ninth year of consecutive growth of 4.2 percent in 2018 following a 5.2 percent growth in 2017 (Graph 2).
The wholesale & retail trade; accommodation & food services; agriculture; information & communication and the construction sectors are the expected drivers of growth in 2018.

Positive outturn in the tourism, electricity and timber industries underpinned this economic expansion.

In 2018, electricity production rose by 0.9 percent.

Likewise, visitor arrivals rose by 3.3 percent to a total of 870,309.

The timber industry noted positive outcomes as mahogany, pine log and woodchip production increased.
At the end of the 2018 crushing season, the Fiji Sugar Corporation Limited crushed 1,696,880 tonnes of cane to produce 160,204 tonnes of sugar, representing an annual increase of 4.0 percent in cane output, however, sugar output declined by 11.2 percent.

Gold production by the Vatukoula Gold Mines Limited declined by 7.3 percent due to the breakdown in processing plant in the third quarter.
Nevertheless, Similarly, completion certificates and the Macroeconomic Committee building permits issued grew by 12.8 forecasts gold production to improve percent and 6.6 percent, respectively in 2019.

Consumption activity remained upbeat in 2018 as revealed by partial indicators.

while domestic cement sales fell by 22.6 percent due to continued transportation setbacks.
Net Value Added Tax collections and Prospects for the labour market commercial banks’ new lending for continued to remain positive in consumption purposes rose by 6.1 2018.

According to the RBF’s Job percent and 9.2 percent, respectively.

In Advertisement Survey, the total addition, new and second hand vehicle number of vacant positions advertised registrations were higher by 19.4 in both the Fiji Times and the Fiji percent and 11.4 percent, respectively.
Sun rose annually by 4.4 percent in Likewise, sales income from the 2018.

Higher recruitment intentions wholesale and retail activity was also were noted in the community, social higher by 5.2 percent.

The Reserve Bank of Fiji’s Retail Sales Survey in December 2018 revealed an 8.5 percent growth in retail sales, mainly led by higher sales in the food, drinks & tobacco, fuel, other/mixed, motorcars & other transport equipment, electronics and household goods & appliance categories.
& personal services, manufacturing, transport, storage & communications, construction; electricity & water and the mining & quarrying sectors.

The Fijian Government adopted an expansionary National Budget for the Fiscal Year (FY) 2018/2019.

The main focus of the Budget included growing the productive capacity of the economy through capital expenditures Investment activity in 2018 remained particularly for construction, grants optimistic supported by partial indicators.
Commercial banks’ new lending for investment purposes & transfers, increased allocation for education & health and provision of social services.

The Budget projected increased by 1.4 percent underpinned a net deficit of 3.4 percent of GDP for by higher loans to the real estate sector the FY 2018/2019 (Graph 3).
In the same by 12.8 percent which more than offset period, total Government debt using the decline in lending to the building the new GDP base was projected at 46.3 and construction sector of 13.2 percent.

percent of GDP.
percent of GDP.

Graph 2 Fiji’s GDP Growth Rates2 6 4 2 0 t n e c r e P -2 5.6 4.7 3.8 5.2 4.2 2.6 3.0 2.7 1.4 -1. ) e ( 8 1 0 2 Sources: Fiji Bureau of Statistics and Macroeconomic Committee (e) - estimate 2 GDP figures from 2015 – 2018 are based on the revised GDP base of 2014.
4.2% Fiji’s Estimated GDP Growth 870, 309 Visitor Arrivals 0.9% Electricity Production 4.0% Cane output 6 Economic Overview Annual inflation in 2018 stood at 4.9 banks’ existing time deposit rate rose wood chips, mineral water, chemicals, percent, higher than the 2.8 percent to 3.6 percent from 3.2 percent in 2017. cement, and garments also increased.

in 2017.
in 2017.

The outturn was due to higher However, the savings deposit rate On the other hand, exports of sugar, prices of alcohol, yaqona, tobacco, water slightly dipped to 1.32 percent.

gold, mahogany and molasses declined.

& electricity, other fuels and transport.


Merchandise trade deficit (excluding In 2018, inward remittances noted a Monetary conditions remained aircraft) widened by 20.2 percent in turnaround and grew by 5.8 percent supportive of growth despite slightly 2018, underpinned by higher growth compared to the 1.6 percent decline decelerating in 2018.

Annual growth in in imports compared to exports.


The in 2017 while tourism earnings rose broad money slowed to 2.8 percent in growth of 14.6 percent in imports by 4.5 percent to $2.0 billion.

Both December compared to the 8.3 percent was led by machinery & transport remittances and tourism earnings recorded in the same period in 2017. equipment, mineral fuels, food & live noted record highs in 2018.
Overall, the The slower growth was backed by the animals, chemicals, crude materials current account deficit is estimated to expansion in net domestic credit by and beverages & tobacco which more be around 8.8 percent of GDP in 2018, 9.7 percent, while net foreign assets than offset the decline in imports of higher than the 7.1 percent noted in contracted by 15.1 percent.

miscellaneous manufactured articles, 2017.


The commercial banks’ weighted average outstanding lending rate rose to 5.7 percent in December 2018 from 5.6 percent in December 2017 (Graph 4).

Over the same period, the commercial other commodities and oils & fats.

Over the same period, total exports grew by 6.5 percent compared to a growth of 5.1 percent in 2017.
The main contributor to the increase was the robust growth in re-exports while domestic exports of Nonetheless, foreign reserves were adequate at $2.0 billion at the end of 2018, sufficient to cover 4.4 months of retained imports of goods and non- factor services.
Graph 3 Government Balance Graph 4 Commercial Banks’ Lending and Deposit Rates P D G f o t n e c r e P 2 0 -2 -4 -6 -0.5 -1.1 -1.4 -2.2 -4.1 9 0 0 2 0 1 0 2 1 1 0 2 2 1 0 2 3 1 0 2 Source: Ministry of Economy (b) - budgeted -2.0 -3.2 -4.0 -3.5 -4.5 5 1 0 2 / 4 1 0 2 ) e ( 7 1 0 2 / 6 1 0 2 ) f ( 9 1 0 2 / 8 1 0 2 t n e c r e P 10 8 6 4 2 0 Loans Time Deposit Savings Deposit Source: Reserve Bank of Fiji 4.9% Fiji’s Annual Inflation Rate FJ$2.0b Foreign Reserves 7 7 International Insurance Market Overall Performance Life Insurers The global insurance market recorded Global life insurer’s premiums grew by a modest growth in gross premiums, a modest 2.5 percent in 2018, mainly for both the life and general insurance attributed to the US insurance market.
sectors in 2018 (Graph 5).

The US market mainly led the growth in premium income compared to the Asian and Western European markets.

Global insured losses in 2018 resulted Premium income for the US grew by 5.2 percent (the strongest growth since 2013).

The life insurance market in Western Europe slowed down to 1.7 percent from 1.9 percent in 2017, as mainly from natural catastrophes, more a result of contractions of premium than 50.0 percent of which resulted from secondary perils.
incomes in the Austrian, French, Netherlands and Spanish markets.

Market Environment and Performance3 General Insurers The global general insurer’s premium income grew by 3.9 percent in 2018, attributed mainly to the US market.

Property and casualty (p&c) premiums in the US grew by a modest 4.1 percent in 2018.

The global market share of the US stood at 40.3 percent.

The US continues to be the largest and also the In Asia, a growth of 0.2 percent was noted.
The subdued performance resulted from the decline in the premium pool in the Chinese and Korean life insurance markets, which account for 40.0 percent of the total regional premium pool.

The slowdown in the Chinese market resulted from the regulatory crackdown on insurance intermediaries selling wealth management products in 8 catastrophe losses, rising US interest rates and change in the US Generally Accepted Accounting Practices, adding volatility to reported results.
The AON Benfield Aggregate Report estimates that the gross premiums written by reinsurers in 2018, stood at US$263.0 billion from US$243.0 billion in 2017, attributed to the general insurance business.

Premium Rate Movements5 In 2018, the premium rate movements improved modestly and supported improved profitability for the global general insurers.

The underwriting results also signalled stronger growth however to varying degrees.
In the US, the commercial insurance composite rates recorded an average increase of 2.0 percent for the entire year of 2018.

The personal lines China.

The stringent oversight in China composite rate increased, on the other however is expected to have a positive hand, by 2.5 percent attributed to impact, as it signals a more balanced and sustainable phase of insurance increases in homeowners, automobiles and personal articles classes all of leading insurance market in the world business.
followed by China.

Reinsurers4 which increased.

Premium rates for the Asian region continued with the soft market level Western Europe recorded a growth of 3.1 percent up from 1.9 percent in 2017.

The Asian insurance market (excluding Japan) noted a modest premium growth of 7.5 percent.
Total capital for the global reinsurance however some countries experienced industry decreased by 3.0 percent over a hardened market place, aligned to the year to US$585.0 billion in 2018, the tighter scrutiny of underwriting attributed to above average natural practices.
The non-catastrophe US$263.0b Gross Premium written by insurers 3.9% Gross Premium for Global General Insurers Graph 5 Global Insurance Premiums and GDP Global Premium Income Global Nominal GDP 8.0 6.0 t n e c r e P 4.0 2.0 US$585.0b Total Capital for the Global Reinsurance Industry 2.5% Gross Premium for Global Life Insurers 0 -2. Sources: Allianz Research 3 Sourced from Global Economic and Insurance outlook 2020.
4 Aon Benfield Aggregate Report (2018).

5 Sourced from www.marketscouts.com 9 International Insurance Market premium rate for the property and resulted from natural catastrophes an aggregated insured loss of US$17.0 casualty classes for the Asian market while claims related to manmade billion.

The catastrophe events in the fluctuated between negative 5.0 percent disasters stood at $9.0 billion.

Asia region resulted in the highest to positive 5.0 percent.
number of victims of 8,823 people from The combined losses for 2017 and 2018 104 events.
The trade war between the US and arising from natural catastrophes were China will continue to impact on the the highest ever for a combined two Europe’s insured losses stood at US$9.0 global insurance market, with marine year period at US$219.0 billion, with an billion stemming from 44 events of cargo being the first to be affected by estimated 50.0 percent resulting from different perils such as windstorms, the changing dynamics.

secondary peril disaster events.


In fact, flooding and cold/frost, resulting in 676 Total Global Losses6 In 2018, economic losses (both insured and uninsured) emanating from natural and manmade disasters, stood at an estimated US$165.0 billion, lower than US$350.0 billion recorded in 2017 and the 10 year average of US$220.0 billion.

The lower losses were reflective of the absence of a very large disaster occurrence.
Natural catastrophes represented 93.9 percent the single biggest natural catastrophe victims.

loss event of 2018 was the Camp Fire in California, a “secondary” peril event of $12.0 billion.

13,500 people died or went missing Insurance Protection Gap In 2018, the insurance protection gap7 was estimated at US$80.0 billion, from 304 disaster events that occurred down from US$199.0 billion in the in 2018.

181 natural catastrophe events peak loss year 2017.
The global all resulted in 9,800 victims, while 123 catastrophe protection gap however, manmade disasters, contributed to a for the combined past two years stood total of 3,600 deaths, increasing from at US$280.0 billion, more than half of 3,000 in 2017. which resulted from secondary perils (Graph 7).

of economic losses while manmade On a regional basis, North America disasters represented the remainder recorded the largest losses of US$52.9 Total capital in the general insurance at 6.1 percent.
Catastrophic losses represented 0.2 percent of the global billion, stemming from 68 catastrophe and reinsurance was estimated to be events such as wildfires, thunderstorms more than US$2.0 trillion at the end of gross domestic product, below the 10 and hurricanes.

The number of 2018.

Despite the reinsurance industry year average of 0.3 percent (Graph 6).

casualties in the North America region being well capitalised, underinsurance stood at 329 (Table 1).
An estimated $85.0 billion of the economic losses arising from natural The Asian region particularly Japan, and manmade disasters were insured was affected by tropical cyclones, by the global insurance industry.

From floods, heavy rains, a succession of the total insured losses, US$76.0 billion typhoons and earthquakes resulted in remains an area of concern across advanced8 and emerging9 markets.
The underlying reasons for underinsurance stems from a lack of consumer risk awareness and Graph 6 Insured Catastrophes Losses 1970-2018 Table 1 Catastrophes in 2018 by Region Earthquake/ Tsunami Manmade disasters Weather related catastrophes Region No.
Victims % 9 7 5 10 8 4 6 2 3 1 North America Latin America and Caribbean Europe Africa Asia Oceania and Australia Seas and Space 68 20 44 53 329 959 676 2,488 104 8,823 9 6 216 32 2.4 7.1 5.0 18.4 65.2 1.6 0.2 Insured Loss Total Loss US$b % US$b % 52.9 62.5 80.5 48.8 1.3 7.7 0.2 1.5 9.1 0.2 4.9 2.9 20.7 12.5 1.3 0.8 20.4 24.0 54.7 33.2 1.6 0.6 1.9 0.7 2.3 0.7 1.4 0.4 Total 304 13,523 100.0 85.0 100.0 165.0 100.0 n o i l l i B $ S U 160 140 120 100 80 60 40 20 Source: Cat Perils and Swiss Re Institute Source: Cat Perils and Swiss Re Institute 6 Sigma No.
2/2019 – Natural Catastrophes and man-made disasters in 2018: “secondary perils on the frontline”.

7 The insurance protection gap is the financial loss generated by catastrophes not covered by insurance.

8 Advanced markets include North America, Western Europe, Israel, Oceania, Japan, Korea, Singapore and Taiwan.

9 Emerging markets include Latin America, Eastern Europe, Africa, South East Asia, and Middle East excluding Israel.
10 International Insurance Market poor understanding of catastrophe global insurance premiums despite the The global premium growth in life insurance covers, and a hesitation economic slowdown in China.

and health insurance was affected to provide coverage where risk assessment is uncertain.
The existing insurance protection gap presents an opportunity for the global insurance industry to grow through the development of a wider array of products that manage the financial woes which are imminent following disaster events.

Outlook for 2019/202010 Modest growth is expected for Western Europe while the economic recovery in Brazil will drive the increases in Latin America.

For the US market, a strong growth is anticipated.


The real growth rate for the property and commercial insurance premiums in industrialised countries are between 1.5 to 2.0 percent, however for the emerging markets an annual growth rate of between 3.0 to 4.0 percent is Emerging markets, mainly in Asia will continue to be the front runner in envisaged.

negatively in 2018, driven by a one-off effect of regulations in China which affected high interest rates and short term asset management products.
The sharp decline in pension products in Brazil led to a negative growth in Latin America.

However both countries are expected to recover in 2019.

For the industrialised countries, private sector pensions should become more important due to demographic changes and higher premium growth is expected.
US$165.0b Economic Losses 304 Disaster Events in 2018 US$85.0b Insured Losses US$80.0b Insurance Protection Gap Graph 7 Insured and Uninsured Losses 1970-2018 Insured Losses 10 year moving average insured losses 10 year moving average total economic losses Uninsured Losses n o i l l i B $ S U 500 450 400 350 300 250 200 150 100 50 0 Source: Cat Perils and Swiss Re Institute 10 Sourced from Munich Re Insurance Market Outlook 11 11 Domestic Insurance Market 12 Overall Performance Overall, the absence of major natural catastrophic events and a buoyant economic environment resulted in the positive operating results for the Fijian insurance industry in 2018, although this has significantly dropped largely due to the general insurance sector.
The Fijian insurance industry remained sound, reporting a strong combined solvency position above the required minimum regulatory levels.

Gross Premium The domestic insurance industry’s combined gross premiums continued to grow, by 7.5 percent to $347.9 million in 2018 (Graph 8).

Both sectors registered growth in gross premiums with the general insurance sector by 8.4 percent to $205.7 million and the life insurance sector by 6.2 percent to $142.2 million.
The growth by the general insurance sector was attributed to the motor vehicle class, followed by the increases in term life and fire classes.

Similarly, the growth in premiums for the life insurance sector was underpinned by higher premiums recorded from endowment products.

The combined gross premium as a in 2018 was attributed to the increase in percentage of GDP stood at 3.4 percent the loss ratio for the fire and motor CTP in 2018, compared to 3.0 percent in 2017. classes.
In terms of market share, the general The life insurance sector reported a 3.2 insurance sector continued to dominate percent decline in after tax surplus to the total insurance industry gross $22.5 million, due to a lower asset value premiums at 59.1 percent.

appreciation.

Claims Balance Sheet Net policy and claims payments increased by 6.0 percent to $223.3 million in 2018.
The general insurance sector’s net claims paid increased by 7.8 percent to $104.5 million, due to the settlement of major fire claims.

Similarly, the life insurance sector recorded an increase of 4.5 percent to $118.8 million in 2018, as matured Assets Total assets of the Fijian insurance industry grew by 9.2 percent to $1.8 billion attributed to the accumulation of assets by the life insurance sector (Graph 9).
The life insurance sector’s total assets grew by 14.2 percent to $1.4 billion, underpinned by the growth in investments in Government securities policies accounted for majority of the and equities.

pay outs to policyholders.


Earnings The combined net profits after tax (NPAT) for the domestic insurance industry significantly declined by 30.1 percent to $23.7 million in 2018, driven by the general insurance sector’s However, general insurers’ total assets declined by 5.5 percent to $382.0 million, attributed to the decline in amounts due from reinsurers on outstanding claims and bank deposits due to settlement of large claims during the year.
NPAT of $1.2 million compared to $22.0 In terms of sector composition, the million in 2017.
The lower profitability life insurance sector represented 78.1 Graph 8 Insurance Industry Premiums and Graph 9 Insurance Industry Assets and Liabilities Claims Consolidated Life and General Insurers Gross Premium Net Claims Paid + Net Policy Payments Industry Assets Industry Liabilities n o i l l i M $ 350 300 250 200 150 100 50 0 4 1 0 2 5 1 0 2 6 1 0 2 7 1 0 2 8 1 0 2 n o i l l i M $ Source: Insurance Companies Source: Insurance Companies 7.5% Combined Life and General Sectors’ Gross Premium Income $23.7m Domestic Insurance Industry’s Net Profit After tax 13 Domestic Insurance Market percent of total industry assets, while the remaining 21.9 percent was by the general insurance sector.
Liabilities Total liabilities of the insurance industry increased by 6.4 percent to $1.5 billion, underpinned by the expansion in the balance of revenue account of life insurers.

Owners’ Funds Total shareholders’ fund stood at $223.0 million, a decline of 2.2 percent from 2017, and this was attributed to dividends payment during the year (Table 2).
Outlook The domestic insurance industry is expected to experience subdued performance in 2019, in line with the fiscal consolidation policies to be in compensation transferred to the ACCF from 2019.

However, reinsurance recoveries will to some extent, cushion the impact on the solvency position of the industry.

As such, insurers will need to develop sound capital place.
The lower growth expectation in management plans and adequately 2019 reflects moderation in domestic economic activity and is in line with the slowdown anticipated for the global economy.

Life insurers are expected to continue with their growth momentum with stable returns on investments, however at a slower pace, considering the anticipated slowdown in economic activity.

General insurers’ earnings may slightly be impacted with workers monitor their capital positions.
Broadly, the insurance market is likely to experience hardening conditions as premiums increase, reflecting the adjustments for increase in reinsurance costs.

