Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697771703882.pdf (Fiji)
2017 RBF INSURANCE ANNUAL REPORT PARLIAMENTARY PAPER NO.

97 OF 2018 1 Insurance Annual Report 2017 Table of Contents Letter to the Minister Governor’s Foreword Economic Overview International Insurance Market Domestic Insurance Market Regulation and Supervision General Insurance Life Insurance Insurance Brokers Calendar of Events Appendices i.

General Insurance ii.

Life Insurance iii.

Insurance Brokers iv.


v. Key Disclosure Statements of Licensed Insurance Companies Licensed Insurance Agents as at 31 December 2017 vi.

Fiji: Key Indicators 1 2 3 6 10 13 19 24 28 31 34 35 59 70 76 80 86 Note: All values in this report are in Fiji Dollars unless otherwise specified.

Some variations in calculations are due to rounding off.

Photo Credits: Pacific Financial Inclusion Programme (PFIP), BIMA and FijiCare Insurance Limited.
2 Insurance Annual Report 2017 Vision Leading Fiji to Economic Success 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 • • • • • • • • • • • • • • • • • Mission Enhance our role in the development of the economy Provide proactive and sound advice to Government 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 Objectives To administer the Insurance Act (1998) efficiently and effectively; To ensure that the legislation relating to insurance and supervision is proactive, relevant and effective; 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.
3 Insurance Annual Report 2017 $10,000 per annum Annual Combined Cover Limit $52 per annum Annual Premium Snapshot 2017 Bundled Microinsurance Product $10,000 per annum Annual Combined Cover Limit $52 per annum Annual Premium $3,000 Term Life Personal Accident Accident $3,000 $1,000 Insurance Scheme Cover Funeral Expenses Fire on Main Dwelling ellinggggg $3,000 12,500 68 $142,000 Policies Issued to Sugar Cane Growers Fund as at 31 December 2017 Number of Claims as at 31 December 2017 Amounts Paid as at 31 December 2017 4 Source: FijiCare Insurance Limited Insurance Annual Report 2017 BIMA Microinsurance Product Number of Policies Issued as at 31 December 2017 Source: BIMA 30,108 Life Insurance 30,249 Hospitalisation Insurance General Insurance Sector Coverage by Division Northern Division 2.0% Outside Fiji 0.5% Western Division 43.7% Eastern Division 18.8% Central Division 35.0% Source: General Insurance Companies 5 Insurance Annual Report 2017 Letter to the Minister RESERVE BANK OF FIJI Governor Governor Our Reference: D18/5555 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 Ministry of Economy The Honourable Minister for Economy 28 June 2013 28 June 2018 Ro Lalabalavu House Dear Sir Victoria Parade SUVA Insurance Annual Report 2012 Dear Sir 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.
Re: Insurance Annual Report 2017 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 2017.
………………….. 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 1 Insurance Annual Report 2017 Governor’s Foreword “For the Fijian insurance industry, 2017 could be considered a recovery year supported by the absence of major catastrophe events”.
2017 was a year of historic losses attributed to new policies underwritten in Fiji in recent years have underscored that were largely traceable to natural by general insurers for the motor vehicle, the importance of insurance affordability, catastrophes.

These events however, medical and liability classes.

Life insurers challenging insurers to bridge the demonstrated the resilience of the global however, registered a decline in gross insurance protection gap.
In view of this, there is an ongoing need for the industry to not only promote insurance awareness to the general public, but to also develop and offer innovative insurance solutions that meet the needs and affordability of the underserved in our communities.

I wish to express my gratitude to all stakeholders and development partners for their continued support of the Fijian insurance industry.

………………….. Ariff Ali Governor reinsurance industry.


premium income, as a result of lower premiums received for endowment Hurricane Maria in Puerto Rico and the products.

Caribbean, and Hurricanes Harvey and Irma in the United States were the major Net policy payments and net claims contributors to the record breaking global paid grew to $210.7 million in the review insured losses of US$144.0 billion and year, attributed to payments on matured economic losses of US$337.0 billion.
and surrendered life policies, and claim payments by general insurers.

Notwithstanding these significant losses, the global insurance industry managed Total insurance premiums placed to increase its premium income pool offshore by insurance brokers stood at underpinned by the sustained growth in $46.0 million, up from $35.0 million in emerging markets.

2016.

Majority of these were for material damage and business interruption covers.
For the Fijian insurance industry, 2017 could be considered a recovery year The total assets of the Fijian insurance supported by the absence of major industry stood at $1.7 billion at the end catastrophe events.

The year allowed of 2017 compared with $1.6 billion a year the ongoing recuperation of the industry earlier, and represented 8.6 percent of from the aftermath of Tropical Cyclone the total gross assets of the financial (TC) Winston and TC Zena in 2016, claims system.
Reinsurance arrangements and of which continued to be settled during capital levels continued to be assessed as the year.

adequate.
adequate.

The combined net profit after tax of the The theme for this 2017 Insurance Annual life and general insurance sectors stood Report is ‘Inclusive Insurance’ and has at $45.2 million, a turnaround from the net been specifically chosen to highlight loss of $8.0 million reported in 2016. the ongoing effort of various industry stakeholders including Government, to Total gross premium income of the encourage the take up of insurance in Fiji.
domestic insurance industry increased Climate change and the imminent by 3.8 percent to $323.7 million in 2017, upsurge in insurance losses globally and 2 Insurance Annual Report 2017 Economic Overview 33 Insurance Annual Report 2017 Insurance Annual Report 2017 International Economic Developments The April 2018 World Economic Outlook (WEO) update by the International Monetary Fund estimates that the global economy grew by 3.8 percent in 2017, higher than the 3.2 percent growth in 2016 (Graph 1).
The improved outlook was underpinned by the higher than anticipated growth in most advanced and emerging economies.

However, downside risks such as tightening of global financial conditions, increased protectionist policies, potential trade war, higher inflationary pressures and build up of financial vulnerabilities remain in the medium term.

Fiji’s trading partner countries broadly noted positive economic performances.
The United States (US) economy expanded by 2.3 percent in 2017, higher than the 1.5 percent growth in 2016.

Growth in 2017 was largely attributed to stronger contribution from investment and net external demand.

In the same period, both the jobless rates and annual inflation fell to 4.4 percent and 2.1 percent, respectively.

Given the improving economy and labour market, the Federal Reserve raised its federal funds rate thrice in 2017.
In 2017, the Euro zone grew by 2.3 percent, the fastest in a decade, and higher than the 1.8 percent noted in 2016.

The expansion in 2017 was supported by robust private consumption, fixed investments and continued growth of the external sector despite a stronger Euro.

These developments also improved labour market conditions as unemployment rate continued to decline throughout 2017 whereas annual inflation stood at 1.5 percent.
However, the European Central Bank maintained its benchmark refinancing rate at zero percent throughout 2017.

The Japanese economy is estimated to have grown by 1.7 percent in 2017 following a lower growth of 0.9 percent in the previous year.

The growth was mainly driven by solid domestic demand throughout 2017.

Strong private consumption, accelerating manufacturing and resilient external sector also supported the expansion.
Labour market conditions improved as unemployment rate stood at 2.9 percent and annual inflation was at 0.5 percent.

Against this backdrop, the Bank of Japan maintained its interest rate at negative 0.1 percent during 2017.

The Australian economy expanded by 2.3 percent in 2017, lower than the 2.6 percent growth in the preceding year.
The lower growth in 2017 was attributed to softer residential housing market, and falling consumption led weak wage growth which more than offset the positive contribution from private investment.

Unemployment rate was at 4.7 percent in 2017 whereas annual inflation was 2.0 percent.

The Reserve Bank of Australia kept its benchmark interest rate unchanged at 1.5 percent in 2017.

The New Zealand economy is estimated to have grown by 3.0 percent in 2017, lower than the 4.0 percent growth in 2016.
While the growth was driven by strong performance in the business service sector, the lower growth compared to 2016 was due to sluggish housing market and slowdown in earthquake related reconstruction.

Inflation rose Economic Overview to 1.9 percent at the end of 2017 mainly due to increase in food prices while unemployment rate stood at 4.7 percent.

The Reserve Bank of New Zealand maintained the Official Cash Rate at 1.8 percent in 2017.
Economic Developments in Fiji The Fijian economy is estimated to have grown by 4.2 percent for the eighth consecutive year in 2017, higher than the 0.4 percent growth in 2016 (Graph 2).

The strong performance is expected to have been underpinned by the public administration and defence manufacturing construction, wholesale and retail trade and the financial and insurance activities sectors.
In particular, the better than expected outturn in the fish, sugar, tourism and electricity industries underpinned this economic expansion.

In 2017, fish production grew by 26.2 percent whilst electricity production rose by 6.5 percent.

At the end of the 2017 crushing season, the Fiji Sugar Corporation crushed 1,631,301 tonnes of cane to manufacture 180,372 tonnes of sugar, an annual increase of 17.6 percent and 29.3 percent, respectively.
The positive outturn was attributed to recovery in the sugar industry following TC Winston in 2016.

Likewise, visitor arrivals rose by a higher 6.4 percent to total 842,884 visitors1.

Gold production by the Vatukoula Gold Mines Limited declined by 6.0 percent, due to plant breakdowns and mine audits.
Nevertheless, the outcome was still better when compared to a higher decline of 7.0 percent forecast by the Macroeconomic Graph 1 World Gross Domestic Product (GDP) Growth Rates Graph 2 Fiji’s GDP Growth Rates 6 4 2 0 t n e c r e P -2 5.4 4.3 3.9 3.5 3.5 3.6 3.5 3.8 3.2 -0.1 5.6 4.7 3.8 4.2 3.0 2.7 1.0 1.4 0. -2 -1.4 9 0 0 2 8 0 0 2 ) e ( ) e ( 7 1 0 2 Source: International Monetary Fund WEO (April 2018) (e) - estimate Sources: Fiji Bureau of Statistics and Macroeconomic Committee (e) - estimate 3.8% Global Economic Growth 2.3% United States Economy Growth 1 Growth in visitor arrivals was higher than the Macroeconomic Committee’s October 2017 projection of 5.0 percent.
4 Insurance Annual Report 2017 Economic Overview Committee.

Moreover, weak performances were noted in the timber industry as mahogany (-94.3%), pine log (-32.1%) and woodchip (-6.4%) productions declined.

The downturn in mahogany was mainly due to the licensing issues which was resolved later in the year while low global demand led to the decline in pine and woodchip production.

Nonetheless, both the gold and forestry sectors are forecast to recover strongly in 2018.
Consumption Consumption activity remained buoyant in 2017, as revealed by partial indicators.

In 2017, net VAT collections and commercial banks’ new lending for consumption purposes rose by 13.9 percent and 12.1 percent, respectively.

In the same period, new vehicle registrations grew by 8.7 percent while second hand vehicle registrations declined by 30.2 percent in 2017.
The Reserve Bank of Fiji’s Retail Sales Survey in December 2017 revealed a 7.2 percent growth in retail sales, mainly led by higher sales in the food, drinks and tobacco, fuel, mixed, motorcars and other transport equipment and household goods and appliances categories.

Investment Investment activity in 2017 remained upbeat supported by partial indicators.

Positive growth was noted in domestic cement sales (7.5%), an indicator used for local construction activity.
Similarly, new lending for investment purposes rose by 25.0 percent underpinned by higher credit disbursed to the real estate (39.2%) and building and construction (10.5%) sectors.

Prospects for the labour market remained favourable in 2017.

According to the RBF’s Job Advertisement Survey, the total number of vacant positions advertised in both the Fiji Times and the Fiji Sun rose annually by 6.8 percent in 2017.
Higher recruitment intentions were noted in the wholesale and retail, restaurants and hotels, community, social and personal services, electricity and water, and the mining and quarrying sectors.

The Government announced an expansionary National Budget for FY2017/2018 on 29 June 2017.
The main focus of the budget included growing the productive capacity of the economy through sustained investment in infrastructure, provision of social services and creating an investment friendly environment for the private sector.

The budget projected a larger net deficit at 4.5 percent of GDP for the FY2017/2018.

(Graph 3).

Total Government debt was at 45.6 percent of GDP in December 2017.

Annual inflation in 2017 stood at 2.8 percent, lower than the 3.9 percent in 2016.
The outturn was due to the higher prices of alcohol, kava and tobacco but partly offset by the lower food prices.

Monetary Monetary conditions remained supportive of growth despite slightly decelerating in 2017.

Broad money rose by an annual 8.2 percent in December, aided by the expansion in both net domestic credit and net foreign assets by 5.9 percent and 18.0 percent, respectively.
The commercial banks’ weighted average outstanding lending rate fell to 5.7 percent in December of 2017, from 5.8 percent recorded in December 2016 (Graph 4).

Over the same period, the commercial banks’ savings deposit rate rose to 1.3 percent from 1.0 percent in 2016.