Thus, insurers will need to continue to place importance on quality underwriting and sound risk management practices to maintain favourable earnings and solvency positions in 2019.
Table 2 Shareholders’ Funds of Fiji Licensed Insurers Shareholders’ Funds ($m) 2014 2015 2016 2017 2018 Paid Up Capital Retained Profit/Loss Other Reserves 41.3 41.5 42.1 55.0 59.3 128.9 162.4 135.8 159.8 150.3 26.9 26.9 24.0 13.3 13.4 Total 197.1 230.8 202.0 228.0 223.0 Source: Insurance Companies $1.8b Insurance Industry’s Total Assets 9.2% Insurance Industry’s Total Assets $1.5b Insurance Industry’s Total Liabilites 2.2% Owners’ Funds of the Domestic Insurance Industry 14 14 Regulation and Supervision 15 Regulation and Supervision The Reserve Bank of Fiji (RBF) as the administrator of the Insurance Act 1998 (the Act), is assigned specific functions Insurance Supervision Policy Statements (ISPS) - Development & Review offshore placement delegated to insurance brokers was at its final stages for implementation; and In support of its regulatory function, the Reserve Bank has issued the following twelve insurance supervision policy statements (ISPS) for the insurance industry (Table 3).
ISPSs that continued to be reviewed during 2018 were: - new ISPS No.13 - Minimum Requirements for Licensed Insurance Companies and Insurance Brokers for the Management of Money Laundering and Terrorist Financing Risk, at its final stage for implementation; - enhancement of ISPS No.

4 - Corporate Governance Policy, continued consultation with the various industries on the proposed revised policy statement for licensed entities namely; banks, credit institutions and insurers; - continued review of ISPS No.
3A - Solvency Requirements for Insurers Licensed to Conduct Life Insurance Business in Fiji and No.

3B Solvency Requirements for Insurers Licensed to Conduct General Insurance Business, with parallel reporting initiated in 2015 requiring all licensed insurers to provide their respective solvency results on the proposed risk based solvency methodology.
International sound practices and core principles set by the International Association of Insurance Supervisors (IAIS), the Financial Action Taskforce (FATF) and the Organisation for Economic Cooperation and Development (OECD), are reference points in formulating minimum guidelines while at the same time considering the unique features of the - revised ISPS No.2 - Offshore domestic industry.
Insurance Placement and newly developed Insurance Brokers Guideline No.1 that outlines the scope of delegation, approval requirements, records management and reporting procedures of the Licensing and Insurance Market Structure The Act requires all industry participants to be licensed by the of formulating insurance standards governing the conduct of insurance business in Fiji; the superintendence of the conduct of all licensed insurers and intermediaries, and such other functions relating to the supervision of insurance business in Fiji.
Administration of the Insurance Act 1998 and Insurance Regulations 1998 The role of the RBF in the administration of the Act, is to promote confidence in the insurance industry through the various powers and provisions of the Act, which aim to protect the interests of policyholders.

During 2018, the RBF continued to review the existing Act to ensure its relevance to Fiji’s developing insurance industry, and align to new supervisory approaches and regulatory requirements.
The review of the Act has been made possible through the assistance of the IMF’s Pacific Financial Technical Assistance Centre.

Table 3 Insurance Supervision Policy Statements ISPS No.
Title of Supervision Policy 1 2 3A 3B Role of External Auditors effective 01 May 2002 Offshore Placement of Insurance Business effective 01 October 2002 (revised 2009) Solvency Requirements for Life Insurers effective 01 December 2002 (under review) Solvency Requirements for General Insurers effective 01 December 2002 (under review) Guidelines on Corporate Governance for Licensed Insurers effective 01 January 2004 Asset Investment Management for Insurers Licensed to Conduct Insurance Business in Fiji effective 01 April 2004 Reinsurance Management Strategy for Insurance Companies Licensed to Conduct Insurance Business in Fiji, effective 01 May 2007 Fit and Proper Requirements for Insurance Companies and Insurance Brokers in Fiji, effective 01 August 2008 Minimum Requirements for Risk Management Frameworks of Licensed Insurers in Fiji, effective 01 October 2010 Minimum Guidelines on Complaints Management, effective 01 December 2010 The Role of Insurance Actuaries in Fiji, effective 01 November 2011 Disclosure Requirements for Licensed Insurers in Fiji, effective 31 December 2011 Minimum Requirements for the Appointment and Supervision of Insurance Agents in Fiji, effective 01 July 2014 Source: Reserve Bank of Fiji Reserve Bank.
Licences are issued for Licensed Insurance Brokers a period of one year, with renewals subject to compliance with the requirements of the Act and upon payment of the prescribed fees in the Insurance Regulations 1998 (Table 4).

New licence applications are assessed against approved licensing requirements and licences are granted upon the satisfactory meeting of these requirements.
Insurance brokers are persons or entities who buy insurance products on behalf of a person wishing to be insured Margin of Solvency and are paid commission or fee.

The Reserve Bank continued to monitor insurance brokers’ compliance in 2018 against their respective conditions of licence such as; having adequate professional indemnity and financial guarantee cover, and maintaining their insurance broking accounts as required Licensed Insurance Companies under section 65 of the Act.
The Fijian insurance market structure remained the same in 2018 with 9 insurers licensed under the Act: • seven insurers conducted general In 2018 the RBF granted a new insurance broker licence to Complete Insurance Services Pte.

Limited to conduct insurance broking business insurance business, of which two insurers wrote mainly medical and in Fiji.
term life insurance; and • two insurers conducted direct life Licensed Insurance Agents 16 Regulation and Supervision Key Statutory Requirements The solvency position of a licensed insurer is key to the supervision objective of safety and soundness, as it is an important measure of the financial state of an insurer to ensure its ability to safeguard policyholder interests.

Section 31 of the Act stipulates the minimum capital and solvency requirements for licensed insurers in Fiji.
For life insurers, it is the sum of assets in Fiji over liabilities in Fiji of not less than: • $1,000,000; or • the sum of 5 percent of the amount of net liabilities under life policies (in Fiji if the life insurer insurance business.
A total of 462 insurance agent licences is incorporated outside Fiji) up to Life insurers conduct insurance business that consist of issuing life policies, including business relating to the investment, administration and were issued by the Reserve Bank in net liabilities of $100,000,000 plus 2018, these included 66 for general 2.5 percent of the amount of net insurance, 58 for health insurance and liabilities under life policies (in Fiji 338 for life insurance (Appendix V).
if the life insurer is incorporated outside Fiji) that exceed $100,000,000; whichever is greater.

management of the assets of a statutory Pursuant to section 43 of the Act, fund.

General insurers are licensed to insurance agents must be nominated write insurance business of any class by a licensed insurer that is ultimately Similarly, general insurers must except life.

responsible for the agents’ activities.
maintain at all times a surplus of assets Table 4 Insurance Industry Participants Table 5 Solvency Surplus Table 6 Offshore Placement Summary Institution Incorporation Ownership General Insurers FijiCare BSP Health Capital QBE Sun Fiji Fiji Fiji Fiji Fiji New India India Tower Fiji Life Insurers Fiji Papua New Guinea Papua New Guinea Australia Fiji India New Zealand BSP Life Fiji Papua New Guinea 2016 Life LICI India India Insurance Brokers AON IHL Pacific 3 Marsh Unity Fiji Fiji Fiji Fiji Complete Fiji Australia New Zealand/Fiji New Zealand/Fiji Fiji Fiji As at 31 December Admis- sible Assets MRSM* Solvency Surplus Risk 2016 2017 2018 No.
$m No.

$m No.
$m General 2014 Life Total General 2015 Life Total General Total General 2017 Life Total General 2018 Life Total $m Term Life 24 0.8 25 1.2 No, $m Medical 42 0.5 48 0.5 32 6.9 Aviation 40 5.2 61 7.1 42 0.9 Profes- sional Indemnity Compre- hensive Liability 91 1.2 93 1.2 73 7.2 107 2.1 145 2.4 107 1.4 MD and BI* 63 16.3 56 21.6 155 2.5 Marine Hull 65 2.0 75 2.5 110 37.3 Others 952 6.9 1,218 9.5 70 3.1 Total 1,384 35.0 1,721 46.0 1,827 67.5 Source: Reserve Bank of Fiji Source: Reserve Bank of Fiji * Minimum Required Solvency Margin Source: Reserve Bank of Fiji * Material Damage and Business Interruption 17 Regulation and Supervision over liabilities in Fiji of not less than: or provide a guarantee with a market During 2018, all licensed insurers • $1,000,000; or value of, or amounts not less than the submitted their board and/or deductible or excess amount of their head office approved reinsurance • 20 percent of net premium income professional indemnity and fidelity arrangements to the Reserve Bank for derived in Fiji in the last 12 guarantee insurance policies required assessment against the requirements months; or under section 44 of the Act.
of the Act and the ISPS No.

6 - • 15 percent of net claims outstanding provision; whichever For the purpose of section 20 of the Act, is the greatest.
In determining an insurer’s solvency performance, the Reserve Bank considers the admissibility of assets and liabilities reported in the balance all deposits are to be in the prescribed nature, form and acceptable to the Reserve Bank, as outlined in sections 4 and 5 of the Insurance Regulations 1998. sheet as provided under the Act and the In 2018, all licensed insurance relevant ISPS.

companies and brokers complied with these requirements.
The combined insurance industry’s solvency surplus continued to improve in 2018, recording an increase of 14.6 Policy and Claim Registers Business.

percent to $490.7 million (Table 5).

This Section 59 of the Act requires all was underpinned by the increase in net licensed insurance companies to admissible assets of the life insurance maintain separate registers for sector which increased by 21.1 percent insurance business inside and outside to $433.1 million.

Fiji.
Fiji.

Life insurers’ solvency surplus stood Likewise, section 64 of the Act requires at $407.2 million, an increase of $75.0 intermediaries to have a register of million over the year, whilst the policies placed or procured on behalf solvency surplus for general insurers of their clients.

Compliance with these dropped by $12.4 million over the year sections of the Act is monitored in the to $83.5 million.

normal course of supervision.


Reinsurance Management Strategy for Insurance Companies Licensed to Conduct Insurance Business.
Offshore Placements Section 17 of the Act permits the general public to seek approval from the Reserve Bank to purchase insurance cover abroad with an unlicensed insurer, subject to meeting the requirements of ISPS No.2 on Offshore Placement of Insurance The objective of ISPS No.2 is to bring about a balance in growing the local market and also meeting the insurance needs of the public.
The policy also aims at ensuring that local insurers are given the opportunity to provide the required cover before a risk is placed offshore, while making sure that the needs of the insured are not compromised.

In 2018, there was an increase in the number applications seeking insurance cover overseas, due to the unavailability of such covers locally and/or cheaper premium rates offered offshore.
The total number of offshore applications approved by the Reserve Bank increased to 1,827 with premiums totaling $67.5 million in 2018, compared to 1,721 applications valued at $46.0 million in 2017.

The growth in the number of applications was mainly Reinsurance Arrangements The Reserve Bank is required under section 39 of the Act to examine the reinsurance arrangements of licensed insurance companies.
Reinsurance arrangements enable insurers to transfer or share risk with another insurance or reinsurance company for a fee.

In 2018, all licensed insurers continued to meet the solvency requirements as stipulated under the Act.

The Reserve Bank monitors the solvency position of all insurance companies and vigilantly looks for early warning signs that may be a cause for financial difficulty.
Deposit Requirement Licensed insurers are required under section 20(1) of the Act to maintain deposit with a market value, not less than the surplus of assets over liabilities required to be maintained under the prescribed solvency requirements.
Insurance companies are required to in the material damage and business have in place adequate reinsurance interruption class, followed by arrangements to cover the risk professional indemnity and aviation exposure within individual insurance indicating the inability of local insurers classes written, as well as the aggregate to offer large liability covers (Table 6).

risk for the overall portfolio.


These Similarly, licensed insurance brokers arrangements are required to be are required under section 20(2) of the provided to the RBF soon after the Premiums also increased for material damage and business interruption, and Act, to make and maintain deposits commencement of the period of cover.

the term life classes.


Supervision The supervisory activities of the Reserve Bank in 2018 were focused on efforts to further promote a sound and robust insurance industry through continuous monitoring of insurers, prescribing pre-emptive measures and enforcement of prudential requirements.

The Reserve Bank continued to conduct offsite surveillance and onsite examinations based on its risk based supervisory framework.
This supervisory process uses a structured approach to assess an insurer’s risk profile, its financial condition, and the adequacy of its operational management and risk management system, in order to form an overall assessment of the insurer’s health and the probability of key risks materialising in the future.

Different emphasis was accorded to supervised entities with different risk profiles, which in turn promoted a stronger risk management culture, especially in claims settlement practices.
These checks were conducted to ensure that insurers treat customers fairly, handle complaints adequately and avoid conﬂicts of interest in their business activities.

The Reserve Bank will continue to enhance its market conduct supervision framework by benchmarking against best practices.

The Reserve Bank continued to place important emphasis on embedding strong corporate governance culture in all insurance entities.
The roles and functions of the board members towards enhancing their institutions’ capacities, capabilities and competitiveness were assessed and evaluated.
In addition, the Reserve Bank held frequent discussions with members of the board and senior management of insurers to keep abreast with the latest issues, business strategies, risk profile and risk management capabilities, whilst at the same time, 18 Regulation and Supervision communicating supervisory concerns Offsite Supervision Reports to senior management.
More active involvement by the board and senior management of insurers in risk management issues had led to the creation of a strong risk management culture across the supervised entities.

Directors and senior management of insurers, particularly the independent directors, are also more aware of their responsibilities.

(i) Offsite Supervision Offsite supervision forms core of the supervision work carried out by the Reserve Bank.
This process comprises offsite analysis of prudential returns and follow up of onsite examination Offsite supervision reports are prepared by the RBF for each licensed entity on a quarterly and annual basis.

These reports provide an assessment of the financial performance, trends, and compliance with supervisory requirements such as solvency, reserving and adequacy of reinsurance arrangements.

Each institution’s report is signed off as a formal supervisory record, and basis for ongoing monitoring.
Furthermore, consolidated industry reports are prepared and presented to the Financial System Policy Committee for deliberation, and the RBF Board for information.

recommendations, as well as regular Audit Reports meetings and prudential consultations.

Prudential Returns As provided under sections 60 and 66 of the Act, annual audited accounts and prescribed periodical statements are submitted to the Reserve Bank by licensed insurers and brokers.
Licensed insurers must submit prudential reporting returns within six weeks after quarter end, while insurance brokers within four weeks after quarter end.

Annual audited accounts for both the insurance companies and brokers are to be submitted within three months after the end of each calendar year.
Prudential returns are verified when received by the Statistics Unit, after which the confirmed statistics of individual institutions are provided to the Financial Institution Supervision Units for analysis and drafting of prudential reports.

All insurers and brokers were generally compliant with the submission of their 2018 prescribed prudential returns.
Section 53(1) requires licensed insures and brokers to lodge with the RBF a report relating to their annual accounts and statements, audited by their appointed auditors under the Act.

These annual accounts and statements are the basis for the preparation of annual prudential assessment reports.
Actuarial Reports The Act stipulates under sections 61 and 62 that all licensed insurers are required to appoint an actuary to prepare their Liability Valuation Reports (LVR) and Financial Condition Reports (FCR), and submit these to the RBF at each calendar year end in line with the requirements of ISPS No.

10 – The Role of Insurance Actuaries in Fiji.

For general insurers, the LVR must be submitted on an annual basis, whereas the FCR is submitted every three years.
For life insurers, both the LVR and FCR are required to be submitted annually.

Accordingly in 2018, both the life and general insurers submitted their 2017 LVRs and FCRs.

Prudential meetings are convened if The RBF engaged the services of its serious issues of supervisory concern Consultant Actuary to appraise the are noted from assessment of trends, actuarial assessments provided by life and reasons provided by the entities.

and general insurers.


19 Regulation and Supervision Audit and Actuarial Meetings The RBF generally conducts periodic Agriculture Insurance Pre audit meetings are held before licensed insurers and brokers conduct their annual audits.

At such meetings, the Reserve Bank would be informed on the insurer’s financial performance, the proposed annual audit scope, and key supervisory issues requested to be included in the audit.
examinations of supervised entities, however where there are supervisory concerns/issues, an onsite examination may be conducted more frequently.

The scope of an onsite examination may vary in coverage where in most cases all the supervised entities’ key oversight functions are reviewed, or may be targeted at a specific risk area.

In 2018, pre audit, post audit and actuarial meetings were conducted for all licensed insurers.

All outstanding issues were addressed with the respective insurers.
Industry Development and Initiatives Inclusive Insurance In 2018, an Agriculture Insurance National Working Committee (AINWC) comprising representatives from Government, the insurance industry, international development agencies and the private sector was re- established.

The Committee was tasked with engaging relevant stakeholders to explore opportunities to introduce agriculture insurance to Fiji.
The AINWC held its first meeting on 14 December 2018 and is co-chaired by the Governor of the Reserve Bank of Fiji and the Permanent Secretary for Key Disclosure Statements ISPS No.

11 on Disclosure Requirements for Licensed Insurers in Fiji outlines the requirements for licensed insurers to prepare and publish Key Disclosure Statements (KDSs) no later than 4 months after the end of each calendar year.
As such, the RBF verifies the individual insurer’s KDS prior to publication, to ensure consistency with the audit report received under section 53 of the Act, and that these statements are in the prescribed form.

In 2018, all the 2017 KDSs were published within the approved timelines.

All KDSs are available on the insurers’ websites and also on the Reserve Bank website for the information and use of the general public.

Refer Appendix IV for the 2017 published KDSs.


(ii) Onsite Examinations Following the successful launch of the Ministry of Agriculture (MoA), with the FijiCare micro insurance bundled joint secretariat support by the RBF and product in November 2017 to 11,606 MoA.

sugarcane farmers, the micro insurance bundled cover was extended to other farmers in early 2018 to dairy farmers (258), copra farmers (89) and rice farmers (63).

The product features an affordable premium of $52 per annum.
A key objective of the National Committee is to ensure that Fiji’s agriculture sub-sectors (non-sugar crops, sugarcane, livestock, fisheries and forests) have access to sustainable and affordable agriculture insurance Government announced in its 2018/2019 that is effective in mitigating the national budget that it would extend effects of climate and disaster-related the product and cover the premium adversities and supported by all key costs for both civil servants (37,000) stakeholders of the agriculture sector, and social welfare recipients (71,655), by December 2019. bringing the total number of bundled insurance holders to 120,671.
This has had a significant and positive impact on the market as many of those that have taken up this insurance cover had previously never owned any form of insurance.
Parametric Insurance for Households The PFIP (under the United Nations Development Programme) is currently working on a Pacific regional climate risk adaptation and insurance project Furthermore, insurance uptake arising from the FijiCare and BIMA products (a parametric index based micro insurance for households) which is has increased to at least 23 percent expected to be implemented in 2019. from 12 percent in 2015.
As a result, Section 71 of the Act provides the RBF Fiji remains on track to achieve its with the mandate to conduct onsite “percentage of adults with an insurance Complaints examinations.

The Reserve Bank conducts onsite examinations to review how insurers are conducting their business, assess compliance with legislative and supervisory requirements, and its product” National Financial Inclusion Strategic Plan core indicator target of 25 percent by 2020.
The total FijiCare bundled insurance claims received and paid out in 2018 were 837 and $1.4 million, respectively In 2018, the Reserve Bank received 48 insurance related complaints, an increase of 4.3 percent from the previous year.

The outturn also marks the highest number of complaints received from the industry in the last eight years (Graph 10).

exposure to risks.

(Table 7).

The Reserve Bank continues to required in ISPS No.


9 – Minimum provide a ‘No Fault Compensation work with the industry to ensure Guidelines on Complaints Management.