Similarly, the time deposit rate rose to 3.2 percent compared to the 3.0 percent noted in 2016.

Merchandise trade deficit (excluding aircraft) narrowed by 0.3 percent in 2017, underpinned by increased growth in exports compared to imports.
The outturn in exports was led by higher exports of re exports, sugar, mineral water, molasses, fruits and vegetables, yaqona and other domestic exports which more than offset the lower exports of timber, fish and garments.

The marginal growth in imports was led by increased imports of mineral fuels, miscellaneous manufactured articles, food, chemicals, beverage and tobacco and oils and fats which more than offset the lower imports of machinery and transport equipment and crude materials.
In 2017, inward remittances fell by 1.6 percent ($533.2m) compared to the 10.2 percent growth in 2016 while tourism earnings rose by 12.3 percent to $1,800.2 million.

Overall, the current account deficit (excluding aircraft) is estimated to be around 5.9 percent of GDP in 2017, higher than the 4.6 percent noted in 2016.
Nonetheless, the overall balance of payments was positive in 2017 and foreign reserves were $2,272.8 million by the end of 2017, sufficient to cover 5.7 months of retained imports of goods and nonfactor 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 -0.5 -1.1 -1.4 -2.2 -2.0 -4.1 -3.2 -4. -4.5 ) b ( 8 1 0 2 / 7 1 0 2 t n e c r e P 10 8 6 4 2 0 Loans Time Deposit Savings Deposit Source: Ministry of Economy (b) - budgeted Source: Reserve Bank of Fiji 4.2% Fiji’s estimated GDP Growth 2.8% Fijis Annual Inflation Rate 5 Insurance Annual Report 2017 International Insurance Market Insurance Annual Report 2017 6 6 Insurance Annual Report 2017 International Insurance Market Overall Performance premiums.
On the other hand, the estimated to have declined by 2.0 percent global general insurers’ return on equity as a result of lower annuity premium 2017 tested the ability of insurers and reinsurers to absorb accumulated losses from multiple events that occurred within a short span of time, characterised by record breaking insured losses.

Despite incurring these losses of around $144.0 billion, the global insurance market remained resilient during the year.
Reinsurers in particular, with no major shift in dynamics, have proven resistant to losses supported by strong capitalisation, positive pricing and conservative reserving practices.

Market Environment and Performance2 General Insurers Premium income of global general insurers’ increased moderately by 3.0 percent in 2017, resulting from a sustained growth of 6.0 percent in the emerging3 markets and a slower progression of 2.0 percent in the advanced4 markets.
(ROE), declined to 3.0 percent in 2017 (2016: 6.0%), underpinned by the large natural catastrophic losses which were accompanied by soft underwriting conditions and low investment yields.

Life Insurers Global life insurers’ premium income grew by 3.0 percent in 2017, a slower growth when compared to 5.4 percent in 2016.

The positive growth registered in 2017 arose mainly from new and in force business in emerging markets.

income generated in the US.


Similarly, premium income remained stagnant in Western Europe owing to a combination of minimal growth in the United Kingdom, subdued premium increase in France and weaker sales of single premium business in Germany.

Profitability of life insurers globally remains a significant challenge stemming from the low interest rate environment and low government bond yields.
The premium income for the emerging Europe and Asia where low yields have markets grew by 17.0 percent in 2017 been highlighted as a major concern to (2016: 19.0%).

The major drivers for this insurers’ investment portfolios.
This was experienced particularly in increase was the sustained growth in Asia supported by vigorous sales of ordinary life products in China, strong sales of bancassurance products in Indonesia, government initiatives to promote life cover in India, and rapid sales of variable unit linked products in the Philippines.

The remaining regions in the emerging This resulted in the ROE for global life insurers declining to 8.1 percent in 2017 from across all the regions.
Reinsurers5 Capital of global reinsurers grew by 2.0 percent in 2017 and stood at US$605.0 billion.

The increased participation of investors in the reinsurance sector, following the catastrophic events during the year, combined with better than expected The emerging markets reported markets noted both static and downward affirmative premium growth in 2017, as movement in premiums.
a result of several positive economic developments, soaring investments The advanced markets on the other and accommodative monetary policies hand, registered a decline in premium for these regions.

The strong growth in income by 0.2 percent in 2017.
This motor business, especially in the US however, was an improvement from the investment returns, and favourable and Western Europe also contributed to the growth in the advance markets’ 2.0 percent decline recorded in the prior reserve development, resulted in the year.

In North America, premiums were expansion of reinsurance capacity.
3.0% Gross Premium For Global Life Insurers US$337.0b Economic Losses US$144.0b Insured Losses 11,404 Number of Casualties 301 Number of Catastrophe Events 2 Sourced from Global Insurance Review 2017 and Outlook 2018/19.

3 Emerging markets include Latin America, Eastern Europe, Africa, South East Asia, and Middle East excluding Israel.

4 Advanced markets include North America, Western Europe, Israel, Oceania, Japan, Korea, Singapore and Taiwan.
5 Sourced from Aon Benfield Reinsurance Market Outlook April 2018.

7 Insurance Annual Report 2017 International Insurance Market Global reinsurance premiums increased achieving better performance by offering the Caribbean.

to US$249.0 billion in 2017 (2016: better prices and services, and keeping US$242.0b) pertaining to the high up with the market competition.

The total number of catastrophe events cessions assumed from the increased insured businesses.
Moreover, the large incurred losses during the year from multiple catastrophic events led to an increase in the combined ratio to approximately 107.4 percent (2016: 93.6%).

Accordingly, the overall global reinsurance industry’s ROE decreased to 2.0 percent in 2017 compared to 8.4 percent in the prior year.

Apart from natural catastrophe losses, the reinsurance industry continued to be impacted by the ongoing low interest rate environment and the overall softening of underwriting conditions.
Premium Rate Movements6 Total Global Losses8 The total economic losses (both insured and uninsured) arising from natural catastrophes and manmade disasters globally were estimated at US$337.0 billion in 2017 (2016: US$180.0b).

These represented 0.4 percent of the global GDP, and was well above the 10 year average of US$190.0 billion.

Economic losses arising from natural catastrophes were reported at US$330.0 billion, which almost doubled from the US$166.0 billion recorded in the prior year.
Economic losses from manmade disasters on the other hand, declined by 30.0 percent and stood at US$7.0 billion in 2017.

Insurance premium rates demonstrated fluctuating movements around the globe in 2017.

In the US, premium rates rebounded in 2017 after the decline noted in the premium rates of the prior Insured losses in 2017 were reported at a record level of US$144.0 billion, well above the losses of US$56.0 billion in the prior year, and the 10 year average of US$58.0 billion, respectively.
Of the total year.

Premium rates increased in all the insured losses, US$138.0 billion were quarters of 2017, for both the personal and contributed by natural catastrophes, commercial lines (Graph 5).

The increase in premium rates were while manmade disasters made up the remaining US$6.0 billion (Graph 6).
contributed by the declining underwriting In 2017, the largest insurance loss event results, stemming from the losses was Hurricane Maria in the Caribbean incurred from catastrophes and high and Puerto Rico, which triggered claims stood at 301 in 2017, down from 329 in the prior year.

These were made up of natural catastrophes with 183 events, mostly in the form of storms (82 events), floods (55 events) and drought, bushfire and heat waves (14 events).
Manmade disasters, contributed to a total of 118 events, majority of which were from fires and explosions (45 events), maritime disasters (33 events), and terrorism (13 events).

The catastrophic events in 2017 led to a total of 11,404 (2016: 10,898) casualities worldwide, of which 8,470 and 2,934 victims were affected by natural catastrophes and manmade disasters, respectively.
The highest number of casualities were from the devastating flood events with a total of 3,515 victims, followed by storms (1,642 victims), other natural catastrophes (1,541 victims), earthquakes (1,184 victims), and passenger ship disasters (1,087 victims).

The North American region continued to account for the majority of total global insured losses at 82.5 percent (US$119.1b).
These losses were attributed to 66 catastrophes in the form of storms, hurricanes, severe floods, tornado, hails expense ratios from the motor class.

of US$32.0 billion, followed by Hurricanes and thunder storms, and wildfires in the The Asian region7 continued its soft Irma and Harvey with insured losses of US and Canada.

Around 466 victims were market trend with the objective of US$30.0 billion each, across the US and affected by such disasters (Table 1).
Graph 5 US Commercial and Personal Line Graph 6 Insured Catastrophes Losses 1970-2017 Rates Movement Earthquake/ Tsunami Manmade disasters Weather related catastrophes 3 2 1 0 -1 -2 -3 -4 t n e c r e P Personal Lines Commercial Lines 6 1 - r a M 6 1 - n u J 6 1 - p e S 6 1 - c e D 7 1 - r a M 7 1 - n u J 7 1 - p e S 7 1 - c e D n o i l l i B $ S U 160 140 120 100 80 60 40 20 Source: www.marketscouts.com Source: Cat Perils and Swiss Re Institute 6 Sourced from www.marketscouts.com.
7 Sourced from Asia Insurance Market Report 2018.

8 Sourced from Sigma No.

1/2018 - Natural Catastrophes and manmade disasters in 2017: a year of record breaking losses.

US$193.0b Insurance Protection Gap US$119.1b North American Region Insured Losses 8 Insurance Annual Report 2017 International Insurance Market Moreover, Europe accounted for the US$26.2 billion, and Europe at US$11.7 Nonetheless, the low interest rate second largest global insured losses at 8.3 billion (Graph 7).
percent (US$12.0b) in 2017, with a total of environment will continue to hinder the general insurers’ ROE.

Moreover, 536 victims noted for this region.


Majority In terms of the 10 year average growth storm clustering11 has also emerged of these losses emanated from periods rate, the economic losses grew by 5.9 as an important variable in assessing of weather extremes, including a series percent, outpacing the growth rate of future loss potential scenarios, and these of windstorms, cold spells, droughts, accompained by devastating heat waves and forest fires.
Insured losses in Latin America and the Caribbean amounted to US$5.1 billion and were termed as the worst events ever reported in the Caribbean history.

The main events causing the losses in this region were hurricanes, floods, wildfires and earthquakes (with magnitudes of 7.1 and 8.1 on the Richter scale recorded in Mexico).

A total of 19 events in the region was reported with a total of 1,375 victims.
The Asian region closely followed with total insured losses of US$5.0 billion, attributed to 112 catastrophes, with a total of 5,546 victims, the highest number of victims noted by region.

These were mainly caused by flooding experienced in China, India, Nepal and Bangladesh.

insured losses of 5.4 percent.

In the Caribbean, protection gap was also a severe issue and the Caribbean Risk Insurance Facility covered a part of the total losses and paid out US$54.0 million to those affected.
will now be used to model climate and catastrophe losses from multiple events with a short span of time.

In terms of the life insurance sector, premiums are expected to increase by approximately 4.0 percent in 2018 and Outlook for 201810 2019.

A positive performance is envisaged for the global general insurance industry in 2018, with growth in premiums and improved underwriting performance.
The emerging markets are expected to be the key driver for premium increases, while the advanced markets are anticipated to slow down as a result of the accelerating inflation rates amidst macroeconomic conditions.

The positive outlook for 2018 will be mainly driven by the emerging markets, underpinned by the robust economic growth, a growing middle class population, who have been increasingly investing in life policies, and urbanisation.
The advanced markets are also expected to grow modestly by 1.0 percent to 2.0 percent in 2018.

Following the natural catastrophes experienced in 2017, the market is On the reinsurance front, the major catastrophic events in 2017 are envisaged Insurance Protection Gap9 expected to further harden with increases to cause rate increases for loss affected in rate for property as well as motor class accounts.

Consequently, premium income The insurance protection gap in 2017 arising from the surging claims.
in 2018 is expected to grow resulting from stood at US$193.0 billion (2016: US$121.0b), hardening of rates, stronger nominal which denoted that 57.3 percent of the The expected rate increases and growth in the primary insurance sector, global economic losses were not insured.
new types of covers for evolving risk and increase in demand for reinsurance, North America accounted for the largest exposures such as cyber risk, reputational supported by new solvency regulations protection gap in 2017 at US$125.1 billion, risk insurance, product recall and non in some regions around the globe, which followed by Latin America and the physical business interruption insurance better reflects the risk mitigating effect of Caribbean at US$26.5 billion, Asia at will support the premium growth in 2018. reinsurance in the advanced markets.
Graph 7 Insured and Uninsured Losses 1970-2017 Table 1 Catastrophes in 2017 by Region 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 700 600 500 400 300 200 100 Region No.
Victims in % North America Latin America and Caribbean Europe Africa Asia Oceania and Australia Seas and Space 66 19 46 40 466 1,375 536 2,919 112 5,546 5 13 100 462 4.1 12.1 4.7 25.6 48.6 0.9 4.1 Insured Loss in US$b in % Total Loss in US$b in % 119.1 82.5 244.2 72.4 5.1 12.0 0.8 5.0 2.1 0.3 3.5 8.3 0.5 3.5 1.4 0.2 31.6 23.7 2.9 31.2 3.3 0.3 9.4 7.0 0.9 9.2 1.0 0.1 Total 301 11,404 100.0 144.0 100.0 337.0 100.0 Source: Cat Perils and Swiss Re Institute Source: Cat Perils and Swiss Re Institute 9 The insurance protection gap is the financial loss generated by catastrophes not covered by insurance.
10 Sourced from Swiss Re’s Global Insurance Review 2017 and Outlook 2018/19.

11 Storm clustering - a sequence of coastal storm events separated by a short time interval e.g.

Hurricanes Harvey, Irma and Maria.


9 Insurance Annual Report 2017 Domestic Insurance Market Insurance Annual Report 2017 10 10 Insurance Annual Report 2017 Domestic Insurance Market Overall Performance Claims The Fijian insurance industry continued Net policy payments and net claims paid to $0.4 billion, underpinned by the decrease in amounts due from reinsurers, and settlement of large claims.

with its growth momentum in 2017, in terms of profitability and solvency.
This was attributed to an absence of natural disasters and other notable insured loss events during the year.

The general insurance sector continued to aggregated to $210.7 million.
Liabilities Despite the absence of natural disasters Total liabilities of the domestic insurance and other insured loss incidents during industry increased by 4.8 percent to $1.4 2017, the general insurers’ net claims paid increased by 8.5 percent to $97.0 million, disburse progressive claims relating to TC due to the continued settlement of TC Winston, while life insurers experienced Winston claims.

increased levels of policy maturities.

billion in 2017 (Graph 9).


The life insurance sector recorded an increase of 9.9 percent to $1.2 billion, following a growth in the balance of revenue account depicting the continued Majority of the licensed insurance companies maintained stable composite risk ratings, which is reflective of the regulatory assessment of their inherent risks, quality of risk management, capital management practices and sustainability of earnings.
Gross Premium The combined industry’s gross premium income increased by 3.8 percent from 2016 to $323.7 million (Graph 8).

The general insurance sector continued to dominate the insurance industry’s gross premium income at 58.6 percent, with the life insurance sector accounting for the remaining balance.

Gross premium income of the general insurance sector grew by 7.6 percent to $189.7 million, and was attributed to new business for motor vehicle, medical and liability classes.
Similarly, an additional 7,225 individual polices and 2,352 group policies were issued during the year, the majority of which were for the motor vehicle class.

Similarly, net policy payments by life growth in policyholder liabilities.

insurers increased by 17.8 percent to $113.7 million, attributed to payments on matured and surrendered life policies.
Earnings In 2017, the domestic insurance industry’s net profit after tax aggregated to $45.2 million, an improvement from the combined net loss of $8.0 million recorded in 2016.

Total liabilities of the general insurance industry on the other hand, contracted to $259.0 million, largely attributed to the decreases in reported claims and amounts due to reinsurers.

Owners’ Funds Combined shareholders’ funds of the domestic insurance industry increased by 11.4 percent to $228.0 million.
This The general insurance sector reported a was attributed to the growth in retained net profit after of tax of $22.0 million.

This earnings and paid up capital (Table 2).

was a turnaround from the loss of $18.9 million in 2016, and was attributed to better underwriting and non underwriting Outlook results.

Similarly, the life insurance sector’s net profit after tax increased to $23.2 million, and was largely attributed to asset value appreciation.
Balance Sheet Assets Total assets of the Fijian insurance industry stood at $1.7 billion, an increase of 5.8 percent from 2016.

The domestic insurance industry’s overall performance in 2018 is expected to remain the same as 2017 amidst new business opportunities and favourable economic conditions.

Growth in the general insurers’ premium income is anticipated, as demand for more insurance coverage may emerge following the increases in asset ownership and frequency of natural disasters.
Premium income for life insurers on the other hand, is expected to remain at existing levels as new policies are offset against maturities and forfeitures.

Life insurers’ gross premium income, decreased in 2017 by 1.2 percent to $133.9 million, underpinned by the lower The life insurance sector accounted for 75.6 percent, while general insurance companies represented the remaining premiums received for endowment 24.4 percent.

products, despite more policies being sold during the year.
As a percentage of GDP, the combined life and general sectors’ gross premium income stood at 3.0 percent, similar to 2016.

During the year, life insurers’ total assets grew by 9.8 percent to $1.3 billion, following increases in government securities and equity investments.
Total assets of the general insurers, on the other hand, contracted by 5.5 percent 11 Insurance Annual Report 2017 Domestic Insurance Market Graph 8 Insurance Industry Premiums and Claims Consolidated Life and General Insurers Gross Premium Net Claims Paid + Net Policy Payments n o i l l i M $ 350 300 250 200 150 100 50 0 3 1 0 2 4 1 0 2 5 1 0 2 6 1 0 2 7 1 0 2 3.8% Combined Life and General Sectors’ Gross Premium Income $1.7b Insurance Industry’s Total Assets $45.2m $1.4b Domestic Insurance Industry’s Net Profit After tax Insurance Industry’s Total Liabilities Source: Insurance Companies Graph 9 Insurance Industry Assets and Liabilities Table 2 Shareholders’ Funds of Fiji Licensed Insurers Industry Assets Industry Liabilities n o i l l i M $ Shareholders’ Funds ($m) 2013 2014 2015 2016 2017 Paid Up Capital Retained Profit/Loss Other Reserves 41.1 41.3 41.5 42.1 55.0 126.6 128.9 162.4 138.6 159.8 26.1 26.9 26.9 24.0 13.3 Total 193.8 197.1 230.8 204.7 228.0 11.4% Owner’s Funds of the Domestic Insurance Industry Source: Insurance Companies Source: Insurance Companies 12 Insurance Annual Report 2017 Regulation and Supervision 13 13 Insurance Annual Report 2017 Insurance Annual Report 2017 Administration of the Insurance Act 1998 and Insurance Regulations 1998 The regulation and supervision of the insurance industry in Fiji is among the Reserve Bank’s most important supervisory roles given the significant role of the industry in ensuring that the interests of policyholders are protected and the social and economic welfare of the public is served.
The primary legislative framework validating this supervision role is the Insurance Act 1998 (‘the Act’), which is supplemented by the Insurance Regulations 1998, and prescribes the details of mandatory requirements.

The Reserve Bank has identified the need to review the current Act to ensure that it continues to be relevant to Fiji’s developing insurance industry, and aligned to new supervisory approaches and regulatory requirements.
The review continued during the year, as work on engaging technical assistance and an assessment of the current legislation’s compliance to international best practices, were conducted.

Insurance Supervision Policy Statements (ISPS) - Development and Review Regulation and Supervision initiatives towards strengthening business conduct, preserving financial stability and widening the outreach of insurance.

on prudential insurance practices and good governance (Table 3).
All licensed insurers, brokers and agents are required to comply with the prudential policies and guidelines.

Key developments and reviews during 2017 included: • the drafting of the new ISPS No.

13 - Minimum Requirements for Licensed Insurance Companies and Insurance Brokers for the Management of Money Laundering and Terrorist Financing Risk.

• • enhancement of ISPS No.

4 - Corporate Governance Policy to align the current requirements with international best practices, and the Fiji Companies Act 2015.
During the year, the Reserve Bank commenced consultation with various industries on the proposed revised policy statement for licensed entities namely banks, credit institutions and insurers.

review continued on 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 in Fiji, with parallel reporting initiated in 2015 requiring all licensed insurers to provide their respective solvency results on the proposed risk based solvency methodology.

Licensing and Insurance Market Structure All insurers and intermediaries conducting insurance business in Fiji are required by the Act to be licensed by the Reserve Bank (Table 4).
Licences are subject to yearly renewals upon payment of the fee prescribed in the Insurance Regulations 1998, and compliance with the Act.

Licensed Insurance Companies Nine insurers were licensed in 2017 under the Act as follows: • seven insurers conducted general insurance business, of which two insurers wrote mainly medical and term life classes of insurance; and • two insurers conducted direct life insurance business.
Licensed Insurance Brokers Four insurance broker licences were renewed in 2017, upon the satisfaction of specific requirements which include having in place professional indemnity and fidelity guarantee policies required under section 44, and deposit requirements under section 20 of the Act.
The Reserve Bank as the administrator, supervisor, and regulator of the insurance industry continued to embark on the To date the Reserve Bank has issued 12 insurance supervision policies, with the aim of providing minimum guidelines Table 3 Insurance Supervision Policy Statements ISPS No.
Title of Supervision Policy 1 2 3A 3B Role of External Auditors effective 1 May 2002 Offshore Insurance Placement effective 1 October 2002 (revised 2009) Solvency Requirements for Insurers to Conduct Life Insurance Business in Fiji, effective 01 December 2002 (under review) Solvency Requirements for Insurers to Conduct General Insurance Business in Fiji, effective 01 December 2002 (under review) Corporate Governance effective 1 January 2004 Asset Investment Management for Insurers Licensed to Conduct Insurance Business in Fiji effective 1 January 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 Policy Guideline on Complaints Management, effective 03 May 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 14 Insurance Annual Report 2017 Regulation and Supervision Licensed Insurance Agents $100,000,000; whichever is greater.
the prescribed solvency requirements.

The Reserve Bank issued 537 agent Similarly, for general insurance business, Similarly, section 20(2) of the Act requires licences in 2017.

Of these, 370 licences each entity must maintain at all times a were issued for the life insurance class, surplus of assets over liabilities in Fiji of followed by 87 and 80 licences issued for the health and general classes.
not less than: • • $1,000,000; or 20 percent of net premium income Insurance agents are required to be derived in Fiji in the last 12 months; licensed under section 43 of the Act, upon or nomination by a licensed insurer.

Refer to Appendix V for the 2017 list of licensed • 15 percent of net claims outstanding provision; whichever is the greatest.

insurance agents.
insurance agents.

Key Statutory Requirements Margin of Solvency In 2017, the domestic insurance industry continued with its strong performance, recording a consolidated solvency surplus of $428.1 million (Table 5).
The growth of $88.7 million during the licensed insurance brokers, to make and maintain deposits or provide a guarantee with a market value of, or amounts not less than the deductible or excess amount of their professional indemnity and fidelity guarantee insurance policies required under section 44 of the Act.

All deposits maintained for the purposes of section 20 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.
All licensed insurance companies and brokers complied with these requirements in 2017.

In conducting insurance business in Fiji, both life and general insurance year was underpinned by the increases in Policy and Claim Registers net admissible assets of both the life and companies are required under section 31 general insurance sectors.

of the Act, to maintain a minimum level of All licensed insurance companies are to maintain separate registers for insurance solvency at all times.
The life insurers’ solvency surplus rose by business inside and outside Fiji under $78.0 million to $332.2 million, while the section 59 of the Act.

For the life insurance business, the general insurers recorded an increase of solvency requirement is the sum of assets $10.7 million to $95.9 million.

All licensed Similarly, intermediaries are required in Fiji over liabilities in Fiji of not less insurers continued to meet the solvency under section 64 to have a register of requirements under the Act.
policies placed or procured on behalf than: • • $1,000,000; or the sum of 5 percent of the amount of Deposit Requirement net liabilities under life policies (in Fiji if the life insurer is incorporated Section 20(1) of the Act specifies the of their clients.

Compliance with these sections of the Act is monitored in the course of supervision.
outside Fiji) up to net liabilities of deposit requirements for licensed Reinsurance Arrangements $100,000,000 plus 2.5 percent of the insurance companies to meet and amount of net liabilities under life maintain deposits with a market value of Section 39 of the Act requires insurance policies (in Fiji if the life insurer is not less than the surplus of assets over companies to have in place, at all times, incorporated outside Fiji) that exceed liabilities that are to be provided under reinsurance arrangements duly approved Table 4 Insurance Industry Participants Table 5 Solvency Surplus Table 6 Offshore Placement Summary Institution Incorporation Ownership General Insurers As at 31 December Admis- sible Assets MRSM* Solvency Surplus Risk FijiCare Fiji BSP Health Capital QBE Sun Fiji Fiji Fiji Fiji New India India Tower Fiji Life Insurers BSP Life Fiji LICI India Insurance Brokers AON IHL 3 Marsh 4 Unity Fiji Fiji Fiji Fiji Singapore/ Australia PNG PNG Australia Fiji India NZ PNG India Australia NZ/Fiji NZ/Fiji Fiji General 2013 Life Total General 2014 Life Total General 2015 Life Total General 2016 Life Total General 2017 Life Total 102.1 171.1 273.2 122.1 141.0 263.1 137.4 156.1 293.5 111.4 278.4 389.8 124.8 357.7 482.5 $m No.
$m No.