Scheme’ that covers for any personal 20 Regulation and Supervision that an efficient redress process is implemented and complaints escalated to relevant process owners as soon as they are received.

Consumers are also encouraged to seek independent advice and ask questions on aspects of their policy that they do not understand.
Outcomes At the end of 2018, 9 out of the 39 complaints were settled and resulted in $0.2 million being paid by insurers to policyholders.

The remaining 30 complaints were settled in the period, and resulted in non-monetary These delays were mainly due to either incomplete documentation submitted by the complainants to support their complaint or delays by the insurer in assessing the complaint.
Other delays were attributed to the delays in insurers engaging external experts and investigators who were sometimes unavailable for long periods.

The Reserve Bank is working with insurers injury or death in Fiji from 01 January 2018, involving a registered motor vehicle.

Under this scheme, while there is no need to establish fault or negligence; eligibility is subject to a number of exclusions.
The maximum amounts payable by the ACCF, in respect of personal injury suffered by a person as a result of an accident in Fiji are: to address these delays in future.

a) in the case of permanent partial Industry Consultation and Liaison outcomes.

These were mainly in cases The Reserve Bank continued to hold where the insurer agreed to review industry consultations and meetings claims that were initially declined in in 2018.
These were facilitated jointly light of new information provided by with the Insurance Council of Fiji.

the complainant and mediation by the Two consultation meetings were held Reserve Bank (Table 8).

Of all complaints received in 2018, 75 percent were related to motor vehicle insurance and this was an increase of 71.4 percent from 2017.

The remaining 25 percent of the complaints were specific to other types of insurance products and services (Graph 11).
in 2018 to further discuss relevant industry issues such as the Accident Compensation Commission Fiji, Review of the Insurance Act 1998, Household Insurance Projects and Workers Compensation Insurance.
Accident Compensation Commission Fiji The average time taken to close complaints was 53.7 days, which is 33 days outside of the stipulated 21 days In line with the Accident Compensation Act 2017, the Accident Compensation Commission Fiji was established to incapacity, $75,000; b) in the case of permanent total incapacity, $150,000; and c) in cases other than paragraphs (a) and (b), $75,000.
The compensation amounts for personal injuries are based on the medical impairment assessment that is conducted by a certified medical practitioner.

In the case of death suffered by a person as a result of an accident in Fiji, the lump sum payment of $75,000 is paid out to a legal beneficiary.

Public Awareness Prudential supervision policies issued by the RBF and other relevant Table 7 Claims Received and Paid Out 2018 Claims Received (No.)
Claims Paid ($) Term Life Funeral Fire 257 557 23 771,000 557,000 69,000 Source: Reserve Bank of Fiji Table 8 Outcomes of Insurance Complaints Complaints Settled11 Complaints Withdrawn Complaints In Progress Total Complaints Received 39 1 8 48 120,671 Total Number of Bundled Insurance Holders $1.4m Bundled Insurance Payout Graph 10 Total Insurance Complaints Received Graph 11 Types of Insurance Complaints t n e c r e P 60 50 40 30 20 10 0 48 47 16 24 24 20 15 12 11 Received 2 6 4 36 Motor Vehicle Property Medical Life Source: Reserve Bank of Fiji Source: Reserve Bank of Fiji Source: Reserve Bank of Fiji 11 Complaint settlements were achieved through negotiation, conciliation and mediation 21 Regulation and Supervision updates are available on the RBF line with international supervisory the overall development and training website.
The publication of the RBF developments and sound practices.

strategy of the Reserve Bank of Fiji.

Insurance Annual Report is further aimed to enhance public awareness on the performance of Fiji’s insurance industry.
Priorities Going Forward International Regulatory Developments The RBF has continued to review its existing policies and the development of new policies in Developments in insurance core In this regard, staff continued to pursue principles for effective insurance correspondence courses through the supervision and accepted global Financial Stability Institute’s online practices will continue to form the learning portal and participated in basis of future policy reviews.
overseas training activities to enhance Staff Development The RBF continued its programme for the development of its supervision, policy and statistics staff as part of and exchange of views with overseas regulators and counterparts.

Staff also continued studies at the University of the South Pacific and attended various local workshops, and training programmes.
22 22 General Insurance Market 23 General Insurance Market Overall Performance in premiums, together with the notable The number of persons covered by increase in the number of individual group policies increased significantly The general insurance sector and group policies issued in the motor in 2018 to 582,070 from 161,099 in maintained its positive performance in vehicle class.

2018, though a reduction in profitability was recorded over the year attributed mainly to the decline in underwriting results.
All general insurers continued to comply with the minimum solvency requirement under the Act.

Gross premiums continued to grow despite the transfer of the CTP insurance business to ACCF from 01 January 2018.

Furthermore, the number of group policies issued/renewed increased, attributed to the take up of the bundled insurance product.

Gross Premiums This was followed by the term life and fire class which recorded increases of $7.2 million and $4.5 million, respectively.
The medical, householders, professional indemnity, personal accident, marine cargo and public liability classes also recorded increases in gross premium income.

2017, mainly led by the take up of the bundled insurance product.

Reinsurance Cessions The proportion of gross premiums ceded to reinsurers in 2018 stood at 27.5 percent from 23.9 percent in 2017.

The increase in the cession ratio was a result of the rise in reinsurance costs which grew by $11.2 million.
With On the other hand, gross premium the exception of the motor vehicle, income for the motor CTP and workers motor CTP, professional indemnity compensation fell by $5.8 million and and workers compensation classes of $2.3 million, respectively.
The general insurance, all other classes recorded an insurance sector continued to run increase in reinsurance costs in 2018 off its business in relation to CTP, as with the largest increase stemming the ACCF took over this class from 01 from the fire class, which grew by 41.3 Gross premium income reported by the January 2018. percent (Graph 12).

general insurance sector continued to grow increasing by 8.4 percent to $205.7 million in 2018, compared to $189.7 million in 2017 (Table 9).
Motor vehicle class dominated the Fire and householders classes were gross premium income at 30.7 percent, the most heavily reinsured, accounting an increase from 28.4 percent in 2017, for more than two thirds of the followed by fire class at 26.9 percent total reinsured costs of the general Out of the different classes of insurance (Table 10).

underwritten, nine classes recorded increases in gross premium income with the motor vehicle class accounting for the largest increase of $9.3 million.
This was underpinned by the increase insurance sector, with the fire class dominating at 72.0 percent.

The medical class was the third largest gross premium earner at 16.0 percent The medical class remained the while the remaining classes made up class recording the lowest level of the remaining balance.
reinsurance mainly underpinned by Table 9 Premium Growth Table 10 Distribution of Gross Premiums Graph 12 Cessation Ratio by General Class Year Gross Premium Net Premi- um Income Retention Ratio Year Fire Motor Pers.

* Liab.
** Others Total Fire Marine Motor Liability Personal Others $m % Chg $m % Chg 2014 170.9 6.7 137.1 15.4 2015 166.3 (2.7) 128.3 (6.5) 2016 176.3 5.9 130.9 2.0 2017 189.7 7.6 144.4 10.3 2018 205.7 8.4 149.1 3.3 Source: General Insurance Companies % 80.2 77.1 74.2 76.1 72.5 $205.7m Gross Premium Income Ma- rine 3.8 4.2 4.4 4.9 4.8 2014 54.4 2015 49.9 2016 52.3 2017 50.8 2018 56.3 40.1 41.6 46.1 53.8 63.1 $m 46.1 44.0 47.4 54.2 64.5 20.9 21.2 20.9 19.0 11.7 5.6 170.9 5.5 166.4 5.1 176.3 7.0 189.7 6.3 205.7 % Change 2014 (0.4) 16.2 (5.0) 13.3 (5.4) 30.2 6.7 2015 (8.3) 3.7 10.5 (4.6) 1.4 (1.8) (2.7) 2016 4.8 10.8 4.8 7.7 (0.9) (7.3) 2017 (2.9) 16.7 11.4 14.3 (9.1) 37.3 2018 8.9 17.3 (2.0) 19.0 (38.4) (10.0) 5.9 7.6 8.4 2014 31.8 2015 30.0 2016 29.7 2017 26.8 2018 26.9 23.5 25.0 26.1 28.4 30.7 % Share 2.2 2.5 2.5 2.6 2.3 27.0 26.5 26.9 28.6 31.4 12.2 12.7 11.9 10.0 5.7 3.3 100.0 3.3 100.0 2.9 100.0 3.7 100.0 3.1 100.0 Source: General Insurance Companies * Personal - Householders, Medical, Term Life, Burglary, and Personal Accident ** Liabilities - Motor CTP, Professional Indemnity, Public Liability and Workers’ Compensation t n e c r e P 80 70 60 50 40 30 20 10 0 4 1 0 2 5 1 0 2 6 1 0 2 7 1 0 2 8 1 0 2 Source: General Insurance Companies 27.5% Gross Premium Ceded 24 General Insurance Market the lack of availability of reinsurance income by $7.4 million, $4.1 million and The medical class consisted of 93.6 covers in this class.
$2.1 million, respectively.

percent of total claims reported and Treaty reinsurance continued to be The motor vehicle class continued the dominant arrangement for local to dominate the distribution of net represented 19.5 percent of gross claims paid in 2018. insurers, accounting for 89.3 percent premium income at 40.6 percent in line Reinsurance recoveries provided some of total reinsurance.
The remaining with the increase in both the numbers cushion to local general insurers during was through facultative reinsurance.

and premiums of motor vehicle policies the year, however this reduced by $11.9 Majority of the covers were placed with underwritten.

The medical class million to $23.8 million from $35.7 well rated offshore reinsurers.

represented the second largest class million in 2017.
The fire class, despite of net insurance premiums with a recording a decline in reinsurance Net Premium Income12 portfolio of $32.3 million.

The net premium income stood at $149.1 million for 2018, from $144.4 Claims recoveries of $12.1 million, continued to record the majority of reinsurance recoveries at $21.4 million (90.2 %).

million in 2017.
million in 2017.

This was attributed to The general insurance sector paid out a greater increase in gross premium a total of $128.3 million in gross claims Underwriting Result income compared to the increase in in 2018, compared to $132.6 million in The underwriting result of the general reinsurance outwards (Table 11).

2017.
2017.

The lower amount recorded has insurance sector noted a significant been attributed to the absence of major reduction in 2018, with a decline in the catastrophic events during 2018. underwriting surplus to $6.0 million second at $6.9 million.
The growth was and motor vehicle classes recorded The motor vehicle class recorded the largest increase in net premiums of $11.6 million, while term life was the largely due to the increase in gross premium income for 2018 as well as lower levels of reinsurance for the motor vehicle class.
On the other hand, the fire, motor CTP and workers compensation classes recorded declines in net premium The fire, professional indemnity decreases in gross claims paid by $8.2 million, $1.2 million and $1.0 million, respectively.

The total number of claims reported, including those outstanding from previous years increased to 212,352 from $30.3 million in 2017, attributed directly to the increase in the loss ratio for the fire and motor CTP classes (Table 12).
However, majority of the classes remained profitable with the motor vehicle class reporting the highest underwriting surplus of $8.3 million.

from 164,703, indicating an increase in The net loss ratio increased to 76.1 relatively smaller claims.

percent from 59.6 percent in 2017, Table 11 Distribution of Net Premiums Table 12 Underwriting Result by Class Year Fire Motor Marine Pers.

* Liab.

** Others Total Year Fire Motor Marine Pers.

* Liab.
** Other Total 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 30.7 28.7 20.2 22.0 14.6 30.6 (6.5) (29.6) 8.9 38.2 38.3 42.9 48.9 60.5 16.8 0.3 12.0 14.0 $m 3.3 3.4 3.5 3.8 3.1 41.0 34.0 41.8 48.3 57.4 % Change (2.9) 6.1 2.9 8.6 15.5 (17.1) 22.9 15.6 18.6 (33.6) 23.7 (17.9) 22.4 22.4 15.4 15.2 9.8 27.8 29.8 32.8 33.9 40.6 % Share 2.4 2.7 2.7 2.6 2.1 29.9 26.5 31.9 33.4 38.4 19.7 19.5 19.0 16.2 10.9 (2.0) (1.0) (2.6) (14.7) (32.1) 14.4 15.2 14.5 11.3 7.4 4.2 4.4 3.5 5.2 2.6 20.0 4.8 (20.5) 48.6 (50.0) 3.1 3.4 2.7 3.6 1.7 137.1 128.3 130.9 144.4 149.1 15.4 (6.5) 2.0 10.3 3.3 100.0 100.0 100.0 100.0 100.0 $m 2014 13.2 2015 23.3 2016 (23.3) 2017 21.1 2018 (20.3) 7.7 6.0 (9.1) (6.6) 8.3 1.5 1.2 7.5 11.4 (5.2) 14.7 (0.5) (1.0) 13.6 0.7 1.0 6.8 11.4 8.7 4.0 1.8 3.0 (0.5) (0.3) 1.6 43.1 42.9 (19.0) 30.3 6.0 Source: General Insurance Companies * Personal - Householders, Medical, Term Life, Burglary, and Personal Accident ** Liabilities - Motor CTP, Professional Indemnity, Public Liability and Workers’ Compensation Table 13 Distribution of Net Loss Ratios Year Fire Motor Marine Pers.
* Liab.
** Other Total % 2014 10.1 2015 17.2 59.5 69.6 2016 169.8 107.3 2017 (22.6) 101.1 32.0 41.4 53.8 61.6 58.3 88.1 79.8 65.6 37.2 15.1 18.2 41.3 2018 179.7 72.2 93.4 148.0 236.1 22.6 17.1 89.4 81.8 18.7 42.7 46.8 93.8 59.6 76.1 Source: General Insurance Companies * Personal - Householders, Medical, Term Life, Burglary, and Personal Accident ** Liabilities - Motor CTP, Professional Indemnity, Public Liability and Workers’ Compensation Source: General Insurance Companies * Personal - Householders, Medical, Term Life, Burglary, and Personal Accident ** Liabilities - Motor CTP, Professional Indemnity, Public Liability and Workers’ Compensation 12 The difference between gross premium income and reinsurance outwards.
This is the portion of gross premium that the insurer retains.

deposits accounted for more than 80 percent of the investments, followed by investment in properties at 8.9 percent (Graph 14).

Liabilities Total liabilities decreased by 4.9 percent to $246.2 million in 2018, driven by incurred but not reported (IBNR) claims and reported claims which decreased by $10.4 million and $6.0 million, respectively.
The overall decrease in total liabilities was partly offset by the increase in unearned premium provisions (UPP) by 4.1 percent to $102.6 million.

Liabilities continued to be concentrated in outstanding claims provisions at 43.6 percent, followed by UPP at 41.7 percent, and amounts due to reinsurers at 5.2 percent (Graph 15).

Total owners’ funds of the general insurance sector fell by 6.5 percent to $135.8 million.
This was largely due to the decrease in retained profits by $13.9 million, led by the payment of dividends.

The decline was partly offset by the increases in paid up capital and asset revaluation reserve by $4.3 million and $0.2 million, respectively.

25 General Insurance Market attributed to the fire class, which grew from negative 22.6 percent to 179.7 percent due to major claims experienced during the year (Table 13).
Balance Sheet Assets The underwriting expense ratio marginally increased to 19.8 percent from 19.0 percent attributed to the increase in underwriting expenses.

This resulted in the deterioration of the combined ratio (the net loss ratio plus the underwriting expenses ratio) to 95.9 percent from 78.6 percent in 2017.
Non Underwriting Income Total assets of the general insurance sector declined by 5.5 percent to $382.0 million in 2018, underpinned by amounts due from reinsurers on outstanding claims and investments by $26.5 million to $46.4 million, and $23.3 million to $195.7 million, respectively.

The decrease in investments was underpinned by the decline in bank deposits by 15.8 percent to $163.8 million, due to the settlement of large claims during the year.
Similarly, decreases were noted Non underwriting income slightly in deferred acquisition expenses, declined to $14.2 million in 2018, outstanding premiums over six months attributed to the decline in dividend and future income tax benefit by $2.7 income and other non underwriting million, $1.6 million and $1.3 million, income.

However, the favourable respectively.

interest rate environment resulted in the growth in interest income by $0.5 million.
Operating Result Net profit after tax reported by the general insurance sector significantly The overall decrease in total assets was partly offset by the increase in cash on Owners’ Equity hand by $29.8 million to $51.9 million.

This was reflective of the growth in the collection of outstanding premiums over six months.

declined by 94.4 percent to $1.2 million.


The asset composition of the general The lower profitability in 2018 is insurance sector remained unchanged largely attributed to the decrease in with investments accounting for the underwriting surplus (Graph 13).

bulk of the assets at 51.2 percent.
Bank Graph 13 Operating and Underwriting Results Graph 14 Distribution of Assets for General Insurance Companies Graph 15 Distribution of Liabilities for General Insurance Companies Operating and Underwriting Result Government Securities Term Deposits Outstanding Claims Provisions Other liabilities Investments and Others Net Profit Amount Due from Reinsurers Shares Unearned Premium Provisions Other Provisions Outstanding Premiums Fixed Assets Other Assets 50 45 40 35 30 25 20 15 10 5 0 -5 -10 -15 -20 n o i l l i M $ 4 1 0 2 5 1 0 2 6 1 0 2 7 1 0 2 8 1 0 2 n o i l l i M $ 450 400 350 300 250 200 150 100 50 0 n o i l l i M $ 300 250 200 150 100 50 Source: General Insurance Companies Source: General Insurance Companies Source: General Insurance Companies Underwriting Ratio Graphs 2018 Graph 16 Fire Graph 17 Motor Vehicle 26 General Insurance Market t n e c r e P 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0 -20 -40 Loss Ratio Expense Ratio Loss Ratio Expense Ratio 140 120 100 t n e c r e P 80 60 40 20 Graph 18 Motor CTP Graph 19 Medical Loss Ratio Expense Ratio Loss Ratio Expense Ratio t n e c r e P 120 100 80 60 40 20 0 -20 t n e c r e P 120 100 80 60 40 20 Graph 20 Marine Graph 21 Total Loss Ratio Expense Ratio Loss Ratio Expense Ratio t n e c r e P 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0 t n e c r e P 140 120 100 80 60 40 20 Source: General Insurance Companies 27 27 Life Insurance Market Overall Performance The upward trend in new
 policies issued, growth in renewal premiums Endowment13 policies grew by 7.3 percent to $134.1 million and continued Non participating policies, on the other hand, decreased from 99 to 14 to account for the majority of total gross policies due to a reduction in the term premiums received at 94.3 percent insurance policies.
and marginally increased investment (Graph 22).

28 In line with the upward trend in new Whole of life class decreased by 9.4 life policies issued, sum insured also percent over the year to $2.9 million, recorded growth over the reporting making up 2.0 percent of gross period.

Total sum insured relating to premiums.

Term life and the ‘other’ new life insurance policies increased classes also declined to $2.8 million by 8.8 percent to $612.9 million, as a and $2.5 million, respectively.
result of the increase in the take up of returns underpinned the consistent performance of the life insurance sector in 2018.

Lower asset value appreciation however pushed the after tax surplus slightly downwards from $23.2 million in 2017 to $22.5 million in 2018.

The $15.5 million decline in asset value appreciation was directly attributed to government securities market valuations which consequently resulted in a $10.6 million reduction in the profit allocation to policyholders.
Total dividends declared and paid to shareholders grew by $3.5 million over the year.

The life insurance sector’s solvency continued to be assessed as strong in 2018 reflecting adequate coverage of policyholder funds.

Premiums Gross premium reported by the life insurance sector increased to $142.2 million in 2018 from Similar movements were noted in net premium income which grew by 6.3 percent to $141.3 million after reinsurance outward of $0.9 million.
Reinsurance outwards remained at relatively similar levels to 2017.

Performance of Life Business New Business The upward trend continued for new life insurance policies issued in 2018, which increased by 943 to 16,137 policies (Table 14).

The increase was underpinned by the $133.9 million in 2017, attributed 6.8 percent increase in participating directly to larger renewal premiums policies compared to an increase of received from the investment linked 1.2 percent recorded in the prior year.

products.
products.

New business premiums on This was mainly a result of more Total number of policies terminated the hand marginally declined over 2018. endowment polices sold over the year.

improved over the year.

A total of 13,970 Table 14 New Business of Life Insurers Table 15 Distribution of New Sum Insured of Graph 22 Composition of Gross Premiums ($142.2m) Endowment 94.3% Whole of Life 2.0% Other (Individual) 1.7% 0.0% Term Source: Life Insurance Companies $22.5m After Tax Surplus Year No.
of Policies Sum Insured ($m) Par- tic.

Non Par- tic.

Par- tic.

Non Par- tic.
Pre- mium ($m) % Change 2014 2015 2016 2017 2018 7.4 12.6 (8.3) 54.5 11.5 12.6 4.0 (8.4) 30.3 (14.4) (7.0) 594.1 1.0 (5.8) 3.1 1.2 (16.1) 2.3 (24.2) (18.5) 6.8 (85.9) 12.3 3.3 8.6 Source: Life Insurance Companies 13 Endowment life policies cover the risk for a specified period at the end of which the sum assured is paid back to the policyholder along with the entire bonus accumulated during the term of the policy.
In the event of death of the insured during the policy duration, the policy ceases and the beneficiary is paid a sum of money as per the condition of the insurance contract.

endowment life policies by 13.2 percent.

Sum insured for term life also increased by 3.2 percent to $225.3 million, despite the reduction in new term life policies issued.

Sum insured relating to whole of life policies on the other hand, declined by 54.2 percent to $2.2 million (Table 15).
With the increases in new policies issued and sum insured, total premiums received also increased by 8.6 percent to $41.8 million in 2018.

Of total new business premiums received in 2018, single premium plans accounted for 42.1 percent, underpinned by endowment policies which continued to dominate the life insurance sector (Table 16).
Terminations Life Insurers Ordinary Life Insurances Year Whole of Life Endo wment Term Life Total ($m) $m 11.4 285.6 234.3 6.7 7.2 4.8 2.2 327.6 305.3 330.2 287.7 340.5 218.2 385.5 225.3 % Change 280.0 (41.3) 7.5 (33.3) (54.2) 8.5 14.7 0.8 3.1 4.0 30.3 (5.8) (24.2) 13.2 3.3 % Share 53.8 51.3 52.8 60.4 62.9 2.1 1.0 1.2 0.9 0.4 44.1 47.7 46.0 38.7 36.8 531.3 639.6 625.1 563.5 612.9 8.1 20.4 (2.3) (9.9) 8.8 100.0 100.0 100.0 100.0 100.0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Source: Life Insurance Companies 29 Life Insurance Market policies were terminated compared The reduction in forfeitures terminated Income and Outgoing to 14,515 policies terminated in 2017.
Forfeitures continued to account for the majority of total policies terminated at 52.0 percent, followed by maturity at 22.5 percent.

resulted in the improvement of the forfeiture rate14 from 52.5 percent to 46.4 percent in 2018.

The overall surrender rate15 remained at 2.7 percent over the year.

The number of terminations by forfeiture improved over the year to Business in Force 7,264 from 7,933 policies recorded in In 2018, the dominance of participating 2017.
Surrendered policies, however policies in the life insurance sector slightly worsened to 2,746 from continued to be reflected in the total 2,694 policies in 2018.

The number of business in force (Table 19).

terminations by maturity increased over the year to 3,138 from 2,649 in 2017.

Total life16 insurance policies in force at the end of 2018 increased by 2,977 The value of annual premiums relating policies to 104,436.
Participating to terminated policies increased by 14.1 policies accounted for 99.2 percent of percent over the year to $53.6 million the total number of life policies in force (Table 17).

Single premium plans (Table 19).

terminated accounted for 64.6 percent of the total premiums terminated.
The total sum insured of terminated policies, also noted an increase of 18.1 As a result of the increase in the number of life policies in force, total sums insured for life business in force in 2018 grew by 7.8 percent to $2,626.4 percent to $647.5 million.

This was million.

attributed to both participating and non participating policies which increased to $323.4 million and $324.1 million, respectively.
Forfeitures and maturity accounted for the larger share of sums insured terminated in 2018 at 58.0 percent (Table 18).

Annual premiums relating to total business in force on the other hand, fell by 3.7 percent and this was mainly attributed to endowment policies which decreased by 3.7 percent over the year, to $235.9 million (Table 20).

Income The total income of the life insurance sector registered a decline over the year to $274.0 million.
This was mainly attributed to lower asset value appreciation recorded.

Asset value appreciation stood at $58.9 million in 2018, compared to asset value appreciation of $74.4 million in 2017.

The decline recorded was mostly due to the depreciation of government securities.

Investment income increased by $4.3 million to $72.5 million from $68.2 million in 2017.

Majority of the increase was attributed to increases in interest income and dividend income.
Net insurance premiums of $141.3 million continued to account for most of the life industry’s total income at 51.6 percent, followed by investment income and asset value appreciation at 26.4 percent and 21.5 percent, respectively.
Outgoings Total outgoings slightly fell by 0.6 percent to $247.7 million in 2018 as Table 16 Distribution of New Business Premiums of Life Insurers Table 17 Termination of Annual Premiums Table 18 Termination of Sum Insured of Life Insurers of Life Insurers Death Matu- rity Surren- der For- feiture Others Total Ordinary Life Insurances Year Whole of Life Endow- ment Term Life 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2017 0.4 0.3 0.3 0.2 0.1 100.0 (25.0) 0.0 (33.3) (50.0) 0.7 0.7 0.6 0.5 0.3 $m 52.2 44.2 45.7 37.3 40.8 % Change 0.8 1.2 1.1 0.9 0.9 (8.7) (11.1) (15.4) 3.4 50.0 (8.3) (8.4) (14.5) 3.1 (18.4) (18.2) (18.5) 9.4 % Share (0.0) 8.6 97.8 96.7 97.0 97.1 97.6 1.5 2.6 2.3 2.3 2.1 100.0 100.0 100.0 100.0 100.0 Total Premi- ums ($m) 53.4 45.7 47.1 38.4 41.7 Year 2014 2015 2016 2017 2018 0.7 0.7 0.6 1.3 0.4 7.9 6.8 14.1 24.9 34.2 $m 4.8 5.0 13.5 4.5 4.5 9.3 11.3 11.6 13.0 10.4 1.7 2.2 2.4 3.3 4.0 24.4 26.0 42.2 47.0 53.6 4.5 (15.8) 12.4 21.5 29.4 6.6 62.3 11.4 14.1 9.1 37.5 22.3 7.0 100.0 8.5 100.0 5.7 100.0 7.0 100.0 7.5 100.0 % Change 2014 133.3 30.9 2015 0.0 (13.9) 6.7 4.2 2016 (14.3) 107.4 170.0 2017 116.7 2018 (67.2) 2014 2015 2016 2017 2018 2.9 2.7 1.4 2.8 0.8 76.6 37.2 32.3 26.2 33.4 53.0 63.8 2.7 12.1 (66.7) 0.3 (19.5) % Share 19.8 19.2 32.0 9.6 8.4 38.0 33.4 27.5 27.6 19.5 Death Matu- rity Surren- der For- feiture Others Total 10.9 10.9 8.4 10.9 46.0 46.8 53.0 72.8 7.7 111.2 $m 93.0 84.0 86.3 79.8 94.5 % Change 257.4 294.5 309.0 332.3 27.7 435.0 34.4 470.6 40.2 496.9 52.5 548.3 264.3 169.8 647.5 29.8 0.0 (22.9) 29.8 (29.4) 2.5 2.3 1.7 2.0 1.2 15.6 1.7 13.2 37.4 52.7 10.6 9.9 10.6 13.3 17.2 9.2 (9.7) 2.7 (7.5) 18.4 4.3 14.4 4.9 7.5 27.1 27.2 16.9 30.6 (20.5) 223.4 8.2 8.2 5.6 10.3 18.1 % Share 21.4 17.8 17.4 14.6 14.6 59.2 62.7 62.2 60.6 40.8 6.3 100.0 7.3 100.0 8.1 100.0 9.6 100.0 26.2 100.0 Year 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Source: Life Insurance Companies * Others – Others, expiry of term and net transfers Source: Life
 Insurance Companies * Others – Others, expiry of term and net transfers Source: Life Insurance Companies 14 Policies forfeited/average of new policies written in the current year and preceding year.
15 Surrendered policies/policies in force at commencement of year.

16 Individual business plus group business a result of a lower increase in policy A total of $8.5 million in dividends were Liabilities 30 Life Insurance Market liabilities of $10.6 million to $85.9 declared and paid to shareholders in million.

This reflected the slight 2018 compared to $5.0 million paid out decrease in profits allocated to policyholders17 in 2018. in 2017.
Net policy payments increased by $5.1 million to $118.8 million and continued to comprise the majority of outgoings at 48.0 percent.

Balance Sheet Assets Matured policies accounted for the increased by 8.7 percent to $1.4 billion driven by investments in government majority of the pay out to policyholders securities and equities.

Total assets of the life insurance sector percent.

The life insurance sector’s total liabilities increased over the year by 8.9 percent to $1.3 billion.
This was mainly driven by the growth in the balance of revenue account, which grew by 8.4 percent during the year to $1.2 billion and continued to represent the bulk of the life insurers’ liabilities at 95.8 As part of the balance of revenue account, net statutory liabilities increased over the year to $1.1 billion Government securities grew by $57.3 aligned to the growth reported in million to $719.3 million and shares in terms of the increase in policyholder related and non related persons grew by liabilities.
at $127.5 million and represented 81.2 percent of the total payments followed by surrenders at 12.7 percent (Table 21).

Operating Results In 2018, the after tax surplus reported by the life insurance sector slightly decreased by 3.2 percent to $22.5 million.

The decrease was underpinned by the decrease in total income attributed to a lower asset value appreciation.

Accordingly, the life insurance sector’s $54.1 million to $295.8 million.

Land and buildings also grew by $12.7 million to $103.9 million.
Loans increased by $26.8 million to $123.0 million.

On the other hand, bank deposits fell by 4.7 percent to $60.6 million over the year.

The asset composition of the life insurance sector continued to be dominated by government securities at 52.8 percent, followed by shares and Other provisions and other liabilities increased over the year by 19.6 percent and 14.0 percent to $24.2 million and $15.1 million, respectively.
Owners’ Funds Total owners’ funds increased by 5.3 percent over the year to $87.2 million, on the back of the increase in retained profits by $4.4 million to $66.8 million in 2018. return on assets slightly deteriorated to loans at 21.7 percent and 9.0 percent 1.6 percent compared to 1.9 percent.

respectively (Graph 23).

Table 19 Life Business in Force Table 20 Distribution of Annual Premiums for Table 21 Policy Payments No.

of Policies Sum Insured ($m) Partic.

Non Partic.

Partic.

Non Par- tic.


91,406 1,044 1,642.7 360.4 95,920 980 1,782.4 414.8 98,493 1,023 1,896.4 445.4 100,585 103,623 872 811 1,992.9 442.8 2,225.5 400.9 % Change 2.6 4.9 2.7 2.1 3.0 (9.0) (6.1) 4.4 (14.8) (7.0) 7.9 8.5 6.4 5.1 11.7 3.9 15.1 7.4 (0.6) (9.5) Premi- um ($m) 229.4 251.8 259.1 253.9 244.4 15.6 9.8 2.9 (2.0) (3.7) Year 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Source: Life Insurance Companies 17 With participating policies.
Life Business in Force Ordinary Life Insurances Year Whole of Life Endow- ment Term Life Total ($m) Gross Policy Payments Matu- rity Year Death Sur- render Others Total ($m) 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 3.4 3.3 3.4 3.3 3.2 (2.9) (2.9) 3.0 (2.9) (3.0) 1.5 1.3 1.3 1.3 1.3 $m 220.3 242.6 249.6 244.9 235.9 5.7 5.9 6.1 5.7 5.4 229.4 251.8 259.1 253.9 244.4 2014 2015 2016 2017 2018 52.6 50.7 65.2 88.3 96.5 $m 9.3 8.3 6.1 9.5 7.1 20.4 18.3 24.9 15.9 15.1 0.5 0.6 0.2 82.8 77.9 96.4 0.0 113.7 0.2 118.8 % Change Source: Life Insurance Companies 16.4 10.1 2.9 (1.9) (3.7) % Share 96.0 96.3 96.3 96.5 96.5 (3.4) 15.6 1.7 3.4 (6.6) (5.6) 2.5 2.4 2.4 2.2 2.2 9.8 2.9 (2.0) (3.7) 100.0 100.0 100.0 100.0 100.0 Graph 23 Distribution of Assets for Life Insurance Sector Other Assets Government Securities Other Investments Loans n o i l l i M $ 1,400 1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0 2014 2015 2016 2017 2018 Source: Life Insurance Companies Source: Life Insurance Companies 31 31 Insurance Brokers 32 Overall Performance account with a licensed bank.
As at 31 expenses compared to the increase in December 2018, the aggregate amount total revenue (Table 24).

Premiums handled by the insurance broking sector reported growth in 2018, standing at an all-time high of $209.1 million.

outstanding in the insurance broking account stood at $14.9 million, due to more monies received than monies withdrawn during the year.
Total revenue grew by 7.7 percent over the year to $23.2 million, which emanated from the increase in total brokerage income earned by 3.9 percent Net profit after tax however noted a decline, underpinned by a higher Total monies received increased by 15.9 to $22.1 million.

Commission continued percent to $231.8 million while total to account for the largest share of increase in total expenses compared to monies withdrawn increased by 12.6 brokerage revenue at 94.0 percent.
the increase in total revenue in 2018. percent to $226.4 million (Table 23).

Of Premiums Total premium placement by the insurance broking sector grew by 12.5 percent to $209.1 million.

All classes of business reported an increase except for the miscellaneous and the liability classes which declined by 18.5 percent the total monies received, 99.9 percent was received for the general insurance sector while 0.1 percent was from the life insurers.
The local insurers continued to account for majority of the total monies received at 68.5 percent with the offshore insurers accounting for the remaining at 31.5 percent.

and 6.1 percent, respectively.

Premium Payments to local insurance companies placements with both offshore and continued to be the major contributor local insurers grew in 2018 (Table 22).
to the aggregate monies withdrawn The fire and property class continued to account for the largest share of premiums handled by the insurance broking sector at 53.1 percent, followed by transport and marine class at 16.1 percent (Graph 24).

Insurance Broking Account at 59.6 percent.

This was followed by payments to offshore insurance companies representing 25.0 percent.
Furthermore, as a percentage of total monies withdrawn, ‘payments to self ‘slightly decreased to 12.7 percent from 12.9 percent in 2017 (Graph 25).

Operating Results Total expenses for the insurance broking sector increased by 19.8 percent over the year to $18.3 million, attributed to the increase in ‘other’ expenses by 42.3 percent to $10.9 million and represented 59.8 percent of total expenses, followed by salaries and wages at 31.1 percent.
As a result of the higher growth in expenses compared to revenue in 2018, the efficiency ratio18 for the insurance broking sector marginally decreased to 78.7 percent.
Balance Sheet Assets Total assets of the insurance broking sector expanded by 16.6 percent to $61.2 million underpinned by the growth in the insurance broking account and outstanding premiums by 57.1 percent The insurance broking sector recorded to $14.9 million and 8.0 percent to a net profit after tax of $3.8 million in $33.8 million, respectively (Graph 26).
Section 65 of the Act requires all 2018, a decrease of 22.1 percent from Outstanding premiums dominated the licensed insurance brokers to establish 2017.

The decrease in net profit after tax total assets of the insurance broking and maintain an insurance broking was a result of a higher increase in total sector at 55.2 percent.
Table 22 Total Premiums Transacted by Insurance Brokers Table 23 Insurance Broking Account Year 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Fire and Property Transport and Marine 81.4 73.8 76.8 92.7 111.0 1.0 (9.4) 4.1 20.7 19.7 26.5 23.8 23.7 28.4 33.6 12.8 (10.2) (0.4) 19.8 5.2 Liability* $m 13.7 13.8 13.4 15.5 14.5 % Change 6.2 0.8 (2.9) 15.7 (6.1) Medical and Life Miscellane- ous** Total Year B/f from last year Total Monies Received Total Monies Withdrawn Balance at year end 21.0 16.7 20.6 22.7 28.3 33.8 (20.5) 23.4 10.7 24.5 13.0 12.7 20.7 26.6 21.7 6.6 (2.3) 63.0 28.5 (18.5) 155.6 140.8 155.2 185.9 209.1 7.4 (9.5) 10.2 19.9 12.5 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 5.5 4.3 9.9 10.5 9.5 7.8 (20.4) 130.2 6.1 (9.3) $m 174.2 168.8 202.2 200.0 231.8 % Change 13.9 (3.2) 19.8 (1.1) 15.9 175.4 163.2 201.6 201.0 226.4 15.0 (7.0) 23.5 (0.3) 12.6 4.3 9.9 10.5 9.5 14.9 (21.8) 130.2 6.1 (9.5) 57.1 Source: Insurance Brokers Source: Insurance Brokers * Liabilities - Motor-CTP, Professional Indemnity, Public Liability and Workers’ Compensation ** Miscellaneous - Others, CIT and Burglary and Personal Accident 18 Efficiency ratio - total expenses to total revenue 33 Insurance Brokers Liabilities Provisions for the insurance broking Owners’ Funds Total liabilities for the insurance broking sector also increased by 23.2 percent over the year to $55.5 million, sector also increased in 2018 by 55.1 percent to $5.7 million.
Total owners’ funds of the insurance broking sector noted a reduction of 23.8 percent to $5.6 million, reflective of the resulting from the increase in amounts Amounts due to insurers continued to decline in net profit during the year.
due to related persons and to insurers represent bulk of the insurance broking Retained profits continued to represent by 130.3 percent to $9.1 million and 9.6 sector’s total liabilities at 64.2 percent the majority of the total owners’ funds percent to $35.7 million, respectively.