$m No.
$m Term Life Medical 27 39 0.8 0.3 24 42 0.8 0.5 Aviation 35 2.0 40 5.2 25 48 61 1.2 0.5 7.1 Profes- sional Indemnity Compre- hensive Liability 106 1.2 91 1.2 93 1.2 126 2.1 107 2.1 145 2.4 MD and BI* 61 16.1 63 16.3 56 21.6 Marine Hull 112 2.5 65 2.0 75 2.5 Others 818 4.6 952 6.9 1,218 9.5 Total 1,324 29.6 1,384 35.0 1,721 46.0 Source: Reserve Bank of Fiji Source: Reserve Bank of Fiji * Minimum Required Solvency Margin Source: Reserve Bank of Fiji * Material Damage and Business Interruption 15 Insurance Annual Report 2017 Regulation and Supervision by the Reserve Bank with respect to risks Sections 61 and 62 requires all licensed environment.
Ongoing offsite surveillance they cover in the course of conducting insurers in Fiji to appoint an Actuary and onsite examinations were conducted insurance business in Fiji.

for the preparation of their Liability based on the Reserve Bank’s risk based Valuation Reports (LVR) and Financial supervisory framework.

Using this Furthermore, ISPS No.


6 - Reinsurance Condition Reports (FCR), and submit Management Strategy for Insurance these to the Reserve Bank at the end Companies Licensed to Conduct Insurance Business underscores that the insurers’ board of directors and senior management are responsible of each calendar year, in line with the requirements of ISPS No.

10 - The Role of Insurance Actuaries in Fiji.


for ensuring that adequate reinsurance For general insurers, the LVR must be arrangements are in place at all times.

submitted on an annual basis, whereas In 2017, all insurers submitted their board For life insurers, both the LVR and FCR are the FCR is submitted every three years.

and head office approved reinsurance arrangements to the Reserve Bank for assessment against the requirements of the Act and the prudential guidelines.
Offshore Placements As per section 17 of the Act, the general public is required to seek approval from the Reserve Bank to purchase insurance cover outside Fiji.

The approval is subject to meeting a number of key criteria set out under the ISPS No.

2 on Offshore Placement of Insurance Business.

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 supervision 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.

The Reserve Bank approved 1,721 offshore applications with premiums totaling $46.0 million in 2017.

This compares to 1,384 applications with premiums of $35.0 million in 2016.
The growth in the number of applications was mainly in the ‘others’ category, followed by aviation and comprehensive liability.

required to be submitted annually.

Accordingly in 2017, all life insurers submitted their LVRs and FCRs for 2016, while the general insurers submitted their LVRs.

The Reserve Bank continued to engage the services of its Consultant Actuary to provide technical assistance in the assessment of the 2016 actuarial reports.
Key Disclosure Statements All insurers are required to prepare and publish a Key Disclosure Statement (KDS) no later than four months after the end of each calendar year as outlined under ISPS No.

11 on Disclosure Requirements for Licensed Insurers in Fiji.

As such, the Reserve Bank 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 for comparability.
All the 2016 KDSs were published in 2017, on the approved dates.

Copies of the KDSs are available on the respective insurers’ and the Reserve Bank’s website.

Refer to Appendix IV for published KDSs.

Supervision Similarly, increases in premium were In 2017, the Reserve Bank continued mainly recorded for material damage and to focus on prudent and effective risk business interruption, aviation, and the management amidst the ongoing ‘others’ classes (Table 6).

challenging economic environment.


Actuarial Reports Throughout the year, supervisory activities were aimed at further Actuarial assessments are conducted promoting the stability of the insurance methodology, preemptive actions can be taken to ensure that the supervised entity takes timely and appropriate measures to mitigate its risks.
While supervisory attention had been placed on the assessment of the supervised entities’ risk profiles, the Reserve Bank continuously assesses and evaluates the corporate governance practices of the supervised entities to ensure good standards of practices in all aspects of their operations.

This was further complemented by regular dialogue with the board of directors and management of supervised entities.
The aim is to encourage supervised entities to undertake regular self evaluation of risk profiles, develop alternative options and formulate plans to manage, as well as to mitigate the identified risks.

The oversight by the Reserve Bank also focussed on evaluating the effectiveness of the board of directors and senior management in performing their oversight roles.
(i) Offsite Monitoring Offsite monitoring is an important part of the supervisory process as it provides supervisors with information on ongoing issues of prudential concerns.

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

Annual audited accounts for both the insurance companies and brokers are to to assess the financial impact of risk or industry in tandem with the evolving and be submitted within three months after uncertainty on insurance companies.

increasing complexities of the financial each calendar year.
16 Insurance Annual Report 2017 Regulation and Supervision Prudential returns are verified when received by the Statistics Unit, after (ii) Onsite Examinations According to the 2015 Financial Services Demand Side Survey, insurance coverage which confirmed statistics of individual The Reserve Bank has the mandate to in Fiji was estimated at 12.0 percent, institutions are provided to the Examiners conduct onsite examinations under however work continues on initiatives to for analysis and reporting to the Financial section 71 of the Act and as such, the bridge the insurance coverage gap.
System Policy Committee (FSPC) and the inspection of two general insurers were Reserve Bank Board.

conducted during the year.

BIMA All insurers and brokers were generally The Reserve Bank generally conducts compliant with submission of their 2017 periodic examinations of supervised prescribed prudential returns.

Offsite Supervision Reports On a quarterly and annual basis, prudential reports are prepared for insurers and brokers.
These reports provide an assesment of the financial performance, trends, and compliance with supervisory obligations such as solvency, reserving and adequacy of reinsurance arrangements.

Each institution’s report is signed off by the supervisors as formal supervisory records, and basis for ongoing monitoring.

Furthermore, consolidated industry wide reports are prepared and presented to the FSPC for deliberation and the Reserve Bank Board for information.
Audit and Actuarial Meetings The Reserve Bank continued to participate in the annual pre audit and post audit meetings with insurance companies and their appointed external auditors in 2017.

Audited and Actuarial Reports submitted are assessed by the Reserve Bank and its Consultant Actuary.

Pre audit meetings are held before licensed insurers and brokers conduct their annual audits.
At such meetings, the Reserve Bank would be informed by the entities, however if there are supervisory concerns and issues, onsite inspections may be conducted more frequently.

The scope of an onsite examination may vary from key oversight functions are reviewed, or may be targeted at a specific risk area.
Industry Development and initiatives Inclusive Insurance Inclusive Insurance markets, are characterised by affordable, sustainable, convenient, and responsible delivery by licensed and supervised insurers and intermediaries, of insurance products and services.

Inclusive insurance is the provision of insurance products to the underserved, low income and vulnerable sectors of the population, with other financial services such as microfinance and savings.
Another inclusive insurance product available in the market is BIMA, which offers afforadable term life and health insurance policies through the Digicel platform.

BIMA Life is a monthly renewable term life cover, which is a short term product as the coverage is on a month by month basis and there is no annuity or investment component in the cover.
BIMA Life covers against untimely death of the insured member (limited to the lump sum payment equal to sum insured for the relevant Bima life plan) and permanent disabilities.

BIMA Health is a medical product and covers for the hospitalisation cost of the insured.
BIMA Health covers the insured for: • life (applies to demise or death and limited lump sum payment equal to $450, $900 and $1,800 for the $24, $48 and $96 plan); and • Admission to a public hospital or private hospital for medical treatment for two or more nights.
Consumer Protection, Education and Marketing The Pacific’s first bundled insurance In 2017, an insurance awareness product was officially launched in Fiji by education campaign, was rebroadcasted FijiCare Insurance Limited in November on television and radio, and also 2017 to 12,500 sugar cane farmers.

published in newspapers and on social media.


These campaigns were funded The product, which includes term life, by PFIP and insurance companies, and funeral expenses, fire and personal reinforced the key messages on the external auditors of the entities’ financial accident insurance cover was benefits of insurance, and encouraged the performance and the proposed annual conceptualised and developed by the general public to invest in an insurance audit scope.

National Financial Inclusion Taskforce’s policy.


Inclusive Insurance Working Group, The Reserve Bank also requests external comprising of representatives of auditors to include areas of supervisory insurance companies, Government, PFIP Public Sector Participant and Partnership concern in their audit scope.

and the Reserve Bank.


The Reserve Bank in collaboration with Pre audit, post audit and actuarial The bundle insurance products consists multilateral agencies such as PFIP, Asian meetings were conducted for all licensed of an annual premium of $52, paid in Development Bank (ADB) and World Bank, insurers in 2017.
All outstanding issues weekly installments of a $1 by the Sugar are working with relevant Government were addressed with the respective Cane Growers Council for sugar cane Ministries and insurance providers to insurers.

farmers.

explore the options for developing other 17 Insurance Annual Report 2017 Regulation and Supervision types of insurance such as livestock, crop insurance, an increase of 162.5 percent Reserve Bank continued to review and and disaster risk management.
from 2016, specifically relating to the enhance its prudential supervision and Disaster Risk Financing In 2017, the ADB along with its Private claims handling processes, conduct of agents and premium charges by the insurance industry generally.

Sector Development Initiative organised The increase in complaints in this a regional workshop on Disaster Risk category is in line with the rise in the Financing in the Pacific.
The workshop number of motor vehicles registered on focused on possible solutions such as our roads.

The remaining 34.4 percent the facilities and programs available for of complaints were against the claims disaster recovery initiatives which can processes and customer service of assist Pacific Island countries to mitigate insurers.

disaster risks both at individual and sovereign levels.

The Reserve Bank acts as a mediator licensing framework in 2017.
The core principles determined by the International Association of Insurance Supervisors will continue to form the basis of future policy reviews and developments.
International Liaison In 2017, the Reserve Bank continued to participate in the Bank of South Pacific (BSP) Supervisory College meeting and led the discussions pertaining to the in complaints related matters and held operations of the BSP Life Group, the meetings with complainants and licensed only insurance entity in the BSP Group, institutions in an effort to amicably headquartered in Fiji.

resolve the complaints during the year.


Expanding Household Coverage against Tropical Cyclones in Fiji A roundtable discussion was convened at the Reserve Bank during the year, with the World Bank, Ministry of Economy and donor agencies to discuss and explore interventions with the domestic insurance industry to ensure that more households can be covered by insurance.
Industry Consultation and Liaison The Insurance TaskForce (ITF) met once in 2017 and held discussions on the relevant ongoing industry issues such as insurance awareness initiatives, review of the Insurance Act 1998, the Fiji Building Code, Code of Practice and catastrophe covers.
The ITF is made up This would reduce the financial costs of representatives from the Insurance faced by the Government following Council of Fiji, the Licensed Insurance disasters, and also to explore how this Brokers Association of Fiji and the can be supported by the new Pacific Reserve Bank as the secretariat.

Catastrophe Risk Insurance Company.


Complaints The Reserve Bank received a total of 32 insurance related complaints in 2017, which was an increase of 23.1 percent compared to the 26 complaints received Priorities Going Forward International Regulatory Developments Staff Development The development and up skilling of supervision and policy staff remained a priority of the Reserve Bank in 2017.
In this regard, staff continued to pursue correspondence courses through the Financial Stability Institute online learning portal.

Staff participated in overseas training activities to enhance exchange of views with overseas regulators and counterparts.

In addition, the Reserve Bank’s Consultant Actuary conducted training sessions for staff on various insurance related topics.

Staff also continued studies at the University of the South Pacific and in 2016.
In 2017, 65.6 percent of the total To reflect the changes in international attended various local workshops, relating complaints were related to motor vehicle standards and sound practices, the to disaster risk financing.
Types of insurance complaints received by Reserve Bank 65.6% related to Motor Vehicle Insurance Products 9.4% related to Mortgage Protection Insurance Products 18.8% of complaints in relation to Life Insurance Products 6.2% of complaints in relation to Workers’ Compensation 18 Insurance Annual Report 2017 General Insurance 19 19 Insurance Annual Report 2017 Insurance Annual Report 2017 Overall Performance liability and marine classes at 16.7 offshore for treaty and facultative percent, 14.3 percent and 11.4 percent, reinsurance arrangements.
This was a respectively.

Personal and motor classes decrease from $45.4 million reported in General Insurance The general insurance sector registered accounted for the majority of general insurers’ gross premium pool at 28.6 a surplus underwriting result and overall percent and 28.4 percent, respectively.

profitability in 2017, a turnaround from the losses reported in 2016.
The positive These surpassed the previously dominant performance was attributed to the fire class, which represented 26.8 percent absence of natural disasters and other of the gross premium pool in 2017 notable insured loss events, decline (Table 8).

in net claims incurred and increased underwriting.

The total number of policies issued in 2017 stood at 204,582 increasing from All general insurers continued to comply 195,005 policies issued in 2016.
Both, the with the minimum solvency requirements individual policies and group policies under the Insurance Act 1998. contributed to the increase by 7,225 and 2,352 policies, respectively.

the previous year and was underpinned by the fire class, which registered a decline of $3.3 million to $28.8 million.