(Graph 27).

at 84.2 percent.
Table 24 Operating Results of Insurance Brokers Graph 24 Distribution of Premiums Transacted by Insurance Brokers ($209.1m) Year Total Brokerage Other Income Total Expenses Net Profit/Loss 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 16.5 17.3 19.3 21.3 22.1 7.8 4.9 11.6 10.4 3.9 $m 0.7 0.5 0.4 0.2 1.1 % Change 16.7 (28.6) (20.0) (50.0) 351.4 11.7 12.9 13.7 15.2 18.3 3.5 10.3 6.2 10.9 19.8 4.4 3.9 4.7 4.9 3.8 22.2 (11.4) 20.5 4.3 4.3 Fire and Property 53.1% Liability 10.4% Miscellaneous 13.5% Transport and Marine 16.1% Medical and Life 7.0% Source: Life Insurance Companies Source: Insurance Brokers Graph 25 Composition to Total Monies Withdrawn Payments to Self Percentage of Monies Withdrawn Graph 26 Distribution of Assets for Insurance Graph 27 Distribution of Liabilities for Insurance Brokers Brokers Other Assets Insurance Broking Accounts Outstanding Premium Investments Fixed Assets Amount due to Insurers Current Liabilities Amount due to related persons Other Liabilities Provisions 35 30 25 20 15 10 5 0 n o i l l i M $ 16 14 12 10 8 6 4 2 0 n o i l l i M $ 70 60 50 40 30 20 10 $ Source: Insurance Brokers Source: Life Insurance Companies Source: Insurance Brokers 34 34 Calendar of Events 35 Calendar of Events Key Local Events and Supervisory Activities Month January February March April May June July September November December Event • Trilateral pre audit meeting with insurance companies and brokers • Capital Insurance Limited formerly Dominion Insurance was reissued a licence to conduct general insurance business • Appointment of two new board directors by one general insurer • Appointment of a new independent director by one life insurer • Core insurance system change by one life insurer • Publication of Key Disclosure Statements by insurers • 2018 audited annual returns of all insurance companies and brokers submitted to the Reserve Bank
 • The Reserve Bank met with the Insurance Council of Fiji • Publications of Key Disclosure Statements by some insurers • 2018 Liability Valuation Reports & Financial Condition Reports (LVR & FCR) submitted by general and life insurers • Completion of the takeover transaction of FijiCare Insurance Limited by Mount Sophia Ventures (Fiji) Pte Limited • Trilateral post audit meetings with insurance companies and brokers • A courtesy meeting was held between the Reserve Bank and the Group Chief Executive Officer of one general insurer • Reserve Bank Consultant Actuary’s first onsite visit to Fiji • The 2017 Insurance Annual Report was submitted to the Minister for Economy.
• Appointment of executive board members of a general insurance company.
• Budget Announcement • Annual Governors’ meeting with individual heads of insurers • Annual Governors’ meeting with individual heads of insurers • The 2017 Insurance Annual Report was tabled in Parliament • Bundled insurance product extended to civil servants and social welfare recipients • New broker insurance licence issued • Renewal of licences of insurance agents, brokers and insurers for 2018 • Appointment of a non-executive director for one general insurer.
• Trilateral pre audit meeting by one general insurer.
• Reserve Bank Consultant Actuary second onsite visit to Fiji Key International Events Month Country Event Victims Insured Losses (US$m) January Austria, Belgium, France, Germany, Ireland, Netherlands, Switzerland, U.K. Windstorm – Burglind and Eleanor Northeast and Eastern U.S US Blizzard Severe Weather Belgium, France, Germany, U.K., Netherlands, Central Europe, Italy WS Friederike (David) February Midwest US France, Portugal, Spain, U.K, Ireland Thunderstorm Beast from the East and Storm Emma March April May US US US US US 11 countries affected including Austria, Belgium, France, and Germany.
Horbart, Australia Northeast, Midwest, Southern US Somalia, Djiubouti, Yemen, Ethiopia Yemen, Oman Florida, Southern US Sweden Big Island, Hawaii Blizzard Thunderstorm Thunderstorm Thunderstorm Thunderstorm Thunderstorms Flooding Thunderstorm and widespread damage Cyclone Sagar Cyclone Mekunu Subtropical Storm Alberto Wildfire Volcanic Eruption Mount Kilauea 9 22 17 13 ns 77 9 None None 3 0 >5 None 5 89 30 2 None none 1,020 (a) <1,000 (b) <1,000 (b) 2,100 (a) <1,000 (b) 765 (o) <1,000 (b) <1,000 (b) <1,000 (b) <1,000 (b) <1,000 (b) <1,000 (b) 73 (p) <1,000 (b) (ns) 403 (e) <1,000 (b) >87 (d) <1,000 (b) 36 Calendar of Events Victims Insured Losses (US$m) none none 5 none none none 99 >225 None 15 none None >480 1 11 >229 53 4 2,256 60 16 25 None 30 2 85 3 44 none None 437 <1,000 (b) <1,000 (b) 910 (e) <1,000 (b) <1,000 (b) <1,000 (b) 38.1 (f) 3,725 (g) <1,000 (b) <1,000 (b) <1,000 (b) <1,000 (b) 330 (h) <1,000 (b) 8,500 (h) >1.13 (i) 4.6 (g) 4,069 (g) (n.s) 10 (j) 277 (k) n.s 9.1(h) 627(h) <1,000 (b) 10 (j) 3 (j) 328 (l) <1,000 (b) 492 (m) (n.s) Event Hail Storm Hail Storm Earthquake Hail Storm Thunderstorm Wildfire Wildfire Flooding Thunderstorm Wildfire Thunderstorm Hail storm Flooding Hurricane Typhoon Flooding Hurricane Florence Typhoon Trami Earthquake Hurricane Michael Hurricane Leslie Cyclone Luban Earthquake Severe Weather Tornadoes WildFire Woolsey Fire Flooding Earthquake Thunderstorm Tsunami Key International Events (cont’d) Month June July August Country Southwest US Midwest US Japan Midwest US Midwest US Colorado, US Attica, Greece Japan Midwest and Southern US Northern California Midwest US Midwest US India Haiwaii US Japan September Nigeria North Carolina, South Carolina, Virginia Japan Indonesia October Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia France, Italy, Portugal Yemen, Oman, Somalia Zakynthos, Greece Italy, Austria, Croatia, Switzerland Midwest US November Northern California US Southern California US Jordan, Kuwait, Saudi Arabia Alsaka, US December
 Australia Indonesia Source: Willis Re: Major natural catastrophe in 2018 Key: - Munich Re - munichre.com (a) - PCS, Property Claim Services: verisk.com/property-claim-services (b) - Capital Market Authority Oman via Reinsurance News (c) - Svensk Forsakring via Insurance Insider (d) - GIAJ, General Insurance Association of Japan: sonpo.or.jp (in claims paid as of Dec 11) (e) - Greece Association Of Insurance Companies (eaee.gr) (f) - AIR, AIR Worldwide: air-worldwide.com (g) - Willis Re Willis Re, Willis SpatialKey Application (h) - ERCC, Emergency Response Coordination Center: erccportal.jrc.ec.europa.eu (i) - RMS, Risk Management Solutions: rms.com (j) - Portuguese Association of Insurers and French Federation of Insurance (k) (l) - Kuwait, Kuwaiti Officials via AL Seyassah (m) - Insurance Council of Australia via Twitter (n.s) - not shown (o) (p) - Insurance Day (insuranceday.maritimeintelligence.informa.com) - Insurance Council of Australia 37 37 Appendices i.
General Insurance ii.

Life Insurance iii.

Insurance Brokers 38 62 73 iv.

Key Disclosure Statements of Licensed 79 Insurance Companies v. Licensed Insurance Agents as at 31 December 2018 vi.

Fiji: Key Indicators 83 88 38 I.
General Insurance Appendices Content Table 1 - (i) - (xiv) Consolidated Underwriting Operations Table 2 - Consolidated Profit and Loss Statement Table 3 - Consolidated Balance Sheet Table 4 - Consolidated Statement of Premiums Table 5 - Consolidated Statement of Claims and Commissions Table 6 - Consolidated Statement of Reinsurance Arrangements 39 54 55 57 58 59 Table 7 - Consolidated Statement of Claims Run-off by Accident Year 60 Table 8 - Consolidated Statement of Gross Aggregate Exposures 61 39 General Insurance Table 1 CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) CONSOLIDATED 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 170,935.4 166,326.5 176,300.0 189,741.5 205,699.8 less Reinsurance outwards 33,787.7 38,075.5 45,384.3 45,311.4 56,550.8 NET PREMIUM INCOME 137,147.7 128,251.0 130,915.7 144,430.2 149,149.0 add Retained unearned premiums - opening 74,543.5* 86,336.5* 85,741.8 88,832.7 91,589.2 less Retained unearned premiums - closing 85,965.2* 85,741.8 88,832.7 91,589.2 94,939.8 NET EARNED PREMIUMS 125,726.0 128,845.7 127,824.9 141,673.7 145,798.4 PART B - CLAIMS Net claims paid add 66,559.9 69,971.7 89,402.8 96,957.6 104,510.1 Net claims outstanding - closing 50,745.8* 41,042.9 71,485.9 58,975.1 65,440.1 less Net claims outstanding - opening 63,659.2* 50,659.1* 41,042.9 71,485.9 58,975.1 NET CLAIMS INCURRED 53,646.5 60,355.5 119,845.7 84,446.8 110,975.1 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 15,601.3 13,395.7 15,756.3 9,808.0 16,628.6 10,317.5 17,891.1 8,996.9 19,053.0 9,817.9 TOTAL EXPENSES 28,997.0 25,564.3 26,946.1 26,888.0 28,871.0 UNDERWRITING SURPLUS/(DEFICIT) 43,082.5 42,925.9 (18,966.9) 30,338.8 5,952.4 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
42.7 23.1 46.8 19.8 93.8 21.1 59.6 19.0 76.1 19.8 40 General Insurance Table 1(i) FIRE PART A - PREMIUMS CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) 2014 2015 2016 2017 2018 Gross premium income 54,357.9 49,880.3 52,339.2 50,818.5 55,286.1 less Reinsurance outwards 23,635.7 21,230.2 32,097.3 28,810.5 40,719.1 NET PREMIUM INCOME 30,722.2 28,650.1 20,241.9 22,008.0 14,567.0 add Retained unearned premiums - opening 21,835.0* 25,908.3* 24,050.9* 22,490.1 21,008.2 less Retained unearned premiums - closing 25,967.8* 16,664.5* 22,490.1 21,008.2 19,445.5 NET EARNED PREMIUMS 26,589.4 37,893.9 21,802.6 23,489.8 16,129.7 PART B - CLAIMS Net claims paid add 17,781.2 9,231.3 14,689.8 13,148.4 17,076.8 Net claims outstanding - closing 5,573.4* 3,103.5 25,424.8 6,972.3 18,882.3 less Net claims outstanding - opening 20,675.1* 5,807.8* 3,103.5 25,424.8 6,972.3 NET CLAIMS INCURRED 2,679.5 6,526.9 37,011.1 (5,304.1) 28,986.9 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 5,537.9 3,969.6 5,329.5 2,771.8 5,345.1 2,758.4 5,642.4 2,043.5 5,127.2 2,332.9 TOTAL EXPENSES 9,507.5 8,101.3 8,103.5 7,685.8 7,460.1 UNDERWRITING SURPLUS/(DEFICIT) 14,402.4 23,265.6 (23,311.9) 21,108.1 (20,317.2) NET LOSS RATIO (%) EXPENSE RATIO (%) 10.1 35.8 17.2 21.4 169.8 (22.6) 179.7 37.2 32.7 46.3 Source: General Insurance Companies * Does not correspond due to adjustments.
41 General Insurance Table 1(ii) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) HOUSEHOLDERS 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 9,436.1 9,950.7 10,366.9 11,955.0 12,758.0 less Reinsurance outwards 4,323.4 9,111.8 4,616.3 4,352.2 5,020.7 NET PREMIUM INCOME 5,112.7 838.9 5,750.6 7,602.8 7,737.3 add Retained unearned premiums - opening 4,796.0* 5,293.9* 5,400.8* 5,902.3 6,593.3 less Retained unearned premiums - closing 5,305.8* 12,787.1* 5,902.3 6,593.3 6,965.1 NET EARNED PREMIUMS 4,602.9 (6,654.3) 5,249.1 6,911.8 7,365.5 PART B - CLAIMS Net claims paid add 997.2 1,031.8 2,836.1 2,065.0 3,597.7 Net claims outstanding - closing 1,684.9* 1,080.0 4,275.1 4,647.1 1,004.9 less Net claims outstanding - opening 1,186.4 1,733.2* 1,080.0 4,275.1 4,647.1 NET CLAIMS INCURRED 1,495.7 378.6 6,031.1 2,437.0 (44,530.0) PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 989.2 389.4 1,046.1 (163.6) 903.8 216.7 825.2 188.2 1,262.2 182.3 TOTAL EXPENSES 1,378.6 882.5 1,120.5 1,013.4 1,444.6 UNDERWRITING SURPLUS/(DEFICIT) 1,728.6 (7,915.4) (1,902.5) 3,461.4 5,965.5 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
32.5 30.0 (5.7) 114.9 (13.3) 21.3 35.3 14.7 (0.6) 19.6 42 General Insurance Table 1(iii) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) MOTOR VEHICLE 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 40,055.2 41,561.4 46,066.5 53,759.3 63,081.3 less Reinsurance outwards 1,893.3 3,291.8 3,204.2 4,881.4 2,531.7 NET PREMIUM INCOME 38,161.9 38,269.6 42,862.3 48,877.9 60,549.6 add Retained unearned premiums - opening 17,954.0* 21,664.2* 22,276.0 25,782.6 29,034.4 less Retained unearned premiums - closing 21,428.3* 22,276.0 25,782.6 29,034.4 33,401.9 NET EARNED PREMIUMS 34,687.6 37,657.8 39,355.8 45,626.0 56,182.1 PART B - CLAIMS Net claims paid add 18,658.4 26,663.7 37,453.6 42,993.1 42,053.4 Net claims outstanding - closing 10,185.6* 10,057.6 14,823.9 17,952.2 16,438.5 less Net claims outstanding - opening 8,200.6* 10,518.0* 10,057.6 14,823.9 17,952.2 NET CLAIMS INCURRED 20,643.4 26,203.3 42,220.0 46,121.4 40,539.8 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 3,084.5 3,325.3 3,178.0 2,299.2 3,855.9 2,344.5 3,763.8 2,359.3 4,833.6 2,506.8 TOTAL EXPENSES 6,409.8 5,477.2 6,200.4 6,123.2 7,340.4 UNDERWRITING SURPLUS/(DEFICIT) 7,634.4 5,977.4 (9,064.6) (6,618.6) 8,301.9 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
59.5 18.5 69.6 14.5 107.3 101.1 15.8 13.4 72.2 13.1 43 General Insurance Table 1(iv) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) MARINE HULL 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 1,815.4 2,103.4 2,414.3 2,628.6 2,321.8 less Reinsurance outwards 236.8 363.3 509.4 568.2 899.9 NET PREMIUM INCOME 1,578.6 1,740.1 1,904.8 2,060.4 1,422.0 add Retained unearned premiums - opening 773.7 940.9 1,068.4 1,267.1 1,473.4 less Retained unearned premiums - closing 940.9 1,068.4 1,267.1 1,473.4 1,331.8 NET EARNED PREMIUMS 1,411.4 1,612.6 1,706.1 1,854.1 1,563.6 PART B - CLAIMS Net claims paid add 862.9 826.1 1,515.6 346.2 553.3 Net claims outstanding - closing 1,270.2 599.8 313.2 1,257.8 1,680.3 less Net claims outstanding - opening 1,547.0 1,254.1 599.8 313.2 1,257.8 NET CLAIMS INCURRED 586.1 171.8 1,229.0 1,290.8 975.8 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES 172.7 200.5 373.2 194.0 163.3 357.3 UNDERWRITING SURPLUS/(DEFICIT) 452.1 1,083.6 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
41.5 26.4 10.6 22.2 225.5 214.2 439.7 37.4 72.0 25.8 234.6 246.8 481.4 82.0 69.6 26.0 236.7 147.3 384.0 203.8 62.4 24.6 44 General Insurance Table 1(v) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) MARINE CARGO 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 1,998.6 2,055.4 1,994.7 2,332.9 2,499.2 less Reinsurance outwards 286.0 314.4 412.1 548.3 802.5 NET PREMIUM INCOME 1,712.6 1,741.0 1,582.6 1,774.6 1,696.7 add Retained unearned premiums - opening 983.4* 915.1* 1,001.7 938.2 997.3 less Retained unearned premiums - closing 914.4 * 1,001.7 938.2 997.3 1,043.6 NET EARNED PREMIUMS 1,781.6 1,654.4 1,646.1 1,715.5 1,650.4 PART B - CLAIMS Net claims paid add 616.6 557.2 1,379.0 804.0 865.7 Net claims outstanding - closing 698.2* 1,318.1 514.1 619.4 265.6 less Net claims outstanding - opening 880.0* 694.2* 1,318.1 NET CLAIMS INCURRED 434.8 1,181.1 575.0 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES UNDERWRITING SURPLUS/(DEFICIT) NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
General Insurance Table 1(vi) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) CIT and BURGLARY 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 1,096.7 942.1 1,023.5 1,047.5 1,026.3 less Reinsurance outwards 15.1 53.5 59.6 54.1 83.1 NET PREMIUM INCOME 1,081.6 888.6 963.8 993.4 943.1 add Retained unearned premiums - opening 643.2* 586.9 630.1 591.0 577.7 less Retained unearned premiums - closing 586.9 630.1 591.0 577.7 NET EARNED PREMIUMS 1,137.9 845.4 1,003.0 1,006.7 555.4 965.4 PART B - CLAIMS Net claims paid add 438.2 313.1 534.1 528.0 455.0 Net claims outstanding - closing 390.1* 200.7 202.6 462.9 171.2 less Net claims outstanding - opening 901.8 387.5* 200.7 NET CLAIMS INCURRED (73.5) 126.3 536.0 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES 73.5 77.6 151.1 UNDERWRITING SURPLUS/(DEFICIT) 1,060.3 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
(6.5) General Insurance Table 1(vii) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) MOTOR CTP 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 9,325.7 9,239.9 9,398.0 6,153.3 402.3 less Reinsurance outwards 456.4 621.8 775.3 1,580.2 NET PREMIUM INCOME 8,869.3 8,618.1 8,622.7 4,573.1 (54.8) 457.2 add Retained unearned premiums - opening 5,403.1 5,673.9* 5,115.2 4,691.5 1,732.1 less Retained unearned premiums - closing 5,481.5* 5,115.2 4,691.5 1,732.1 41.5 NET EARNED PREMIUMS 8,790.9 9,176.8 9,046.4 7,532.5 2,147.7 PART B - CLAIMS Net claims paid add 2,738.3 3,858.0 2,523.6 2,251.2 3,459.3 Net claims outstanding - closing 12,055.5* 7,837.5 6,499.5 5,434.0 4,286.7 less Net claims outstanding - opening 12,889.3 11,742.5* 7,837.5 6,499.5 5,434.0 NET CLAIMS INCURRED 1,904.5 (47.0) 1,185.6 1,185.7 2,312.0 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES 193.2 637.4 830.5 119.1 387.7 506.8 158.8 309.9 468.7 225.5 235.1 460.6 13.5 38.0 51.5 UNDERWRITING SURPLUS/(DEFICIT) 6,055.9 8,717.0 7,392.1 5,886.2 (215.7) NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
21.7 9.4 (0.5) 5.5 13.1 5.2 15.7 6.1 107.6 2.4 47 General Insurance Table 1(viii) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) PERSONAL ACCIDENT 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 801.6 713.1 668.3 764.3 1,101.8 less Reinsurance outwards 45.4 36.1 41.6 23.4 51.7 NET PREMIUM INCOME 756.2 677.0 626.7 740.8 1,050.0 add Retained unearned premiums - opening 519.0* 462.2 407.2 387.2 447.6 less Retained unearned premiums - closing NET EARNED PREMIUMS PART B - CLAIMS Net claims paid add 462.2 813.0 407.2 732.0 387.2 646.7 447.6 680.4 605.7 892.0 0.0 1,275.9 0.0 1.9 0.0 Net claims outstanding - closing 30.3* 18.4 28.4 16.0 24.3 less Net claims outstanding - opening NET CLAIMS INCURRED PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 19.9 10.4 99.3 88.4 24.2 1,270.1 61.6 70.5 18.4 10.0 81.4 79.0 28.4 (10.4) (154.5) 41.9 TOTAL EXPENSES 187.7 132.1 160.3 (112.6) UNDERWRITING SURPLUS/(DEFICIT) 614.9 (670.1) 476.4 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
1.3 23.1 173.5 18.0 1.5 24.8 803.4 (1.5) (16.5) 16.0 8.2 95.6 101.4 197.0 686.8 0.9 22.1 48 General Insurance Table 1(ix) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) PROFESSIONAL INDEMNITY 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 1,229.9 1,155.3 1,293.9 1,351.1 2,010.5 less Reinsurance outwards 181.5 187.3 262.4 230.5 102.7 NET PREMIUM INCOME 1,048.4 968.0 1,031.6 1,120.6 1,907.8 add Retained unearned premiums - opening 565.5 557.2 535.1 590.2 683.7 less Retained unearned premiums - closing NET EARNED PREMIUMS PART B - CLAIMS Net claims paid add 557.2 1,056.7 535.1 990.1 590.2 683.7 1,155.0 976.4 1,027.0 1,436.6 4.2 216.3 4.1 1,393.2 144.9 Net claims outstanding - closing 365.5 223.0 259.0 333.1 691.8 less Net claims outstanding - opening NET CLAIMS INCURRED PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES UNDERWRITING SURPLUS/(DEFICIT) NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies 176.3 193.4 143.2 166.3 309.5 553.8 18.3 29.3 365.5 73.9 142.7 161.9 304.6 611.6 7.5 30.8 223.0 259.0 40.1 1,467.3 149.3 200.2 349.5 160.0 138.7 298.7 586.8 (739.0) 4.1 35.8 142.9 29.1 333.1 503.6 248.2 160.5 408.8 524.3 35.1 28.5 49 General Insurance Table 1(x) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) PUBLIC LIABILITY 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 3,140.5 2,964.0 2,808.3 3,285.7 3,387.5 less Reinsurance outwards 281.9 474.8 383.2 375.3 406.2 NET PREMIUM INCOME 2,858.6 2,489.2 2,425.1 2,910.4 2,981.3 add Retained unearned premiums - opening 1,658.0* 1,727.1* 1,612.0 1,515.6 1,637.5 less Retained unearned premiums - closing 1,724.6* 1,612.0 1,515.6 1,637.5 1,616.8 NET EARNED PREMIUMS 2,792.0 2,604.3 2,521.5 2,788.5 3,002.0 PART B - CLAIMS Net claims paid add 713.6 624.5 649.2 497.2 769.2 Net claims outstanding - closing 2,399.7* 1,750.7 1,640.0 1,705.1 1,950.7 less Net claims outstanding - opening 2,724.9* 2,357.7* 1,750.7 1,640.0 1,705.1 NET
 CLAIMS INCURRED 388.4 17.5 538.5 562.3 1,014.8 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES 314.7 325.2 639.9 232.1 235.4 467.5 293.9 229.0 522.8 294.6 181.4 476.1 321.8 186.8 508.7 UNDERWRITING SURPLUS/(DEFICIT) 1,763.7 2,119.3 1,460.2 1,750.1 1,478.5 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
13.9 22.9 0.7 17.9 21.4 20.7 20.2 17.1 33.8 16.9 50 General Insurance Table 1(xi) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) WORKERS COMPENSATION 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 7,316.0 7,854.3 7,445.1 8,178.5 5,879.4 less Reinsurance outwards 338.1 406.5 513.4 511.4 301.8 NET PREMIUM INCOME 6,977.9 7,447.8 6,931.7 7,667.1 5,577.6 add Retained unearned premiums - opening 3,906.5* 3,759.4* 3,870.0 3,717.1 4,034.0 less Retained unearned premiums - closing 3,753.8* 3,870.0 3,717.1 4,034.0 1,620.9 NET EARNED PREMIUMS 7,130.6 7,337.2 7,084.6 7,350.3 7,990.7 PART B - CLAIMS Net claims paid add 2,769.6 3,115.7 2,190.5 3,508.9 3,878.7 Net claims outstanding - closing 7,152.7* 6,868.0 6,489.0 7,485.3 8,366.0 less Net claims outstanding - opening 5,944.4 6,992.9* 6,868.0 6,489.0 7,485.3 NET CLAIMS INCURRED 3,977.9 2,990.8 1,811.6 4,505.2 4,759.4 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 606.6 690.9 617.4 479.9 614.2 474.8 653.9 403.1 TOTAL EXPENSES 1,297.5 1,097.3 1,089.0 1,057.0 630.0 368.1 998.1 UNDERWRITING SURPLUS/(DEFICIT) 1,855.2 3,249.1 4,184.1 1,788.1 2,233.3 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
55.8 18.2 40.8 15.0 25.6 15.4 61.3 14.4 59.6 12.5 51 General Insurance Table 1(xii) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) MEDICAL 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 26,508.0 24,381.8 27,455.8 31,074.9 33,005.4 less Reinsurance outwards 190.9 216.3 239.4 609.2 703.3 NET PREMIUM INCOME 26,317.1 24,165.5 27,216.4 30,465.7 32,302.1 add Retained unearned premiums - opening 11,001.1* 13,281.4* 13,741.5 15,378.6 16,821.0 less Retained unearned premiums - closing 13,275.9* 13,741.5 15,378.6 16,821.0 16,994.5 NET EARNED PREMIUMS 24,042.3 23,705.4 25,579.4 29,023.3 32,128.6 PART B - CLAIMS Net claims paid add 15,361.9 17,636.6 18,612.5 22,229.8 24,995.6 Net claims outstanding - closing 5,182.4* 4,757.4 6,248.0 6,744.8 6,196.9 less Net claims outstanding - opening 3,770.1 5,128.0* 4,757.4 6,248.0 6,744.8 NET CLAIMS INCURRED 16,774.2 17,266.0 20,103.1 22,726.6 24,447.7 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 2,885.6 2,421.5 2,997.2 2,595.1 3,238.5 2,693.1 3,759.6 2,376.7 3,959.5 2,479.3 TOTAL EXPENSES 5,307.1 5,592.3 5,931.5 6,136.3 6,438.8 UNDERWRITING SURPLUS/(DEFICIT) 1,961.0 847.2 (455.3) 160.3 1,242.1 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
69.8 22.1 72.8 23.6 78.6 23.2 78.3 21.1 76.1 20.0 52 General Insurance Table 1(xiii) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) TERM LIFE 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 8,291.6 8,021.1 7,923.2 9,413.2 16,564.7 less Reinsurance outwards 583.6 619.5 698.3 947.9 1,202.3 NET PREMIUM INCOME 7,708.0 7,401.6 7,224.9 8,465.2 15,362.4 add Retained unearned premiums - opening 1,980.9 2,477.2 2,987.2 2,938.9 3,204.2 less Retained unearned premiums - closing 2,477.2 2,987.2 2,938.9 3,204.2 7,135.1 NET EARNED PREMIUMS 7,211.7 6,891.6 7,273.2 8,199.9 11,431.5 PART B - CLAIMS Net claims paid add 4,251.4 3,604.1 5,116.3 4,380.7 5,459.2 Net claims outstanding - closing 1,622.6* 1,348.2 1,268.7 1,001.6 1,793.9 less Net claims outstanding - opening 2,073.0* 1,508.5* 1,348.2 1,268.7 1,001.6 NET CLAIMS INCURRED 3,801.0 3,443.8 5,036.8 4,113.6 6,251.6 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 764.1 523.2 896.4 411.7 864.4 356.4 1,340.7 442.8 1,497.5 916.3 TOTAL EXPENSES 1,287.3 1,308.1 1,220.8 1,783.5 2,413.9 UNDERWRITING SURPLUS/(DEFICIT) 2,123.4 2,139.7 1,015.6 2,302.8 2,766.1 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
52.7 17.9 50.0 19.0 69.3 16.8 50.2 21.8 54.7 21.1 53 General Insurance Table 1(xiv) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) OTHER 2014 2015 2016 2017 2018 PART A - PREMIUMS Gross premium income 5,562.2 5,503.7 5,102.4 6,988.9 6,375.5 less Reinsurance outwards 1,319.6 1,148.2 1,571.8 1,818.6 3,780.5 NET PREMIUM INCOME 4,242.6 4,355.5 3,530.6 5,170.2 2,595.0 add Retained unearned premiums - opening 2,524.1 3,088.7 3,045.7 2,642.4 3,344.7 less Retained unearned premiums - closing 3,088.7 3,045.7 2,642.4 3,344.7 3,027.1 NET EARNED PREMIUMS 3,678.0 4,398.5 3,934.0 4,467.9 2,912.6 PART B - CLAIMS Net claims paid add 1,366.4 1,017.4 1,898.3 2,810.0 1,201.4 Net claims outstanding - closing 2,134.7 * 1,880.0 3,499.4 4,343.5 3,686.9 less Net claims outstanding - opening 2,670.4 * 2,145.0* 1,880.0 3,499.4 4,343.5 NET CLAIMS INCURRED 830.7 752.4 3,517.8 3,654.0 544.9 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES 589.7 356.3 946.0 460.8 194.1 654.9 667.1 233.8 890.5 248.3 900.9 1,138.8 542.4 207.2 749.7 UNDERWRITING SURPLUS/(DEFICIT) 1,901.3 2,991.0 (484.7) (324.9) 1,618.0 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
22.6 25.7 17.1 14.9 89.4 22.9 81.8 25.5 18.7 25.7 54 General Insurance Table 2 CONSOLIDATED PROFIT AND LOSS STATEMENT FOR THE GENERAL INSURANCE INDUSTRY ($’000) 2014 2015 2016 2017 2018 PART A - PROFIT AND LOSS ACCOUNT Non-underwriting income Other non-underwriting income 7,463.3 2,682.3 6,911.5 2,891.3 9,041.9 2,625.7 8,898.0 5,801.0 9,145.8 5,066.1 Total non-underwriting income 10,145.6 9,802.8 11,667.6 14,699.0 14,211.9 Underwriting Surplus/(Deficit) 43,082.5 42,925.9 (18,966.9) 30,338.8 5,952.4 Expenses not included in Return 6A 12,787.8 14,613.3 16,006.2 15,902.6 17,347.7 Abnormal/extraordinary items 0.0 0.0 0.0 0.0 0.0 PRE-TAX PROFIT/(LOSS) 40,440.3 38,115.4 (23,305.5) 29,135.2 2,816.6 Taxation expense 5,815.4 7,701.3 (4,431.7) 7,185.2 1,594.1 PROFIT/(LOSS) AFTER TAXATION 34,624.9 30,414.1 (18,873.8) 21,950.0 1,222.5 PART B - APPROPRIATION ACCOUNT Unappropriated profit/(loss) brought forward from last period Other Transfers In add 74,781.9 83,262.2* 108,647.4 80,838.7* 97,373.8 Profit/(loss) after taxation for the current period 34,624.9 30,414.1 (18,873.8) 21,950.0 less Dividends, transfers and other appropriations 26,368.2 5,028.9 6,245.3 5,402.9 15,078.0 1,222.5 UNAPPROPRIATED PROFIT/(LOSS) CARRIED FORWARD Source: General Insurance Companies * Does not correspond due to adjustments.
83,038.6* 108,647.4 83,528.3* 97,373.8 83,518.2 55 General Insurance Table 3 ASSETS CURRENT ASSETS Cash on hand Outstanding premiums Amounts due from reinsurers Deferred reinsurance expense Deferred acquisition expense Prepayments Sundry debtors Other current assets Total LOANS Loans to directors and persons prescribed in section 32(1) Loans to related persons Unsecured employee loans Other loans Total INVESTMENTS Land and buildings Government securities Bank deposits Debentures Shares Other investments Total FIXED ASSETS Motor vehicles Furniture and fittings Computer hardware Computer software Other fixed assets Total INTANGIBLE ASSETS Future income tax benefit Goodwill Establishment costs Other intangible assets Total OTHER ASSETS Other amounts due from related persons Other Total CONSOLIDATED BALANCE SHEET OF THE GENERAL INSURANCE INDUSTRY 2014 ($’000) 0.0
0.0 181.6 7,310.2 400.2 3,843.7 4,243.9 0.0 0.0 415.0 3,925.3 839.1 1,779.6 2,618.7 0.0 0.0 52.1 2,233.6 0.00 3,150.9 3,150.9 TOTAL ASSETS 340,891.0 360,697.8 427,648.1 404,169.4 381,978.5 Source: General Insurance Companies 56 General Insurance Table 3 (cont’d) CONSOLIDATED BALANCE SHEET OF THE GENERAL INSURANCE INDUSTRY ($’000) LIABILITIES 2014 2015 2016 2017 2018 UNDERWRITING PROVISIONS Unearned premium provision Outstanding claims provision CAE provision Other Total OTHER PROVISIONS Taxation Dividends Stamp duty Fire service levy Employee entitlements Doubtful debts Other Total BORROWINGS Borrowings from related persons Other borrowings Total OTHER LIABILITIES Amounts due: - to insurers - to reinsurers - to related persons - to agents and brokers Sundry creditors Other Total TOTAL LIABILITIES 212,792.6 206,736.8 298,347.3 258,959.9 246,191.9 NET ASSETS 128,098.4 153,961.0 129,300.8 145,209.5 135,786.7 OWNERS’ FUNDS Paid-up capital Retained profits/(loss) Balance of head office account Asset revaluation reserve General reserve Other 32,224.0 83,038.6 11,323.7 993.7 0.0 518.4 32,428.7 108,647.4 11,370.2 921.6 0.0 593.1 33,043.0 83,562.4 11,417.1 1,163.8 0.0 114.5 34,800.5 97,373.8 11,448.4 1,396.8 0.0 189.9
 39,063.7 83,518.2 11,479.4 1,613.9 0.0 111.5 TOTAL OWNERS’ FUNDS 128,098.4 153,961.0 129,300.8 145,209.5 135,786.7 Source: General Insurance Companies 57 General Insurance .
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 ) e s a e r c e D ( / / S U L P R U S E U N E V E R X A T - E R P I ) T C I F E D ( n o i t a x a T / S U L P R U S E U N E V E R X A T - R E T F A ) T I C I F E D ( .
) t i c fi e D ( / ’ * i s e n a p m o C e c n a r u s n I e f i L : e c r u o S i / ) n o i t a c e r p e D ( e m o c n I r e h t O e m o c n I l a t o T 65 Life Insurance Table 11 ASSETS Current Assets Cash on hand Outstanding premiums Amounts due from reinsurers Deferred reinsurance expense Deferred acquisition expense Prepayments Sundry debtors Other current assets Total Loans Loans to directors and other persons Loans to related persons Unsecured employee loan Other loans Total Investments Land and buildings Government securities Bank deposits Debentures Shares Other investments Total Fixed Assets Furniture and fittings Motor vehicles Computer hardware and software Other fixed assets Total Intangible Assets Intangible assets Total Other Assets Other Total CONSOLIDATED ASSETS AND LIABILITIES OF THE LIFE INSURANCE INDUSTRY ($’000) 10,366.8
TOTAL ASSETS 1,005,936.5 1,090,702.3 1,141,078.7 1,253,456.9 1,362,475.0 Source: Life Insurance Companies 66 Life Insurance Table 11 (cont’d) CONSOLIDATED ASSETS AND LIABILITIES OF THE LIFE INSURANCE INDUSTRY ($’000) LIABILITIES 2014 2015 2016 2017 2018 Balance of revenue account at year end 898,690.9 973,862.3 1,020,064.5 1,126,335.8 1,221,147.6 Claims admitted but not paid Unearned premium provision Other Total Other Provisions Taxation Dividends Stamp duty Fire service levy Employee entitlements Doubtful debts Other Total Borrowings Borrowings from related persons Other borrowings Total Other Liabilities Amounts due: - to insurers - to reinsurers - to related persons - to agents and brokers Sundry creditors Other Total TOTAL LIABILITIES 936,850.5 1,013,810.8 1,065,677.7 1,170,683.8 1,275,287.2 NET
 ASSETS 69,086.0 76,891.5 75,401.0 82,773.1 87,187.8 OWNERS’ FUNDS Paid-up capital Retained profits/(loss) Balance of head office account Asset revaluation reserve General reserve Other TOTAL OWNERS’ FUNDS Source: Life Insurance Companies Life Insurance Table 12 PARTICULARS CONSOLIDATED STATEMENT OF PREMIUMS AND COMMISSIONS OF THE LIFE INSURANCE INDUSTRY FOR THE YEAR ENDED 31 DECEMBER 2018 ($’000) ORDINARY LIFE (INDIVIDUAL) WHOLE OF LIFE ENDOWMENT TERM INDUSTRIAL LIFE GROUP LIFE (TERM) OTHER (INDIVIDUAL) OTHER (GROUP) TOTAL PART A - PREMIUMS Direct Insurance Premiums: - new - renewal Sub total - Direct Reinsurance Premiums Inwards GROSS INSURANCE PREMIUMS REINSURANCE PREMIUMS CEDED: - treaty local - treaty overseas - facultative local - facultative overseas Sub total - Cessions NET INSURANCE PREMIUMS 2,427.7 133,815.5 2,657.7 Gross Consideration for Annuities Reinsurance Outwards NET CONSIDERATION FOR ANNUITIES PART B - COMMISSIONS Paid or Payable: (i) Direct business - new - renewal (ii) Reinsurance business Sub total - Paid or Payable Received or Receivable NET COMMISSIONS INCURRED Source: Life Insurance Companies Note: Premium shown are actual received.
Single premium business is included in the endowment premium.
Life Insurance CONSOLIDATED STATEMENT OF POLICY PAYMENTS OF THE LIFE INSURANCE INDUSTRY FOR THE YEAR ENDED 31 DECEMBER 2018 ($’000) ORDINARY LIFE (INDIVIDUAL) WHOLE OF LIFE ENDOWMENT TERM INDUSTRIAL LIFE GROUP LIFE (TERM) OTHER (INDIVIDUAL) OTHER (GROUP) TOTAL Table 13 PARTICULARS POLICY PAYMENTS Gross Policy Payments - maturities - death - annuities - surrenders - accident and health - other Total 40.8 2,055.5 0.0 91.9 0.0 0.0 96,462.0 4,539.5 0.0 14,991.8 92.0 93.5 0.0 529.0 0.0 0.0 0.0 0.0 2,188.2 116,178.8 529.0 Reinsurance Claims Payments Total Policy Payments Reinsurance Recoveries 0.0 2,188.2 0.0 0.0 116,178.8 0.0 0.0 529.0 0.0 NET POLICY PAYMENTS 2,188.2 116,178.8 529.0 Source: Life Insurance Companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.0 0.0 0.0 0.0 (56.2) 0.0 0.0 6.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 96,502.8 7,067.9 0.0 15,083.7 98.8 93.5 (49.4) 0.0 118,846.8 0.0 (49.4) 0.0 0.0 0.0 0.0 0.0 118,846.8 0.0 (49.4) 0.0 118,846.8 69 Life Insurance Table 14 CONSOLIDATED STATEMENT OF BUSINESS PROFILE FOR THE LIFE INSURANCE INDUSTRY AS AT 31 DECEMBER 2018 INDIVIDUAL BUSINESS NO.
OF POLICIES AMOUNT INSURED ($’000) PREMIUMS PARTIC.

NON-PARTIC.

PARTIC.