The householders, professional indemnity, public liability, workers compensation, personal accident and cash in transit (CIT) and burglary classes contributed to the decrease in reinsurance premiums.
Growth however, was recorded for the rest of the classes, which offset the overall decline in reinsurance premiums by $0.1 million.

The highest growth was by the motor vehicle class of $1.7 million, aligned Gross Premiums Gross premium income of the general insurance sector stood at a record high of $189.7 million (Table 7).

The increase of 7.6 percent from the 2016 level was underpinned by new businesses underwritten during the year.
The motor CTP and motor vehicle classes to the increase in both number and value accounted for majority of the individual of motor policies underwritten.

policies issued at 82.7 percent, and was reflective of the increase in motor The medical class was the least reinsured vehicle sales.

All other insurance classes as risks underwritten were within the also recorded increases, except for the insurance companies’ appetite.

householders, medical and term life classes.


All classes of insurance contributed to the growth in the general insurance sector’s gross premium, except for the fire and liability classes.
The ‘others’ Reinsurance Cessions Overall, fire, motor vehicle and householders classes continued to account for the highest levels of reinsurance protection, due to the risky nature of these portfolios and exposures classes recorded the largest increase of From the general insurers’ total gross underwritten beyond the insurers’ 37.3 percent, followed by motor, personal premium pool, 23.9 percent was ceded appetite.
$189.7m Gross Premium Income Table 7 Premium Growth Year Gross Premium Net Premium Income $m % Change $m % Change 2013 160.2 10.0 118.8 15.3 2014 170.9 6.7 137.1 15.4 2015 166.3 (2.7) 128.3 (6.4) 2016 176.3 2017 189.7 6.0 7.6 130.9 2.0 144.4 10.3 Reten- tion Ratio % 74.2 80.2 77.1 74.2 76.1 Table 8 Distribution of Gross Premiums Year Fire Motor Marine Pers.

* Liab.
** Others Total 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 54.6 54.4 49.9 52.3 50.8 11.7 (0.4) (8.3) 4.8 (2.9) 34.1 31.8 30.0 29.7 26.8 34.5 40.1 41.6 46.1 53.8 17.7 16.2 3.7 10.8 16.7 21.5 23.5 25.0 26.1 28.4 $m 4.0 3.8 4.2 4.4 4.9 % Change 29.0 (5.0) 10.5 4.8 11.4 % Share 2.5 2.2 2.5 2.5 2.6 40.7 46.1 44.0 47.4 54.2 1.0 13.3 (4.6) 7.7 14.3 25.4 27.0 26.5 26.9 28.6 22.1 20.9 21.2 21.0 19.0 14.5 (5.4) 1.4 (0.9) (9.5) 13.8 12.2 12.7 11.9 10.0 4.3 5.6 5.5 5.1 7.0 (8.5) 30.2 (1.8) (7.3) 37.3 2.7 3.3 3.3 2.9 3.7 160.2 170.9 166.4 176.3 189.7 10.0 6.7 (2.7) 5.9 7.6 100.0 100.0 100.0 100.0 100.0 Source: General Insurance Companies Source: General Insurance Companies * Personal - Householders, Medical, Term Life, Burglary, and Personal Accident ** Liabilities - Motor CTP, Professional Indemnity, Public Liability and Workers’ Compensation 20 Insurance Annual Report 2017 General Insurance These classes represented 63.6 percent, percent.
This was followed by the medical 10.8 percent and 9.6 percent of the and fire classes at 21.1 percent and 15.2 reinsurance ceded, respectively.

Treaty percent, respectively.

Underwriting Result reinsurance continued to be the dominant arrangement for local general insurers, accounting for 86.6 percent of total Claims reinsurance.

The remaining 13.4 percent was through facultative reinsurance arrangements.
Majority of the covers placed in 2017 by the general insurance sector were with rated reinsurance companies.

Net premium Income12 Gross claims payments for the general insurance sector in 2017, was $132.6 million, decreasing by 2.8 percent from 2016.

This was attributed to the absence of natural disasters and other notable insured loss events.

Fire, householders, motor CTP and marine hull classes were the major contributors to the decline in gross claims payments by $14.9 million.
Motor vehicle, medical Net premium income increased by 10.3 and profession indemnity classes percent to $144.4 million as a result of the however, reported a combined increase of growth of $13.4 million in gross premium $10.3 million in 2017. income, coupled with the decline of $0.1 million in reinsurance outwards.
While the value of claims paid reduced The motor vehicle, medical and householders’ classes recorded increases of $6.0 million, $3.2 million and $1.9 million in net premium income respectively, while the CTP class noted a deduction by $4.0 million to $4.6 million (Table 9).

over the year, the number of claims reported increased by 27,955 to 164,703 claims.

The largest number of reported claims was for the medical class at 91.1 percent.
In 2017, the general insurance sector recorded an underwriting surplus of $30.3 million, a turnaround from the previous years underwriting deficit of $19.0 million (Table 10).

This was attributed to increases in net earned premiums by 10.8 percent coupled with the reduction in net claims incurred by 29.5 percent.

Consequently, the overall net loss ratio (net claims incurred as a percentage of net earned premiums) improved to 59.6 percent from 93.8 percent in 2016.
All classes reported an underwriting surplus except for motor vehicle, professional indemnity and ‘other’ classes.

In terms of loss ratios, the professional indemnity class reported the highest ratio of 142.9 percent.

The fire class, on the other hand, recorded a net loss ratio of negative 22.6 percent, and was reflective of a lower level of Similarly, net claims paid increased to net claims incurred of negative $5.3 $97.0 million in 2017, underpinned by million (Table 11).
Underwriting expenses The composition of net premium income remained relatively unchanged a greater decrease of 24.3 percent in decreased marginally by 0.2 percent to reinsurance recoveries when compared to $26.9 million which resulted in a slight as the motor vehicle class continued to the decline of 2.8 percent in gross claims improvement in the expense ratio from dominate the net premium pool at 33.9 paid.

21.1 percent to 19.0 percent.


Table 9 Distribution of Net Premiums Table 10 Underwriting Result by Class Year Fire Motor Marine Pers.

* Liab.

** Others Total Year Fire Motor Marine Pers.

* Liab.
** Other Total 23.5 30.7 28.7 20.2 22.0 51.6 30.6 (6.5) (29.6) 8.9 19.8 22.4 22.4 15.4 15.2 32.7 38.2 38.3 42.9 48.9 17.2 16.8 0.3 12.0 14.0 27.5 27.8 29.8 32.8 33.9 $m 3.4 3.3 3.4 3.5 3.8 35.5 41.0 34.0 41.8 48.3 % Change 30.8 (2.9) 6.1 2.9 8.6 (0.3) 15.5 (17.1) 22.9 15.6 % Share (2.0) (1.0) (2.6) (14.7) 17.0 14.4 15.2 14.5 11.3 3.5 4.2 4.4 3.5 5.2 (7.9) 20.0 4.8 (20.5) 48.6 2.9 3.1 3.4 2.7 3.6 118.8 137.1 128.3 130.9 144.4 15.3 15.4 (6.5) 2.0 10.3 100.0 100.0 100.0 100.0 100.0 $m 2013 (23.7) 2014 13.2 2015 23.3 2016 (23.3) 2017 21.1 7.3 7.7 6.0 (9.1) (6.6) 1.4 1.5 1.2 0.8 0.7 7.6 7.5 15.7 11.4 (5.2) 14.7 (0.5) 13.6 6.8 8.7 4.2 1.8 3.0 12.5 43.1 42.9 (0.5) (0.3) (19.0) 30.3 Source: General Insurance Companies * Personal - Householders, Medical, Term Life, Burglary, and Personal Accident ** Liabilities - Motor CTP, Professional Indemnity, Public Liability and Workers’ Compensation Table 11 Distribution of Net Loss Ratios Year Fire Motor Marine Pers.
* Liab.
** Other Total 2013 174.6 2014 10.1 2015 17.2 57.9 59.5 69.6 2016 169.8 107.3 2017 (22.6) 101.1 % 34.5 32.0 41.4 53.8 61.6 54.9 2.8 (58.6) 58.3 37.2 88.1 15.1 79.8 18.2 65.6 41.3 22.6 17.1 89.4 81.8 66.2 42.7 46.8 93.8 59.6 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.

21 Insurance Annual Report 2017 Non Underwriting Income Total non underwriting income added to the growth in profitability noting an General Insurance year.

The amounts due from reinsurers premiums at 18.2 percent and 12.1 percent, on outstanding claims decreased by 21.0 respectively (Graph 11).

percent to $73.7 million, while amounts due from reinsurers on claims paid decreased by 89.5 percent to $0.7 million.
Liabilities increase of 26.0 percent to $14.7 million in In addition to the above, future income 2017.

This was mainly due to ‘other’ non tax benefit, deferred reinsurance expense underwriting income which increased by and cash on hand also contributed to the 120.9 percent to $5.8 million.

overall decrease in total assets of general Operating Result insurers by $3.6 million, $2.9 million and $2.8 million, respectively.
The positive underwriting results and the absence of major catastrophic events in 2017, contributed to a profitable year for the general insurance sector.

The overall decrease in total assets was offset by the increase in outstanding premiums and investments.

Net profit before tax stood at $29.1 million compared to the loss of $23.3 million recorded last year.

After consideration Outstanding premiums increased by 11.4 percent to $48.7 million.
This was reflective of the growth in the general insurers’ gross premium income and of taxation expenses, the sector’s net credit terms offered to the insured.

profit stood at $22.0 million, compared to the loss of $18.9 million recorded in 2016 Investments increased by 2.4 percent to (Graph 10).

Balance Sheet $218.9 million, attributed to appreciation of land and buildings by 24.0 percent, followed by increases in shares and bank deposits by $1.5 million and $1.3 million, Assets respectively.
The general insurance sector’s liabilities fell by 13.2 percent to $259.0 million.

This was underpinned by the decreases in reported claims provision and amounts due to reinsurers as the general insurers continued to settle outstanding claims and clear dues during the year.

Incurred but not reported (IBNR) provisions, on the other hand, grew by 54.1 percent to $28.4 million, as revisions were made amidst the experience from TC Winston and TC Zena.
The composition of total liabilities continued to be concentrated in outstanding claims at 36.8 percent and unearned premium provision at 38.0 percent, respectively (Graph 12).

Owners’ Equity The general insurance sector’s total capital increased by 12.3 percent to $145.2 million, attributed mainly to retained earnings and paid up capital.
Total assets of the general insurance The asset composition of the general sector declined by 5.5 percent to $404.2 insurance sector remains relatively Retained earnings grew by 16.5 percent to million in 2017, driven largely by amounts unchanged in 2017, as bank deposits $97.4 million with improved profitability due from reinsurers on both, outstanding continued to represent the largest share performance recorded by all the general claims and claims paid, attributed to at 48.1 percent, followed by amounts insurers and relatively unchanged settlement of large claims during the due from reinsurers and outstanding dividend payment policies.
Graph 10 Operating and Underwriting Results Graph 11 Distribution of Assets for General Insurance Companies Graph 12 Distribution of Liabilities for General Insurance Companies Underwriting Result Investments and Others Net Profit Government Securities Amount Due from Reinsurers Outstanding Premiums Term Deposits Shares Fixed Assets Other Assets Outstanding Claims Provisions Other liabilities Unearned Premium Provisions Other Provisions 50 45 40 35 30 25 20 15 10 5 0 -5 -10 -15 -20 n o i l l i M $ n o i l l i M $ 3 1 0 2 4 1 0 2 5 1 0 2 6 1 0 2 7 1 0 2 n o i l l i M $ 300 250 200 150 100 50 0 3 1 0 2 4 1 0 2 5 1 0 2 6 1 0 2 7 1 0 2 Source: General Insurance Companies Source: General Insurance Companies Source: General Insurance Companies 22 Insurance Annual Report 2017 General Insurance Underwriting Ratio Graphs 2017 Graph 13 Fire Graph 14 Motor Vehicle 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 15 Motor CTP Graph 16 Medical Loss Ratio Expense Ratio Loss Ratio Expense Ratio t n e c r e P 100 80 60 40 20 0 -20 t n e c r e P 120 100 80 60 40 20 Graph 17 Marine Graph 18 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 23 Insurance Annual Report 2017 Life Insurance Insurance Annual Report 2017
 24 24 Insurance Annual Report 2017 Life Insurance Overall Performance The life insurance sector’s operating results improved in 2017 reflected by the after tax surplus which more than doubled over the year to $23.2 million.
The growth in the net surplus was underpinned by higher asset value appreciations recorded over the year.

In line with the operating results, profit allocation to policyholders increased over the year and marked the third consecutive year of growth on the back of noteworthy performances of the life sector’s major investment assets.