NON-PARTIC.
($’000) Life Business in Force at end of last year 97,334 Old Life Policies Revived NEW LIFE BUSINESS Ordinary Life Insurances - Whole of Life insurances - Endowment insurances - Term insurances Sub total - ordinary life Industrial Life Insurances Annuities Total TERMINATIONS AND TRANSFERS Policies other than annuities - Death - Maturity - Expiry of term - Surrender - Forfeiture - Net transfers - Others Sub total - policies other than annuities Annuities Total BUSINESS IN FORCE AT END OF YEAR 1.
LIFE BUSINESS IN FORCE Ordinary Life Insurances - Whole of Life insurances - Endowment insurances - Term insurances Sub total - ordinary life Industrial Life Insurances Annuities Total 2.
OTHER BUSINESS IN FORCE - Accident - Other Sub total - other business Total GROUP BUSINESS NEW BUSINESS: Life (Term) Insurances Accident Insurances Others Total BUSINESS IN FORCE: Life (Term) Insurances Accident Insurances Others Total TOTAL GROUP BUSINESS NO.
OF POLICIES NO.

OF LIVES SUMS INSURED ($’000) PREMIUMS ($’000) Source: Life Insurance Companies Note: This table does not include single premium business.

Refer to Table 15 for single premium business.

70 Life Insurance Table 15 CONSOLIDATED STATEMENT OF BUSINESS PROFILE – SINGLE PREMIUM BUSINESS ONLY FOR THE LIFE INSURANCE INDUSTRY AS AT 31 DECEMBER 2018 INDIVIDUAL BUSINESS NO.
OF POLICIES AMOUNT INSURED ($’000) PARTIC.

NON-PARTIC.

PARTIC.

NON-PARTIC.
PREMIUMS ($’000) Life Business in Force at end of last year 3,251 710 141,880.8 31,891.8 131,577.0 Old Life Policies Revived NEW SINGLE PREMIUM BUSINESS - Whole of Life insurances - Endowment insurances - Term insurances Sub total – Single Premium Total TERMINATIONS AND TRANSFERS Policies other than annuities - Death - Maturity - Expiry of term - Surrender - Forfeiture - Net transfers - Others Sub total - policies other than annuities Annuities Total SINGLE PREMIUM BUSINESS IN FORCE AT END OF YEAR - Whole of Life insurances - Endowment insurances - Term insurances - Others Total GROUP BUSINESS NEW SINGLE PREMIUM BUSINESS: Life (Term) Insurances Accident Insurances Others Sub total – new business SINGLE PREMIUM BUSINESS IN FORCE: Life (Term) Insurances Accident Insurances Others Sub total – business in force Total Source: Life Insurance Companies NO.
OF POLICIES NO.

OF LIVES SUMS INSURED ($’000) PREMIUMS ($’000) Table 16 CONSOLIDATED SUMMARY AND VALUATION OF POLICIES FOR THE LIFE INSURANCE INDUSTRY AS AT 31 DECEMBER 2018 ($’000) TYPE OF INSURANCE PARTICULARS OF POLICIES FOR VALUATION VALUATION BASIS No.
of Policies Sum Insured Bonuses Office Yearly Premium Net Yearly Premiums Sum Insured Bonuses Net Yearly Premiums Net Liability ORDINARY INSURANCE G.P.1 With Immediate Participation in Profits For: Whole Term of Life Insurance Endowment Insurance Others Extra Premium Adjustment Total Insurances Deduct Reinsurances Net Insurances G.P.2 With Deferred Participation in Profits For: Whole Term of Life Insurance Endowment Insurance Others Extra Premium Adjustment Total Insurances Deduct Reinsurances Net Insurances Total Net Insurances With Profits TYPE OF INSURANCE PARTICULARS OF POLICIES FOR VALUATION VALUATION BASIS No.
of Policies Sum Insured Bonuses Office Yearly Premium Net Yearly Premiums Sum Insured Bonuses Net Yearly Premiums Net Liability G.P.3 Without Participation in Profits For: Whole Term of Life Insurance Endowment Insurance Others Extra Premium Adjustment Total Insurances Deduct Reinsurances Total Net Insurances Without Profits G.P.4 Endowments For: Whole Term of Life Insurance Endowment Insurance Others Extra Premium Adjustment Total Endowments Deduct Reinsurances Total Net Endowments G.P.5 Annuities Immediate Annuities on Lives Others Total Annuities Deduct Reinsurances Total Net Annuities G.P.6 Accidents Accidents, Deaths, Disablement Benefits Extra premiums Total Accidents (2,434.7) 0.0 0.0 0.0 0.0 8,122.7 628.1 11,185.4 (2,434.7) 0.0 0.0 193,4 0.0 193,4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Net Ordinary Insurances 104,436 3,467,501.4 352,363.4 132,445.8 51,072.5 1,322,766.6 416,129.9 651,176.6 1,087,719.9 Source: Life Insurance Companies ) 0 0 0 $ ( ’ 1
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Insurance Brokers Appendices Content Table 18 - Consolidated Profit and Loss Statement Table 19 - Consolidated Balance Sheet Table 20 - Consolidated Insurance Broking Account Table 21 - Consolidated Statement of Premiums 74 75 77 78 74 Table 18 CONSOLIDATED PROFIT AND LOSS STATEMENT FOR THE INSURANCE BROKING INDUSTRY ($’000) PARTICULARS 2014 2015 2016 2017 2018 REVENUE Brokerage Earned: - as Commission - as Fees - in Any Other Form Total Brokerage Interest Income Earned Other Investment Income Consultancy Fees or Commissions Other Revenue Total Revenue for the Year EXPENSES Salaries and Wages Directors’ Fees PI and Fidelity Guarantee Insurance Rent Travel Audit fees Training Other Expenses Total Expenses for the Year 6,248.4 11,698.5 6,259.8 12,935.1 6,604.4 13,732.6 7,666.3 15,234.4 10,908.1 18,255.6 Abnormal/extraordinary items 0.0 (0.9) 0.0 (3.5) (3.7) PROFIT/(LOSS) BEFORE TAX 5,548.2 4,870.5 5,999.0 6,297.4 4,932.0 Taxation Expense 1,173.2 1,009.9 1,209.1 1,373.5 1,094.4 NET PROFIT/(LOSS) FOR THE YEAR 4,375.0 3,860.6 4,691.7 4,923.9 3,837.5 DISTRIBUTION Retained Profit/(Loss) Brought Forward From Last Period Dividend/Capital Withdrawals (Paid Or Proposed) Other Transfers RETAINED PROFIT/(LOSS) carried forward to next period Source: Insurance Brokers * Does not correspond due to adjustments.
8,373.4 7,648.5* 6,722.2 7,657.4 6,481.3 2,600.0 0.0 4,900.0 113.1 10,148.4* 6,722.2 3,700.0 (56.5) 7,657.4 6,100.0 5,600.0 0.0 8.1 6,481.3 4,727.0 75 Insurance Brokers Table 19 ASSETS CONSOLIDATED BALANCE SHEET OF THE INSURANCE BROKING INDUSTRY ($’000) 2014 2015 2016 2017 2018 CURRENT ASSETS Cash on Hand Insurance Broking Account Outstanding Premiums: - 30 days and under - over 30 days but less than 3 months - over 3 months Prepayments Sundry Debtors Other Total LOANS Loans: - Secured - Unsecured Loans to Related Persons: - Secured - Unsecured Total INVESTMENTS Land and Buildings Government Securities Bank Deposits Debentures with: - Related persons - Non Related persons Shares in: - Related persons - Non Related Persons Total FIXED ASSETS Motor Vehicles Furniture and Fittings Computer Hardware Computer Software Other Total OTHER ASSETS Amounts Due from Related Persons Other Amounts Due Future Income Tax Benefit Goodwill Other Total TOTAL ASSETS 56,407.6 55,386.5 48,556.4 52,449.0 61,153.3 Source: Insurance Brokers 76 Insurance Brokers Table 19 (cont’d)
 CONSOLIDATED BALANCE SHEET OF THE INSURANCE BROKING INDUSTRY LIABILITIES BORROWINGS ($’000) 2014 2015 2016 2017 2018 - Borrowings from Related Persons 629.3 958.5 926.2 1,181.2 2,884.8 - Other Borrowings Overdraft Other Total PROVISIONS Taxation Dividends/Proprietor Withdrawals Doubtful Debts Other Total OTHER LIABILITIES Amounts Due: - to Insurers - to Reinsurers - to Related Persons Sundry Creditors Other Total TOTAL LIABILITIES 45,593.7 47,748.9 40,011.7 45,080.4 55,539.0 NET ASSETS 10,813.9 7,637.6 8,544.7 7,368.6 5,614.3 OWNERS’ FUNDS Paid-up Capital Retained Profits/(Loss) Balance of Head Office Account Other 219.9 10,148.4 0.0 445.6 469.8 6,722.2 0.0 445.6 469.9 7,657.4 0.0 417.5 887.3 6,481.3 0.0 0.0 887.3 4,727.0 0.0 0.0 TOTAL OWNERS’ FUNDS 10,813.9 7,637.6 8,544.7 7,368.6 5,614.3 Source: Insurance Brokers 77 Insurance Brokers ) 0 0 0 $ ( ’ S R A L U C I T R A P 0 2 e l b a T 9 .
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9 2 3 4 , : : f o t n u o c c a n o r o r o f s d e r u s n i - t s e r e t n i - r e h t o - l a t o T 78 Insurance Brokers Table 21 CONSOLIDATED STATEMENT OF PREMIUMS OF THE INSURANCE BROKING INDUSTRY ($’000) PARTICULARS 2014 2015 2016 2017 2018 PREMIUMS HANDLED DURING YEAR GENERAL INSURANCE BUSINESS Fire Householders Motor vehicle Marine Hull Marine Cargo CIT and Burglary Motor - CTP Personal Accident Professional Indemnity Public Liability Workers Compensation Medical Term Life Other Total LIFE INSURANCE BUSINESS Whole of Life Endowment Term Life Other Total TOTAL PREMIUMS HANDLED 155,563.5 140,768.3 155,150.5 185,883.7 209,130.8 Brokerage received or receivable on premium handled Source: Insurance Brokers 16,534.5 17,345.2 19,288.5 21,277.0 22,137.9 79 IV.
Key Disclosure Statements of Licensed Insurance Companies General Insurance Companies Life Insurance Companies 80 82 80 General Insurers’ Disclosure Statements PROFITABILITY Net operating profit/(loss) after tax ($’000) As a percentage of average total owners’ fund As a percentage of average total assets SIZE - as at end of year Total assets ($’000) The percentage change in total assets over 12 months SOLVENCY REQUIREMENT as at end of year ($’000) Adjusted Net Assets Minimum Required Solvency Margin Solvency Surplus Total Owners’ Fund UNDERWRITING PROVISIONS - as at end of year ($’000) Unearned Premium Provisions Admitted Claims Incurred But Not Reported REINSURANCE - as at end of year ($’000) Reinsurance Outwards Reinsurance/Gross Premium BALANCE SHEET ($’000) Investments Loans Other Current Assets Fixed Assets Intangible Assets Other Assets TOTAL ASSETS Underwriting Provisions Other Provisions Borrowings Other Liabilities TOTAL LIABILITIES NET ASSETS Total Owners’ Funds CONTINGENT LIABILITIES UNDERWRITING AND PROFIT and LOSS STATEMENTS ($’000) Net Premium Income Net Earned premiums Net Claims incurred Underwriting expenses Underwriting surplus/deficit Non-underwriting income Management/Administration Expenses Other Extraordinary Items NET PROFIT/(LOSS) BEFORE TAX Taxation Expense NET PROFIT/(LOSS) AFTER TAX BSP Health Care Capital Insurance FijiCare 2017 2018 2017 2018 2017 2018 753 13.87% 3.51% 665 9.66% 2.70% 72 1.65% 0.27% 1,391 24.36% 5.17% 1,260 17.22% 7.58% 2,730 29.50% 11.61% 24,271 30.00% 24,919 2.67% 25,379 (6.61)% - - - - 10,473 12,159 17,271 20,548 - 261 - 24,271 15,912 276 - 2,034 18,222 6,049 6,049 85 21,224
 18,640 12,677 2,219 3,744 548 3,314 - 978 225 753 - 350 - 24,919 15,284 273 - 1,648 17,205 7,714 7,714 935 21,309 22,311 16,605 2,434 3,272 787 3,196 - 863 198 665 273 431 1,629 25,379 17,602 210 - 2,588 20,400 4,979 4,979 0 11,095 11,401 7,404 2,178 1,819 934 2,703 - 50 (22) 72 204 15 526 28,388 18,135 469 - 3,342 21,946 6,442 6,442 0 18,439 14,712 8,216 2,292 4,204 665 2,801 - 2,068 677 1,391 896 6,680 123 21 15 18,482 9,201 369 - 989 10,559 7,923 7,923 40 15,575 13,302 9,697 3,297 309 1,664 595 - 1,378 118 1,260 362 13,665 471 20 31 28,535 15,845 447 - 1,655 17,947 10,588 10,588 57 24,238 19,279 12,896 4,052 2,331 1,342 713 - 2,960 230 2,730 Source: General Insurers Published Disclosure Statements - Fiji Operations Note: Ratios such as percentage change in total assets over 12 months, operating profit as a percentage of average total owner’s fund and operating profit as a percentage of average total assets, will not necessarily correspond to the prior year asset and owner’s fund base in this table due to changes in accounting practices in the the year of publication.
81 Key Disclosure Statements General Insurers’ Disclosure Statements PROFITABILITY Net operating profit/(loss) after tax ($’000) As a percentage of average total owners’ fund As a percentage of average total assets SIZE - as at end of year Total assets ($’000) New India Assurance QBE Insurance Sun Insurance Tower Insurance 2017 2018 2017 2018 2017 2018 2017 2018 9,135 16.96% 6.65% (122) (0.21)% (0.10)% 5,981 (6,477) 3,943 3,892 806 (887) 22.00% (29.96)% 13.36% 13.11% 5.54% (7.54)% 6.35% 6.49% 9.76% 1.89% (9.00)% (2.01)% The percentage change in total assets over 12 months (14.00)% 2.00% 4.71% (37.65)% 127,084 129,630 105,397 65,720 62,430 1.24% 57,558 (7.80)% 41,127 47,229 7.13% 14.84% SOLVENCY REQUIREMENT as at end of year ($’000) Adjusted Net Assets Minimum Required Solvency Margin Solvency Surplus Total Owners’ Fund UNDERWRITING PROVISIONS - as at end of year ($’000) Unearned Premium Provisions Admitted Claims Incurred But Not Reported REINSURANCE - as at end of year ($’000) Reinsurance Outwards Reinsurance/Gross Premium BALANCE SHEET ($’000) Investments Loans Other Current Assets Fixed Assets Intangible Assets Other Assets TOTAL ASSETS Underwriting Provisions Other Provisions Borrowings Other Liabilities TOTAL LIABILITIES NET ASSETS Total Owners’ Funds CONTINGENT LIABILITIES UNDERWRITING AND PROFIT and LOSS STATEMENTS ($’000) Net Premium Income Net Earned premiums Net Claims incurred Underwriting expenses Underwriting surplus/deficit Non-underwriting income Management/Administration Expenses Other Extraordinary Items NET PROFIT/(LOSS) BEFORE TAX Taxation Expense NET PROFIT/(LOSS) AFTER TAX 14.62%
- 53,418 2,102 141 659 127,084 129,630 105,397 65,338 2,715 - 582 67,672 2,670 - 932 68,636 71,274 58,448 58,448 2 58,356 58,356 2 62,837 1,507 - 10,843 75,187 30,210 30,210 2 - 37,963 1,974 140 2,215 65,720 45,109 1,260 - - 17,592 3,562 222 269 62,430 27,391 1,109 - - 24,155 3,801 73 330 57,558 23,947 990 - - - 23,858 30,010 612 129 - 41,127 27,780 1,618 1,299 452 - 47,228 28,177 1,594 - - (1,269) 6,466 8,621 7,875 10,029 (3,629) 3,008 (10,030) 2,923 3,476 - - 12,952 3,818 9,135 - - (153) (31) (122) 4,224 176 - 3,678 203 - 7,056 (6,555) 1,075 5,981 (108) (6,447) 19,413 19,935 11,853 1,518 6,564 3,838 4,718 5,684 1,741 3,943 20,743 20,066 12,744 1,767 5,555 3,796 4,565 - 4,786 894 3,892 22,970 21,918 14,675 2,375 4,868 567 4,398 22,783 23,381 16,562 2,568 4,251 467 5,870 - - 1,036 (1,152) 230 806 (265) (887) Source: General Insurers Published Disclosure Statements - Fiji Operations Note: Ratios such as percentage change in total assets over 12 months, operating profit as a percentage of average total owner’s fund and operating profit as a percentage of average total assets, will not necessarily correspond to the prior year asset and owner’s fund base in this table due to changes in accounting practices in the the year of publication.
82 Key Disclosure Statements BSP Life LICI - 8,394 562,577 82,552 82,552 645 66,125 82,308 1,494 149,927 45,803 6,177 21,743 50,100 123,823 26,104 3,896 22,208 617,648 - 5,453 612,195 616,464 72,809 15,621 1,305 10,355 4,240 720,794 604,267 20,030 - 9,531 633,828 86,966 86,966 530 68,006 87,588 1,233 156,827 45,559 5,365 25,699 54,845 131,468 25,359 3,524 21,835 688,875 - 8,500 680,375 540,869 46,583 20,463 403 - 11 608,328 599,317 3,970 - 4,820 608,107 221 221 107 66,858 37,613 22,728 127,199 67,912 6,913 4,060 46,376 125,260 1,939 942 997 571,610 50,225 19,515 312 - 18 641,681 631,782 4,142 - 5,535 641,459 221 221 96 73,268 39,429 4,465 117,162 73,288 7,506 4,391 31,046 116,232 930 297 633 597,278 628,372 - 585 - 633 596,693 627,739 Life Insurers’ Disclosure Statements PROFITABILITY After Tax Surplus ($’000) As a percentage of average total owners’ fund As a percentage of average total assets SIZE - as at end of year Total Assets ($’000) The Percentage change in total assets over 12 months SOLVENCY REQUIREMENT as at end of year ($’000): Adjusted Net Assets Minimum Required Solvency Margin Solvency Surplus Total Owners’ Fund LIABILITIES ($’000): - as at end of the year Balance of Revenue Account BALANCE SHEET ($’000) Investments Loans Current Assets Fixed Assets Intangible Assets Other Assets TOTAL ASSETS ($’000) Policy holders funds Other Provisions Borrowings Other liabilities TOTAL LIABILITIES ($’000) NET ASSETS ($’000) Total Owners’ Funds CONTINGENT LIABILITIES ($’000) Statement of Revenue and Distribution for Statutory Funds ($’000) Net Insurance Premiums Investment Income Other Income TOTAL INCOME ($’000) Net policy Payments Net Commissions Incurred
 Operating Expenses Increase/(Decrease) in policy liabilities TOTAL OUTGOING ($’000) PRE- TAX REVENUE SURPLUS/(DEFICIT) ($’000) Taxation Expense AFTER- TAX REVENUE SURPLUS/(DEFICIT) ($’000) BALANCE OF REVENUE ACCOUNT BEFORE DISTRIBUTION ($’000) Bonuses provided or Paid for Transfers/Dividends BALANCE OF REVENUE ACCOUNT AFTER DISTRIBUTION ($’000) Source: Life Insurers Published Disclosure Statements - Fiji Operations Note: Ratios such as percentage change in total assets over 12 months, surplus as a percentage of average total owner’s fund and surplus as a percentage of average total assets, will not necessarily correspond to the prior year asset and owner’s fund base in this table due to changes in accounting practices in the the year of publication.
83 V. List of Licensed Insurance Agents as at 31 December 2018 A. BSP Health Care (Fiji) Limited B. BSP Life (Fiji) Limited C. Capital Insurance Limited D. Life Insurance Corporation of India E. FijiCare Insurance Limited F. New India Assurance Company Limited G. QBE Insurance (Fiji) Limited H. Sun Insurance Company Limited I.