In contrast, total dividends declared and paid to shareholders declined by $3.5 million in 2017.
The life insurers’ solvency position strengthened over the year and continued to reflect positively on their financial soundness and the adequacy of the protection over policyholder liabilities.

Premiums Gross premium income received by the life insurance sector decreased to $133.9 million in 2017 after a slight increase in 2016, largely due to lower premiums received from endowment classes.
The decline in premiums from endowment policies was due to the lower premiums received from new business, which reported its lowest levels since 2012.

$23.2m After Tax Surplus 9.8% Total Assets Graph 19 Composition of Gross Premiums ($133.9m) Endowment 93.4% Other (Individual) 1.9% Whole of Life 2.4% Term 2.3% Endowment13 polices ($125.0m) however, continued to account for the majority of the gross premiums received at 93.4% (Graph 19).

attributed mostly to term life policies (Table 13).
Term life policies decreased as a result of lower sums insured in 2017.

Whole of life class increased slightly over the year to $3.2 million, making up 2.4 percent of gross premium.

Term life and the ‘other’ classes also recorded slight growth to $3.2 million and $2.5 million, respectively.

After accounting for reinsurance outwards of $0.9 million, net premium income was recorded at $133.0 million, a 1.3 percent decline from the previous year.
Sum insured relating to endowment policies, on the other hand, grew by 3.1 percent to $340.5 million.

Total premiums received from new business decreased by 22.7 percent to $38.4 million.
Single premium plans accounted for 40.6 percent of total new business premiums received in 2017, and was reflected by the endowment policies which continued to dominate the domestic life insurance Performance of life Business New Business New life insurance policies issued in 2017 increased by 167 to 15,194 policies (Table 12), attributed to the 1.2 percent increase in participating policies compared to a decline of 7.0 percent recorded in the prior year.
This was mainly a result of more endowment polices sold over the year.

Non participating policies, on the other hand, decreased from 118 to 99 policies due to a reduction in the term life policies.

Notably, the increase in new life insurance policies did not translate to higher sum insured in 2017, which declined by 9.9 percent to $563.5 million, 1.7% Gross Premium Income Table 12 New Business of Life Insurers Year No.

of Policies Sum Insured ($m) Partic.

Non Partic.

Partic.

Non Partic.


2013 13,230 2014 14,208 2015 16,034 2016 14,909 2017 15,095 12 11 17 118 99 266.3 297.0 334.3 337.5 345.3 % Change 2013 2014 2015 2016 2017 (4.8) (53.8) 7.4 12.6 (7.0) 1.2 (8.3) 54.5 594.1 (16.1) 5.6 11.5 12.6 1.0 2.3 225.2 234.3 305.3 287.7 218.2 18.3 4.0 30.3 (5.8) Premi- um ($m) 58.3 53.4 45.7 47.1 38.4 24.6 (8.4) (14.4) 3.1 (24.2) (18.5) market (Table 14).

Terminations In 2017, a total of 14,515 policies were terminated compared to 13,523 policies in the prior year.
Forfeitures continued to account for the majority of total policies terminated at 54.7 percent, followed by surrenders at 18.6 percent.

The number of terminations by forfeiture fell to 7,933 policies.

Surrendered policies, on the other hand, reduced from 2,763 to 2,694 policies in 2017 and reflected positively on the persistency of existing life insurance business.
The higher number of policies terminated also resulted in the annual premiums terminated increasing by 11.4 percent over the year to $47.0 million (Table 15).
Table 13 Distribution of New Sum Insured of Life Insurers Ordinary Life Insurances Year Whole of Life Endo wment Term Life Total ($m) $m 263.3 225.2 285.6 234.3 327.6 305.3 330.2 287.7 340.5 218.2 % Change 5.3 8.5 14.7 0.8 3.1 18.3 4.0 30.3 (5.8) (24.2) 3.0 11.4 6.7 7.2 4.8 36.4 280.0 (41.3) 7.5 (33.3) % Share 53.6 53.8 51.3 52.8 60.4 0.6 2.1 1.0 1.2 0.9 45.8 44.1 47.7 46.0 38.7 491.5 531.3 639.6 625.1 563.5 11.0 8.1 20.4 (2.3) (9.9) 100.0 100.0 100.0 100.0 100.0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Source: Life Insurance Companies Source: Life Insurance Companies 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.

25 Insurance Annual Report 2017 Life Insurance Single premium plans terminated accounted for 56.6 percent of the total premiums terminated.

Sums insured relating to policies terminated also grew by 10.3 percent to $548.3 million.
Terminations by forfeitures and surrenders continued to account for the larger share of sums insured terminated at 75.2 percent (Table 16).

The movements in forfeitures resulted in the deterioration of the forfeiture rate14 from 50.7 percent to 52.5 percent in 2017, while the surrender rate15 improved to 2.7 percent from 2.9 percent in the prior year.

Business in Force Participating policies continued to dominate the life insurance sector reflected by the total business in force in 2017 (Table 17).
Individual life insurance policies in force increased by 1,941 to 101,457, while term life group policies remained unchanged.

Contrary to the decline in the number of life policies in force, total sums insured for all life insurance policies in force grew decreased by 1.9 percent over the year to investment income at 26.8 percent and $244.9 million (Table 18).

24.6 percent, respectively.


Income and Outgoing Income Total income of the life insurance sector increased by 46.8 percent to $277.1 million (2016: $188.7m).

The increase in the sector’s earnings was mostly a result of asset value appreciation supported by an increase in investment returns.

Asset value appreciation stood at $74.4 million in 2017, compared to asset value depreciation of $9.7 million in 2016.
The turnaround in 2017 resulted mostly from the market value appreciation of Outgoings Total outgoings grew by 38.6 percent in 2017 to $249.1 million in 2017 as a result of the increase in policy liabilities of $51.0 million to $96.5 million.

This reflected the increased profits allocated to policyholders and was partially attributed to the change in the reporting of profit allocation to policyholders by one of the insurers.
Net policy payments also increased by $17.2 million to $113.7 million and continued to comprise the majority of outgoings at 45.6 percent.

Matured policies accounted for the majority of the pay out to policyholders at $88.3 million and represented 77.6 government securities coupled with the percent of the total payments followed by continued growth in the fair value of property and equity investments.

surrenders at 14.0 percent (Table 19).


The increase in both matured and surrendered policies over the year was Investment income increased by $4.7 attributed to single premium policy million to $68.2 million (2016: $63.5m).

payments driving the payments for Majority of the increase was attributed to endowment policies to 96.9 percent of increases in interest income and dividend gross policy payments compared to 97.0 in 2017 by 4.0 percent to $2,435.7 million.

income.

percent in 2016.
Annual premiums relating to total Net insurance premiums of $133.0 million business in force on the other hand fell continued to account for most of the life by 2.0 percent in 2017 and was mainly insurers’ total income at 48.0 percent, attributed to endowment policies which followed by asset value appreciation and Operating results In 2017, the after tax surplus reported by the life insurance sector increased Table 14 Distribution of New Business Premiums of Life Insurers Table 15 Termination of Annual Premiums Table 16 Termination of Sum Insured of Life Insurers of Life Insurers Ordinary Life Insurances Year Whole of Life Endow- ment Term Life Total Premiums ($m) 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 0.2 0.4 0.3 0.3 0.2 0.0 100.0 (25.0) 0.0 (33.3) 0.3 0.7 0.7 0.6 0.5 $m 57.2 52.2 44.2 45.7 37.3 0.9 0.8 1.2 1.1 0.9 % Change 24.9 (8.7) (15.4) 3.4 28.6 (11.1) 50.0 (8.3) (18.4) (18.2) % Share 98.1 97.8 96.7 97.0 97.1 1.6 1.5 2.6 2.3 2.3 58.3 53.4 45.7 47.1 38.4 24.8 (8.4) (14.5) 3.1 (18.5) 100.0 100.0 100.0 100.0 100.0 Death Matu- rity Surren- der For- feiture Others Total Death Matu- rity Surren- der For- feiture Year Others Total Year 2013 2014 2015 2016 2017 0.3 0.7 0.7 0.6 1.3 6.1 7.9 6.8 14.1 24.9 $m 4.5 4.8 5.0 13.5 4.5 % Change 8.9 9.3 11.3 11.6 13.0 1.9 1.7 2.2 2.4 3.3 2013 0.0 165.2 28.6 11.3 72.7 2014 133.3 30.9 2015 0.0 (13.9) 6.7 4.2 4.5 (15.8) 21.5 29.4 2016 (14.3) 107.4 170.0 2.7 9.1 2017 116.7 76.6 (66.7) 12.1 37.5 2013 2014 2015 2016 2017 1.4 2.9 2.7 1.4 2.8 % Share (22.9) 29.8 2.1 2.5 2.3 1.7 2.0 $m 85.2 93.0 84.0 86.3 79.8 % Change 7.2 9.2 (9.7) 2.7 (7.5) % Share 21.1 21.4 17.8 17.4 14.6 39.8 46.0 46.8 53.0 72.8 26.8 15.6 1.7 13.2 37.4 10.0 10.6 9.9 10.6 13.3 246.9 257.4 294.5 309.0
Source: Life Insurance Companies Source: Life Insurance Companies 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.

26 Insurance Annual Report 2017 Life Insurance significantly by 112.3 percent to $23.2 Government securities grew by $66.0 which grew by 10.4 percent during the million.

million to $662.0 million and shares in year to $1.1 billion and continued to related and non related persons grew by represent the bulk of the life insurers’ The increase was underpinned by an $40.1 million to $241.7 million.
Land and increase in total income attributed to buildings also grew by $6.7 million to liabilities at 96.2 percent.

asset value appreciation.

$91.1 million.

Accordingly, the life insurers’ return on Bank deposits and loans remained at assets slightly improved to 1.9 percent similar levels of $63.6 million and $96.3 compared to 1.0 percent in 2016. million, respectively.
As part of the balance of revenue account, net statutory liabilities increased over the year to $978.1 million (2016: $920.4m) aligned to the growth reported in terms of the increase in policyholder liabilities.

A total of $5.0 million in dividends were The asset composition of the life Other liabilities increased by 21.4 percent declared and paid to shareholders in 2017, insurance sector continued to be compared to $8.5 million paid out in the dominated by government securities previous year.
Balance Sheet at 52.8 percent, followed by shares and loans at 19.3 percent and 7.7 percent, respectively (Graph 20).

Assets Liabilities Total assets of the life insurance sector The life insurance sector’s total liabilities increased by 9.8 percent to $1.3 billion increased over the year by 9.9 percent to to $13.2 million.

Other provisions, on the other hand, declined over the year by 15.8 percent to $20.2 million.
Owners’ Funds Total owners’ funds increased by 9.8 percent over the year to $82.8 million.

This was a result of an increase in driven by investments in government $1.2 billion.

This was mainly driven by the retained profits by $7.4 million to $62.4 securities and equities.

growth in the balance of revenue account, million in 2017.

Table 18 Distribution of Annual Premiums for Table 19 Policy Payments 38.6% Total Outgoings Table 17 Life Business in Force No.

of Policies Sum Insured ($m) Partic.


Non Partic.

Partic.

Non Par- tic.

Premi- um ($m) 89,074 1,147 1,522.7 346.8 198.4 91,406 1,044 1,642.7 360.4 229.4 95,920 980 1,782.4 414.8 251.8 98,493 1,023 1,896.4 445.4 259.1 Year 2013 2014 2015 2016 2017 100,585 872 1,992.9 442.8 253.9 2013 2014 2015 2016 2017 % Change 1.9 2.6 4.9 2.7 2.1 (11.4) (9.0) (6.1) 4.4 (14.8) 6.
9 7.9 8.5 6.4 5.1 5.3 3.9 15.1 7.4 (0.6) 24.2 15.6 9.8 2.9 (2.0) Life Business in Force Ordinary Life Insurances Year Whole of Life Endow- ment Term Life Total ($m) $m 189.0 220.3 242.6 249.6 244.9 % Change 25.7 16.4 10.1 2.9 (1.9) % Share 95.3 96.0 96.3 96.3 96.5 3.5 3.4 3.3 3.4 3.3 (2.8) (2.9) (2.9) 3.0 (2.9) 1.7 1.5 1.3 1.3 1.3 5.9 5.7 5.9 6.1 5.7 1.7 (3.4) 1.7 3.4 198.4 229.4 251.8 259.1 253.9 24.2 15.6 9.8 2.9 (6.6) (2.0) 3.0 2.5 2.4 2.4 2.2 100.0 100.0 100.0 100.0 100.0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Gross Policy Payments Maturity Death Surrender Others $m 7.2 9.3 8.3 6.1 9.5 17.8 20.4 18.3 24.9 15.9 46.4 52.6 50.7 65.2 88.3 0.3 0.5 0.6 0.2 0.0 Year 2013 2014 2015 2016 2017 Total ($m) 71.7 82.8 77.9 96.4 113.7 Source: Life Insurance Companies Graph 20 Distribution of Assets for Life Insurance Sector Other Assets Other Investments Government Securities Loans 1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0 n o i l l i M $ 2013 2014 2015 2016 2017 Source: Life Insurance Companies Source: Life Insurance Companies Source: Life Insurance Companies 27 Insurance Annual Report 2017 Insurance Brokers Insurance Annual Report 2017 28 28 Insurance Annual Report 2017 Insurance Brokers Overall Performance The insurance broking sector remained profitable in 2017 resulting from the upward trend in total premiums handled for almost all classes of business.
Premiums to greater monies withdrawn than monies received (Table 21).

Total monies withdrawn from the insurance broking account decreased by 0.3 percent to $201.0 million.

Of the total monies withdrawn, payments to local insurance companies continued to be the major contributor to the aggregate monies withdrawn accounting for 62.4 percent.

Balance Sheet Assets Total assets of the broking sector grew by 8.0 percent to $52.4 million in 2017, attributed to outstanding premiums.
Outstanding premiums increased by 19.0 This was followed by payments to percent to $31.3 million underpinned by remained concentrated in local insurers Total liabilities increased by 12.7 percent at 73.2 percent followed by offshore over the year to $45.1 million attributed to insurers at 26.8 percent.

amounts due to insurers (Graph 22).

the outstanding premium amounts owed in the over 30 days category.
The assets composition of the broking industry remained consistent over the year with outstanding premiums comprising the largest share of total assets at 59.6 percent.

Liabilities Amounts due to insurers continued to be the major liability for insurance brokers which declined over the year by 6.7 percent to $32.5 million.
Owners’ Funds The insurance broking sector recorded a decline of 13.8 percent in total owners’ funds to $7.4 million, owing to the decreased level of retained profits after accounting for dividends.

Retained profits continued to represent the majority of total owners’ fund at 88.0 percent.
Total premiums transacted through brokers stood at $185.9 million in 2017, the highest ever recorded in any given offshore insurance companies and payments to self, representing 22.7 percent and 12.9 percent, respectively year.

The growth was largely attributed to higher premiums handled in the fire and (Graph 21).

property, miscellaneous, and transport and marine classes increasing by $15.9 million, $5.9 million and $4.7 million, respectively.
All classes of premiums handled by brokers increased over the year except for term life class which declined by 3.2 percent in 2017 (Table 20).

Total premiums for the fire and property class was at its all time high at $92.7 million, greater than the five year average of $77.6 million.

Transport and marine classes recorded the second largest premiums transacted by brokers at $28.4 million followed by the ‘miscellaneous’ class at $26.6 million.
Similarly, total monies received decreased by 1.1 percent to $200.1 million.

Of the total monies received, 99.8 percent were received for the general insurance business.

The composition of total monies received Operating Results The insurance broking sector recorded a net profit of $4.9 million in 2017, underpinned by a greater increase in revenue in comparison to expenses (Table 22).
In terms of composition, the fire and property class continued to dominate Total revenue increased by 9.1 percent to the market share in premiums handled, $21.5 million, attributed to total brokerage both offshore and locally at 49.9 percent income earned during the year.

followed by transport and marine at 15.3 percent.

Insurance Broking Account Section 65 of the Insurance Act 1998 requires all licensed brokers to establish and maintain an insurance broking account with a licensed bank.
This account keeps record of all monies received and withdrawn in the course of the broking business.

Brokerage earned stood at $21.3 million and remained the major component of revenue at 98.9 percent.

Total expenses also recorded an increase of 10.9 percent over the year to $15.2 million.

‘Other’ expenses accounted for 50.3 percent of total expenses followed by salaries and wages at 39.2 percent.
The greater increase in total expenses compared to the growth in total revenue in 2017 led to an increase in efficiency In 2017, the aggregate broking account ratio (total expenses to total revenue) year end balance slightly decreased by by 1.2 percent to 70.7 percent for the 9.5 percent to $9.5 million, attributed insurance broking sector.
29 Insurance Annual Report 2017 Insurance Brokers Table 20 Total Premiums Transacted by Insurance Brokers Table 21 Insurance Broking Account Year 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Fire and Property Transport and Marine 80.6 81.4 73.8 76.8 92.7 7.2 1.0 (9.4) 4.1 20.7 23.5 26.5 23.8 23.7 28.4 12.4 12.8 (10.2) (0.4) 19.8 Liability* $m 12.9 13.7 13.8 13.4 15.5 % Change 6.6 6.2 0.8 (2.9) 15.7 Medical and Life Miscella- neous** Total Year B/f from last year Total Monies Received Total Monies Withdrawn Balance at year end 15.7 21.0 16.7 20.6 22.7 (17.4) 33.8 (20.5) 23.4 10.7 12.2 13.0 12.7 20.7 26.6 22.0 6.6 (2.3) 63.0 28.5 144.9 155.6 140.8 155.2 185.9 5.6 7.4 (9.5) 10.2 19.9 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 5.1 5.5 4.3 9.9 10.5 (46.9) 7.8 (20.4) 130.2 6.1 $m 152.9 174.2 168.8 202.2 200.1 % Change 15.8 13.9 (3.2) 19.8 (1.1) 152.5 175.4 163.2 201.6 201.0 11.7 15.0 (7.0) 23.5 (0.3) 5.5 4.3 9.9 10.5 9.5 7.8 (21.8) 130.2 6.1 (9.5) Source: Insurance Brokers * Liabilities - Motor-CTP, Professional Indemnity, Public Liability and Workers’ Compensation ** Miscellaneous - Others, CIT and Burglary and Personal Accident Source: Insurance Brokers Graph 21 Composition to Total Monies Withdrawn Graph 22 Distribution of Liabilities for Insurance Brokers Table 22 Operating Results of Insurance Brokers Payments to Self Percentage of Monies Withdrawn Amount due to Insurers Current Liabilities Other Liabilities Amount due to related persons Provisions 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 $ 50 45 40 35 30 25 20 15 10 Year Total Broker- age Other Income $m Total Expens- es Net Profit/ Loss 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 15.3 16.5 17.3 19.3 21.3 13.3 7.8 4.9 11.6 10.4 0.6 0.7 0.5 0.4 0.2 % Change 0.0 16.7 (28.6) (20.0) (50.0) 11.3 11.7 12.9 13.7 15.2 13.0 3.5 10.3 6.2 10.9 3.6 4.4 3.9 4.7 4.9 12.5 22.2 (11.4) 20.5 4.3 Source: Insurance Brokers Source: Insurance Brokers
 Source: Insurance Brokers 30 Insurance Annual Report 2017 Calendar of Events 31 31 Insurance Annual Report 2017 Insurance Annual Report 2017 Calendar of Events Key Local Events and Supervisory Activities Month Event January February March April May June July August September October November December • • • • • • • • • • • • • • • • • • • • • • • • • • • Trilateral pre audit meeting with insurance companies and brokers.
Inclusive Insurance Working Group Meeting.

Pre audit meeting with one insurance broker.

2017 audited annual returns of all insurance companies submitted to the Reserve Bank.

Publications of Key Disclosure Statements by insurers.

Insurance Task Force (ITF) meeting.

Workshop on Insurance Industry Bundled Product organised by the Reserve Bank and PFIP.

Trilateral post audit meetings with insurance companies.
Insurance Awareness Education Campaign funded by PFIP and insurance providers was broadcasted on television, radio, newspapers, and on social media.

Reserve Bank’s meeting with BIMA/MILVIK officials.

Insurance Awareness Education Campaign funded by PFIP and insurance providers was re-broadcasted on television, radio, newspapers, and on social media.

Inclusive Insurance Working Group Meeting.

The 2016 Insurance Annual Report was submitted to the Minister for Economy.
Budget Announcement on the proposed establishment of the Accident Compensation Commission Fiji (ACCF).

The Asian Development Bank along with its Private Sector Development Initiative organised a regional workshop on Disaster Risk Financing (DRF) in the Pacific held at the Holiday Inn Hotel, Suva.

Heads of General Insurers met with the Reserve Bank to discuss home initiatives announced in the 2017/2018 National Budget Address.
Supervisory College for regulators of a regional general insurance group across the Pacific held in Cook Islands.

Reserve Bank conducted prudential consultation for one insurance broker.

A roundtable discussion was convened at the Reserve Bank with the World Bank and Ministry of Economy on expanding household coverage against Tropical Cyclones in Fiji.

The 2016 Insurance Annual Report was tabled in Parliment.

Press Release 21/2017 on 2016 Insurance Annual Report.
The Reserve Bank was informed on the proposal by one general insurer to change its name.

The Reserve Bank conducted a targeted operational risk onsite examination of a general insurer.

Reserve Bank presentation to standing committee on Economic Affairs on the 2016 Insurance Annual Report.

The Pacific’s first bundle insurance product was officially launched by FijiCare Insurance Limited to 12,500 sugar cane farmers.

Renewal of licences for insurance agents, brokers and insurers for 2017.
Reserve Bank’s Consultant Actuarial visited Fiji and held discussions with respective Examiners regarding the 2016 LVR and FCR.
Key International Events Month Country Event Victims Insured losses (in US$m) January United Arab Emirates US Fire at a refinery Major tornado outbreak February US Thunderstorms, tornadoes and large hail March April May June August US US Australia Canada Europe US US US Hailstorm, thunderstorm and tornadoes Thunderstorm, tornadoes and hail Cyclone Debbie and storm surge Fire at a refinery Cold spells with frost damage Hailstorm, thunderstorm and tornadoes Hailstorm Thunderstorm, tornadoes and large hail US China, Vietnam, Hongkong Hurricane Harvey (Cat 4), Severe Inland flood Typhoon Hato September October US and the Caribbean US and the Caribbean Mexico US US Philippines Japan Hurricane Maria Hurricane Irma Earthquake Mw 7.1 Wildfire “Tubbs Fire” Wildfire “Atlas Fire” Typhoon Lan December US Wildland Fire “Thomas Fire” Source: Sigma No.
1/2018 - Natural Catastrophes and manmade disasters in 2017; a year of record breaking losses.
ns - not shown - 24 6 - 2 12 - - - - - 89 27 136 126 396 22 6 - - ns 853 1,370 1,967 1,600 1,306 ns 930 2,507 1,549 1,131 30,000 1,107 32,000 30,000 1,200 7,710 2,666 888 1,787 32 Insurance Annual Report 2017 Calendar of Events International Events NATURAL CATASTROPHES Storms Droughts, bush fires, heat waves Hail Cold, frost Earthquakes Floods Other natural catastrophes MANMADE DISASTERS Major fires, explosions Oil, gas Industry, warehouses Other buildings Other fires, explosions Department stores Miscellaneous Social Unrest Terrorism Other miscellaneous losses Aviation disasters Space Crashes Damage on ground Maritime disasters Drilling platforms Freighters Tankers Passenger ships Other maritime accidents Rail Disasters (including cableways) Mining accidents Total List of Major Losses in 2017 According to Loss Category No.
of Events No.

of Victims Insured Loss (in US$m) Source: Sigma No.

1/2018 - Natural Catastrophes and manmade disasters in 2017, a year of record breaking losses.
33 Insurance Annual Report 2017 Appendices Statistical Tables I.

General Insurance II.

Life Insurance III.

Insurance Brokers IV.

Key Disclosure Statements of Licensed Insurance Companies V. List of Licensed Agents as at 31 December 2017 VI.