Tower Insurance (Fiji) Limited 84 84 85 85 87 87 87 87 87 No.

NAME LICENCE No.

No.

NAME LICENCE No.


84 A. BSP HEALTH CARE (FIJI) LIMITED B.
57 58 59 60 61 62 Abdul Irfaan* Akariva Ratumaitavuki* Ambika Nand* Andrew Adams* Apenisa Davuiqalita* Arvind Chand* Atresh Ram* Atunaisa Nailatica* Bipin M Patel* Daniel Yagomate* Elizabeth Jiuta* Emosi Dravikula* Fabian Corrie* Grija Prasad* Inoke Rokobui* Jainand Maharaj* Jitendra Sami* Jope Tuivanuavou* Jovesa Sivaromaca* Kala Singh* Karun Kumar Gandhi* Kiniviliame Waqairawai* Livai Tagicakibau* Lorima Baba* Lui Talesalusalu Maikali Dimuri* Mosese Uluinaceva* Naibuka Mara* Naveen Nilesh Chand* Parvin Kaur* Paul Vakatoto* Peter P C Sharma* Philip K Filipo* Pradeep Kumar* Pravin Lal* Ravendra Parbhu Ravin Chand* Raymond Stoddart* Ritesh Nand* Ronal Chandra* Ronald Prasad Saneel Nand* Sanjay Mani* Sitiveni Ratubalavu* Susan Rusia* Susie Emberson* Taitusi Cakau* Tevita Baleinamaka* Tevita Momoedonu* Tomasi Lovo* Vilikesa Veisa* Vilimoni Kuruyawa* Vinal V Karan* Vinesh Kumar* Vishwa Nand* Warden Krishna* BSP LIFE (FIJI) LIMITED Abdul Irfaan* Akariva Ratumaitavuki* Akash Lal Akeneta Kabou Akuila Tabualevu Alan Tuinasoni Alice Heffernan Ambika Nand* Amelia Mauta Draumasei Ana Vulawalu Anare Nakaucina Anare Luvunakoro Anaseini Qumivutia Derenalagi Andrew Adams* Apenisa Davuiqalita* Arvind Chand* Ashika Devi Astral Lockington Atresh Ram* Atunaisa Nailatica* Bipin M Patel* Brian Wise Cyril Fong* Daniel Yagomate* Daniel Kumar Dorothy Blakelock Elena Ravuiwasa Elizabeth Jiuta* Emosi Dravikula* Epeli Sokidrau Eroni Tuivanuavou Fabian Corrie* Grija Prasad* Hafiz Ud Dean Henry Samuels Henry Berwick Hiagi
 Manueli Inoke Rokobui* Inosi Vatumoto Iowana Ravea Isikeli Tawailasa Jainand Maharaj* Jioji Rokosuka Jitendra Sami* Joape Kuinikoro Joeli Bula John Elder Joji Domonatani Jope Vugakoto Jope Tuivanuavou* Jovesa Sivaromaca* Kala Singh* Karun Kumar Gandhi* Kelerayani Vulagitagi Kiniviliame Waqairawai* Laisa Lasainukulau Siganiyavi Lemeki Senikau Litia Luvunakoro Livai Toribau Livai Tagicakibau Lois Jyoti Anand Lorima Baba* Lui Talesalusalu* Maikali Dimuri* Makelesi Secivaki Makipani Gonelevu Makrava Wilson Matelita Druguwale Melaia B Luke Miriama Vueta Source: Reserve Bank of Fiji * Also an agent of another Insurance Company List of Licensed Insurance Agents in Fiji No.
NAME LICENCE No.

No.

NAME LICENCE No.
Misiladi Matavesi Mohammed Rafik Mohammed Zahim Mosese Uluinaceva* Nacanieli Qerenatabua Naibuka Mara* Naisa Waqa Napolioni Cavu Naveen Nilesh Chand* Oniliva Rakuro Paras Sukul Parvin Kaur* Paul Vakatoto* Penisoni Khan Peter P C Sharma* Philip K Filipo* Pio Faga Paulo Pita Vuloaloa Pradeep Kumar* Pranil Nand Pravin Lal* Raj Kumar Ratu Filimoni Soqeta Ravin Chand* Ravindra Raj Mohan Raymond Stoddart* Ricky R Kumar Ritesh Maharaj Ritesh Nand* Ronal Chandra* Ronald Prasad Roweena Subam Ruci Maramanibua Sachin P Lakhan Saiasi Baleimoala Maisema Sakiusa Takirau Samuel Maharaj Samuela Waqanisau Samuela Waqaniburotukula Samuela Baleicicia Samuviti Naivilawasa Saneel Nand* Sanjay Mani* Sanjeshni Singh Sarat N Chand Selemo Were Senimelia Seruisavou Sereima Sera Suguturaga Seruwaia Yauviri Seruwaia Tuisawau Shaun Corrie Shivlesh Prasad* Siteri Koroiwaqa Sitiveni Ratubalavu* Surendra Prasad Suresh Chauchan Susan Rusia Susie Emberson* Taitusi Cakau* Tanuj Patel Tevita Nakulanikoro Tevita Narebai Tevita Baleinamaka* Tevita Momoedonu* C. 213 214 215 216 217 218 219 220 D. Timoci Tamanisokula Timoci Namuaira Tomasi Duaibe Tomasi Lovo* Tuicakau Cakacaka Tupoutu'a Apikali Taraivosa Kepa-Browne Vatiri Dimoala Vilashni D Ali Vilikesa Veisa* Vilimoni
 Kuruyawa* Vilitati Matayalewa Vinal V Karan* Vinesh Kumar* Viniana Ratuvou Vishwa Nand* Vuairewa Tuicolo Talei Tamani-Finau Waisea Cama Waisea Tuisese Waisiki Loco Warden Krishna* Wati Kotobalavu Watisoni Waqaicece CAPITAL INSURANCE LIMITED Vijay Nair Hari Dutt Sharma Jiten Singh Mohammed F Sheik Finance Pacific Corporation Limited Credit Corporation Sultan Motors Shenil Chandra LIFE INSURANCE CORPORATION OF INDIA Abhilesh Dayal Abilesh S Naidu Adi Asenaca B B Katonivualiku Adi Seru Ana Makutu Agya Prasad Ajesh Chand Aklesh Kumar Aklesh Atil Chand Alan Veeran Alanieta B Verevou Alesi Radalau Alipate Baledrokadroka Alvin Amit Singh Aminisitai Cikai Drugusorovoli Anaisi Baledrokadroka Ananta Priya Prakash Anasa Senikaboa Anil Kumar Amin Anischal K Naicker Anjay Sharma Areesh Atil Chand Arishma Devi Narayan Arvind Sharma Ashwin Prasad Ashwin S Prasad Asilika M Lalakohai Asis Chand Ateca Suvewa Beatrice Rodan Biday Narayan Celine Cataki Chandra Shah Source: Reserve Bank of Fiji * Also an agent of another Insurance Company No.
NAME LICENCE No.

No.

NAME LICENCE No.
List of Licensed Insurance Agents in Fiji Chandra Deo Davendra Prasad Davendra V Ram Dhurup Kumar Dhurup Chand Dinesh Deo Dineshwar Sharma Eka Diama Ekari Saune Elenoa Eleni Elina B Sauliga Emi Sokidrau Vakamelei Faga Luse Inoke Filomena Tikoinadi Vainisalia Frank Eliki Vatubai Gluck William Pilot Whippy Ilisabeta Salauca Nadevo Jai Chand Jainendra Prasad James B Krishna Jaoji T Dobui Jenendra Kumar Jitendra Sami Joeli Qio Baleidralulu Jona Saukilagi Jone Baravilala Josefa Alipate Kaitu Josese Tokalau Kalpana Sharma* Karam Chand Karmesh Mishra Kaurasi Fesaitu Ralifo Kelepi Vulimainadave Mata Kelevi Nagone Kesaia Tagi Kinisimere Nairi Krishna Naidu Krishna f/n Kali Krishneel Krishna Gounder Laniana Erenabou Laryan G P Verma Losana Tuitokova Mahedran Deepak Mahendra Prasad Makarita L Riamkau Mamakoula Talemaitoga Marika Gata Mereadani Batikara Mesake Biumaiwai Yabaki Mikaele Tabalala Mofeed Ali Moreen Lata Prasad Naibuka Ratulailai Nandlal Bahadur* Nanise Nai Naresh C Prasad Navketan Singh Aujla* Nemani Bainivalu Nikolau Vulaca Nilesh Nischal Prasad Nimilote Lua Boginisoko Nitin Navnit Lal Payal K Prasad Peter Steven Pranil Goundar* Prem Kumar Rabines Ram Rahul S Lal Rajesh Kumar Rajesh Kumar
 Harish Rajesh M Singh Rajeshwar Prasad Rajiv Dayal Sharma Rajnesh Achari Rajnesh Narayan Ram Murthi Naidu Ramesh Kumar Ranjani Devi Ranjeet Singh Rashmit Kaur Ravin Kumar Ravindra Deo Ravindra Lal* Rekha Parmar Rohal Astish Chand Sharma Ronal Kumar Roneel Krishneel Raj Roseline Sangeeta Sharma Rusila SVadei Sachindra Deo Sainiana Dua Sakiusa Luvunakoro Salen Shiner* Salesh Kumar Salome Tokalau Sambhu Datt* Samuel Isaac Veeran Samuela Filimoni Mucunabitu Sanil Kumar Sanjay Kumar Sanjeshni Devi Sanjia Devi Prasad Sarila D Raj Sarwan Kumar Sharma Satendra Nath Shairina Devi Nair Sharmila Devi Shashi Gounder Sheetal Pratika Prakash Shiu Narayan Shivanee Bhavna Devi Shovna Singh Simione M Tabalala Sinta Mani Naidu Sireli Boginivalu Siwagami Devi Sokopeti Nukuolo Sophia Bibi Sotiana Takayawa Vute Stefan Conrad Starzynski Sujita Prasad Suliana Rokoura Sulueti Vunibola Sunia Radovu Sunil Kumar Sunil Deo Chaudhary Suriya Krishna Gound Surujmati Nand Source: Reserve Bank of Fiji * Also an agent of another Insurance Company 87 List of Licensed Insurance Agents in Fiji No.
NAME LICENCE No.

No.

NAME LICENCE No.

G. 438 439 440 H. 441 442 443 444 445 446 447 448 449 450 451 452 453 I.
454 455 456 457 458 459 460 461 462 QBE INSURANCE (FIJI) LIMITED Cyril Fong* Samuela Vodo Underwriting Agencies of (Fiji) Limited SUN INSURANCE COMPANY LIMITED Alfred Lilino Ashish Prasad Avikash Pillay Bred Bank (Fiji) Limited Fiji Development Bank Jai Prakash Maharaj Maureen Steiner Navketan Singh Aujla* Nandlal Bahadur* Nilesh Prasad Sanjeewan Nair Vijendra Prasad Vinod Chand TOWER INSURANCE (FIJI) LIMITED ANZ Banking Group Bank of the South Pacific Limited Dharam Singh Gregory James Webster Home Finance Company Limited* Kontiki Finance Limited Maharaj Insurance Services Rahool Ram Sharma WESTPAC Banking Corporation E. 403 404 405 406 407 F. Takelo Savou Talemaitoga Dautu Talica Kovea Waqa Tarsen Singh Ujagar Singh Uliano Samunaka Usenio Bulavakarua Varun Anand Vasemaca D Kavetani Vaseva Dansey Vasiti Qasiwale Baleidralulu Venal Vikash Naidu* Vijandaran Nair Vijendra Prakash Vika Viti Viliame Tabualevu Vimlesh Mani Vineet Vikash Chand Vinod Kumar Wate Lutukiwai Rainima Wilisoni Tuikitei Yvonne Philitoga FIJICARE INSURANCE LIMITED Michael H Chand Rajiv Ravinesh Raj Prakash Singh Anandilal Amin t/a Anandi Lal Amin & Associates Limited* Home Finance Company Limited* NEW INDIA ASSURANCE COMPANY LIMITED Anandilal Amin t/a Anandi Lal Amin & Associates Limited* Atishma Cheety Darrell Rajcharan Emosi Seduadua Hema Kumar Kalpana Sharma* Manoj Jeet Mohammed Aiyub Mohammed Ashwak Ali Nadi Plumbing Works Palas Auto Services Ltd Pawan Dayal Singh Pranil Goundar* Ravindra Lal* Ravnil Ravinesh Prasad Salen Shiner* Sanjay Kumar Verma Satish Kumar Shahrauf Ali Shah Shakti Shanveer Singh Shashi Singh Surendra Lal Usman Ali Venkat Sami Naidu* Vision Investment Limited Seema Kumar Carpenters Fiji Limited
 t/a Carpenters Finance Jayant Kumar Vinod Patel & Co. Ltd Merchant Finance & Investment Ltd Source: Reserve Bank of Fiji * Also an agent of another Insurance Company 88 VI.
Fiji: Key Indicators Fiji: Key Economic and Financial Indicators Fiji: Key Insurance Indicators 89 90 89 Fiji: Key Economic and Financial Indicators I. GDP1 GDP at Market Price ($ Million) Per Capita GDP at Current Factor Cost ($) Constant Price GDP Growth Rate (%) II.

LABOUR MARKET2 Labour Force Wage and Salary Earners (mid-year) III.

INFLATION (year-on-year % change)3 All Items IV.
EXTERNAL TRADE4 Current Account Balance ($ Million) Capital Account Balance ($ Million) Financial Account Balance ($ Million)5 Current Account Balance (% of GDP) V. FOREIGN EXCHANGE RESERVES ($ Million) 2014 2015 2016 2017 2018 9,167.0 10,611.3 5.6 367,154e 129,500e 9,822.1 11,312.9 4.7 10,320.0 11,844.0 2.6 10,893.3 12,310.3.2 5.2 11,709.5e 13,153.8e 4.2e 346,214e 199,515e 356,789e 174,833e 0.1 1.6 3.9 2.8 n.a n.a 4.8 -527.3 8.2 -1,288.7 -5.8 -212.2r 6.4r -178.4r -2.2r -402.9r 9.0r -634.8r -3.9r -771.6r -1,030.8p 9.1p -703.0r -7.1r 10.4p -1,401.3p -8.8p Foreign Reserves 1,810.7 1,943.7 1,921.2 2,272.8 2,012.4 VI.
MONEY AND CREDIT (year-on-year % change) Narrow Money Currency in Circulation Quasi-Money Domestic Credit6 VII.

INTEREST RATES (% p.a.)

RBF OPR7 Lending Rate Savings Deposit Rate Time Deposit Rate Minimum Lending Rate VIII.

EXCHANGE RATES (mid rates, F$1 equals: end of period) US dollar Real Effective Exchange Rate (January 1999 = 100) IX.
GOVERNMENT FINANCE ($ MILLION)8 Total Revenue and Grants Total Expenditure (excluding loan repayments) Sources: Commercial Banks, Fiji Bureau of Statistics, Ministry of Finance, Macroeconomic Committee and Reserve Bank of Fiji Notes: 1 GDP Figures from 2014 – 2017 reflects 2014 GDP Base, 2018 estimates based on 2011 GDP Base and is currently under review.
2 For 2015, both the Labour Force and Wage & Salary Earners (mid-year) are sourced from 2015/16 Employment & Unemployment Survey.

3Inflation reflects the 2014 Base 4Balance of Payments values include aircraft imports and financing.

5Indicates Net Borrowing i.e.

the economy receives funds from the rest of the world.

6Credit to the private sector is adjusted for AMB’s non-performing loans and advances.

7The RBF OPR came into effect in 2010.


8The Government Finance FY2018-2019 is sourced from the cash flow statement excluding Government VAT.
Key: e - estimate p - provisional r - revised n.a - not available 90 Fiji: Key Insurance Indicators Market Structure Number of registered insurers Life General Brokers Re-insurers (not insured but locally incorporated) Number of licenses issued to insurance agents Life General Gross Premium Total ($m) Life ($m) General ($m) Total (% of GDP at market price) Life (% of GDP at market price) General (% of GDP at market price) Assets Total ($m) Life ($m) General ($m) Source: Insurance Companies Key: e - estimate, p – provisional, r - revised Life Insurance New Business Number of Policies Sums Insured ($m) Business in Force Number of Policies Sums Insured ($m) Distribution of Sums Insured for Policies in Force (%) Whole of Life Endowment Temporary Others Gross Premium Income ($m) Benefit Payment ($m) Total Death Maturity Surrender Sickness and Accidents Forfeiture Rate (number of policies) (%) Surrender Rate (number of policies) (%) Investment Income ($m) Source: Insurance Companies 2014 2015 2016 2017 2018 9 2 7 4 0 274 130 298.9 127.9 170.9 3.5(r) 1.5(r) 2.0 1,346.8 1,005.9 340.9 9 2 7 4 0 352 146 290.2 123.9 166.3 3.2(r) 1.3(r) 1.8(r) 1,451.4 1,090.7 360.7 9 2 7 4 0 363 163 311.9 135.6 176.3 3.2(p) 1.4(p) 1.8(p) 1,568.7 1,141.1 427.6 9 2 7 4 0 370 167 323.6 133.9 189.7 3.0(p) 1.3(p) 1.8(p) 1,657.7 1,253.5 404.2 9 2 7 5 0 338 124 347.9 142.2 205.7 3.0e 1.2e 1.8e General Insurance Premium Income ($m) Gross Net Reinsurance Net Earned Premium Income Retention Ratio (%) Claims ($million) Gross Claims Paid Net Claims Incurred
 Distribution of Gross Premiums (%) Fire Motor Vehicle Marine Hull/Cargo Householders/Burglary Motor CTP Liability Workers Compensation Medical/Term Life Others Net Claims Ratio (%) Fire Motor Vehicle Marine Hull/Cargo Householders/Burglary Motor CTP Workmen’s Compensation Medical Term Life Total Business Net Underwriting Results (%) Expense Ratio Operating Results ($m) Underwriting Gain/Loss Investment Income Operating Profit/Loss Source: Insurance Companies Personal Accident, Professional Indemnity & Public Liability (8.7) (0.5) (19.0) 11.7 (18.9) 189.7 144.4 45.3 141.7 76.1 132.6 84.4 26.8 28.3 2.6 6.9 3.2 2.8 4.3 21.3 3.7 (22.6) Reserve Bank of Fiji The great double-hulled, ocean-going canoes (drua) of the ancient Fijians were remarkable craft capable of long voyages.
The tagaga (pronounced “tangaga”) or masthead, was crucial for holding in the sails, woven from the leaves of the pandanus tree.

It was the tagaga which enabled the navigators to keep their drua sailing towards their destinations.

For the Reserve Bank of Fiji, a logo based on the tagaga masthead, symbolises the Bank’s role in contributing towards a sure and steady course for Fiji’s economy.
93 Postal: Private Mail Bag, Suva, Fiji Telephone: (679) 331 3611 Facsimile: (679) 330 2094 Email: info@rbf.gov.fj Website: www.rbf.gov.fj