Fiji: Key Indicators 35 59 70 76 80 86 Insurance Annual Report 2017 34 34 Insurance Annual Report 2017 General Insurance 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 36 51 52 54 55 56 Table 7 - Consolidated Statement of Claims Run-off by Accident Year 57 Table 8 - Consolidated Statement of Gross Aggregate Exposures 58 35 Insurance Annual Report 2017 General Insurance Table 1 CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) CONSOLIDATED 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 160,173.6 170,935.4 166,326.5 176,300.0 189,741.5 less Reinsurance outwards 41,336.1 33,787.7 38,075.5 45,384.3 45,311.4 NET PREMIUM INCOME 118,837.5 137,147.7 128,251.0 130,915.7 144,430.2 add Retained unearned premiums - opening 63,714.4* 74,543.5* 86,336.5* 85,741.8 88,832.7 less Retained unearned premiums - closing 74,744.2* 85,965.2* 85,741.8 88,832.7 91,589.2 NET EARNED PREMIUMS 107,807.7 125,726.0 128,845.7 127,824.9 141,673.7 PART B - CLAIMS Net claims paid add 71,153.9 66,559.9 69,971.7 89,402.8 96,957.6 Net claims outstanding - closing 63,558.6* 50,745.8* 41,042.9 71,485.9 58,975.1 less Net claims outstanding - opening 63,344.9* 63,659.2* 50,659.1* 41,042.9 71,485.9 NET CLAIMS INCURRED 71,367.6 53,646.5 60,355.5 119,845.7 84,446.8 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 14,505.0 9,462.7 15,601.3 13,395.7 15,756.3 9,808.0 16,628.6 10,317.5 17,891.1 8,996.9 TOTAL EXPENSES 23,967.7 28,997.0 25,564.3 26,946.1 26,888.0 UNDERWRITING SURPLUS/(DEFICIT) 12,472.4 43,082.5 42,925.9 (18,966.9) 30,338.8 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
66.2 22.2 42.7 23.1 46.8 19.8 93.8 21.1 59.6 19.0 36 Insurance Annual Report 2017 General Insurance Table 1(i) FIRE PART A - PREMIUMS CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) 2013 2014 2015 2016 2017 Gross premium income 54,584.0 54,357.9 49,880.3 52,339.2 50,818.5 less Reinsurance outwards 31,107.2 23,635.7 21,230.2 32,097.3 28,810.5 NET PREMIUM INCOME 23,476.8 30,722.2 28,650.1 20,241.9 22,008.0 add Retained unearned premiums - opening 19,403.4 21,835.0* 25,908.3* 24,050.9* 22,490.1 less Retained unearned premiums - closing 21,863.8* 25,967.8* 16,664.5* 22,490.1 21,008.2 NET EARNED PREMIUMS 21,016.4 26,589.4 37,893.9 21,802.6 23,489.8 PART B - CLAIMS Net claims paid add 24,985.6 17,781.2 9,231.3 14,689.8 13,148.4 Net claims outstanding - closing 20,675.3* 5,573.4* 3,103.5 25,424.8 6,972.3 less Net claims outstanding - opening 8,970.1 20,675.1* 5,807.8* 3,103.5 25,424.8 NET CLAIMS INCURRED 36,690.8 2,679.5 6,526.9 37,011.1 (5,304.1) PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 5,838.7 2,232.8 5,537.9 3,969.6 5,329.5 2,771.8 5,345.1 2,758.4 5,642.4 2,043.5 TOTAL EXPENSES 8,071.5 9,507.5 8,101.3 8,103.5 7,685.8 UNDERWRITING SURPLUS/(DEFICIT) (23,745.9) 14,402.4 23,265.6 (23,311.9) 21,108.1 NET LOSS RATIO (%) EXPENSE RATIO (%) 174.6 38.4 10.1 35.8 17.2 21.4 169.8 (22.6) 37.2 32.7 Source: General Insurance Companies * Does not correspond due to adjustments.
37 Insurance Annual Report 2017 General Insurance Table 1(ii) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) HOUSEHOLDERS 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 8,933.2 9,436.1 9,950.7 10,366.9 11,955.0 less Reinsurance outwards 4,329.1 4,323.4 9,111.8 4,616.3 4,352.2 NET PREMIUM INCOME 4,604.1 5,112.7 838.9 5,750.6 7,602.8 add Retained unearned premiums - opening 4,502.4 4,796.0* 5,293.9* 5,400.8* 5,902.3 less Retained unearned premiums - closing 4,781.3* 5,305.8* 12,787.1* 5,902.3 6,593.3 NET EARNED PREMIUMS 4,325.2 4,602.9 (6,654.3) 5,249.1 6,911.8 PART B - CLAIMS Net claims paid add 4,860.8 997.2 1,031.8 2,836.1 2,065.0 Net claims outstanding - closing 1,186.4 1,684.9* 1,080.0 4,275.1 4,647.1 less Net claims outstanding - opening 3,930.4 1,186.4 1,733.2* 1,080.0 4,275.1 NET CLAIMS INCURRED 2,116.8 1,495.7 378.6 6,031.1 2,437.0 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 931.8 260.2 989.2 389.4 1,046.1 (163.6) 903.8 216.7 825.2 188.2 TOTAL EXPENSES 1,192.0 1,378.6 882.5 1,120.5 1,013.4 UNDERWRITING SURPLUS/(DEFICIT) 1,016.4 1,728.6 (7,915.4) (1,902.5) 3,461.4 NET LOSS RATIO (%) EXPENSE RATIO (%) 48.9 27.6 32.5 30.0 (5.7) 114.9 (13.3) 21.3 35.3 14.7 Source: General Insurance Companies * Does not correspond due to adjustments.
38 Insurance Annual Report 2017 General Insurance Table 1(iii) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) MOTOR VEHICLE 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 34,518.8 40,055.2 41,561.4 46,066.5 53,759.3 less Reinsurance outwards 1,860.5 1,893.3 3,291.8 3,204.2 4,881.4 NET PREMIUM INCOME 32,658.3 38,161.9 38,269.6 42,862.3 48,877.9 add Retained unearned premiums - opening 14,491.6 17,954.0* 21,664.2* 22,276.0 25,782.6 less Retained unearned premiums - closing 18,136.4* 21,428.3* 22,276.0 25,782.6 29,034.4 NET EARNED PREMIUMS 29,013.5 34,687.6 37,657.8 39,355.8 45,626.0 PART B - CLAIMS Net claims paid add 15,582.0 18,658.4 26,663.7 37,453.6 42,993.1 Net claims outstanding - closing 8,087.9* 10,185.6* 10,057.6 14,823.9 17,952.2 less Net claims outstanding - opening 6,869.1 8,200.6* 10,518.0* 10,057.6 14,823.9 NET CLAIMS INCURRED 16,800.8 20,643.4 26,203.3 42,220.0 46,121.4 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 2,576.6 2,355.7 3,084.5 3,325.3 3,178.0 2,299.2 3,855.9 2,344.5 3,763.8 2,359.3 TOTAL EXPENSES 4,932.3 6,409.8 5,477.2 6,200.4 6,123.2 UNDERWRITING SURPLUS/(DEFICIT) 7,280.4 7,634.4 5,977.4 (9,064.6) (6,618.6) NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
57.9 17.0 59.5 18.5 69.6 14.5 107.3 101.1 15.8 13.4 39 Insurance Annual Report 2017 General Insurance Table 1(iv) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) MARINE HULL 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 1,730.9 1,815.4 2,103.4 2,414.3 2,628.6 less Reinsurance outwards 225.5 236.8 363.3 509.4 568.2 NET PREMIUM INCOME 1,505.4 1,578.6 1,740.1 1,904.8 2,060.4 add Retained unearned premiums - opening 645.0 773.7 940.9 1,068.4 1,267.1 less Retained unearned premiums - closing 773.7 940.9 1,068.4 1,267.1 1,473.4 NET EARNED PREMIUMS 1,376.7 1,411.4 1,612.6 1,706.1 1,854.1 PART B - CLAIMS Net claims paid add 878.6 862.9 826.1 1,515.6 346.2 Net claims outstanding - closing 1,547.0 1,270.2* 599.8 313.2 1,257.8 less Net claims outstanding - opening 2,354.3 1,547.0 1,254.1* 599.8 313.2 NET CLAIMS INCURRED 71.3 586.1 171.8 1,229.0 1,290.8 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES 158.8 102.1 260.9 172.7 200.5 373.2 194.0 163.3 357.3 UNDERWRITING SURPLUS/(DEFICIT) 1,044.5 452.1 1,083.6 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
5.2 19.0 41.5 26.4 10.6 22.2 225.5 214.2 439.7 37.4 72.0 25.8 234.6 246.8 481.4 82.0 69.6 26.0 40 Insurance Annual Report 2017 General Insurance Table 1(v) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) MARINE CARGO 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 2,233.9 1,998.6 2,055.4 1,994.7 2,332.9 less Reinsurance outwards 311.7 286.0 314.4 412.1 548.3 NET PREMIUM INCOME 1,922.2 1,712.6 1,741.0 1,582.6 1,774.6 add Retained unearned premiums - opening 759.6 983.4* 915.1* 1,001.7 938.2 less Retained unearned premiums - closing 983.9* 914.4 * 1,001.7 938.2 997.3 NET EARNED PREMIUMS 1,697.9 1,781.6 1,654.4 1,646.1 1,715.5 PART B - CLAIMS Net claims paid add 752.9 616.6 557.2 1,379.0 804.0 Net claims outstanding - closing 879.9* 698.2* 1,318.1 514.1 619.4 less Net claims outstanding - opening 643.5 880.0* 694.2* 1,318.1 NET CLAIMS INCURRED 989.3 434.8 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.
Insurance Annual Report 2017 General Insurance Table 1(vi) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) CIT and BURGLARY 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 1,189.4 1,096.7 942.1 1,023.5 1,047.5 less Reinsurance outwards 11.2 15.1 53.5 59.6 54.1 NET PREMIUM INCOME 1,178.2 1,081.6 888.6 963.8 993.4 add Retained unearned premiums - opening 556.4 643.2* 586.9 630.1 591.0 less Retained unearned premiums - closing 643.3* 586.9 630.1 591.0 577.7 NET EARNED PREMIUMS 1,091.3 1,137.9 845.4 1,003.0 1,006.7 PART B - CLAIMS Net claims paid add 570.4 438.2 313.1 534.1 528.0 Net claims outstanding - closing 901.8 390.1* 200.7 202.6 462.9 less Net claims outstanding - opening 303.1 901.8 387.5* NET CLAIMS INCURRED 1,169.1 (73.5) 126.3 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES 112.0 59.5 171.5 73.5 77.6 151.1 UNDERWRITING SURPLUS/(DEFICIT) (249.3) 1,060.3 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
107.1 15.7 (6.5) 13.3 327.7 25.2 352.9 366.2 14.9 41.7 200.7 536.0 81.9 38.2 120.2 346.8 53.4 12.0 202.6 788.3 85.9 30.4 116.3 102.1 78.3 11.6 42 Insurance Annual Report 2017 General Insurance Table 1(vii) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) MOTOR CTP 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 10,616.5 9,325.7 9,239.9 9,398.0 6,153.3 less Reinsurance outwards 881.4 456.4 621.8 775.3 1,580.2 NET PREMIUM INCOME 9,735.1 8,869.3 8,618.1 8,622.7 4,573.1 add Retained unearned premiums - opening 4,857.9 5,403.1 5,673.9* 5,115.2 4,691.5 less Retained unearned premiums - closing 5,403.1 5,481.5* 5,115.2 4,691.5 1,732.1 NET EARNED PREMIUMS 9,189.9 8,790.9 9,176.8 9,046.4 7,532.5 PART B - CLAIMS Net claims paid add 3,626.3 2,738.3 3,858.0 2,523.6 2,251.2 Net claims outstanding - closing 12,889.3 12,055.5* 7,837.5 6,499.5 5,434.0 less Net claims outstanding - opening 16,664.5 12,889.3 11,742.5* 7,837.5 6,499.5 NET CLAIMS INCURRED (148.9) 1,904.5 (47.0) 1,185.6 1,185.7 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES 245.5 299.5 545.0 193.2 637.4 830.5 119.1 387.7 506.8 158.8 309.9 468.7 225.5 235.1 460.6 UNDERWRITING SURPLUS/(DEFICIT) 8,793.8 6,055.9 8,717.0 7,392.1 5,886.2 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
(1.6) 5.9 21.7 9.4 (0.5) 5.5 13.1 5.2 15.7 6.1 43 Insurance Annual Report 2017 General Insurance Table 1(viii) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) PERSONAL ACCIDENT 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 889.0 801.6 713.1 668.3 764.3 less Reinsurance outwards NET PREMIUM INCOME add 67.4 821.6 45.4 756.2 36.1 677.0 41.6 23.4 626.7 740.8 Retained unearned premiums - opening 414.6 519.0* 462.2 407.2 387.2 less Retained unearned premiums - closing NET EARNED PREMIUMS PART B - CLAIMS Net claims paid add 518.9* 717.3 462.2 813.0 407.2 732.0 387.2 646.7 447.6 680.4 0.0 0.0 1,275.9 0.0 1.9 Net claims outstanding - closing 19.9 30.3* 18.4 28.4 16.0 less Net claims outstanding - opening NET CLAIMS INCURRED PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES UNDERWRITING SURPLUS/(DEFICIT) NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
38.6 (18.7) 106.5 80.2 186.7 549.3 (2.6) 26.0 19.9 10.4 99.3 88.4 24.2* 1,270.1 61.6 70.5 18.4 10.0 81.4 79.0 28.4 (10.4) (154.5) 41.9 187.7 132.1 160.3 (112.6) 614.9 (670.1) 476.4 1.3 23.1 173.5 18.0 1.5 24.8 803.4 (1.5) (16.5) 44 Insurance Annual Report 2017 General Insurance Table 1(ix) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) PROFESSIONAL INDEMNITY 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 1,169.5 1,229.9 1,155.3 1,293.9 1,351.1 less Reinsurance outwards 130.1 181.5 187.3 262.4 230.5 NET PREMIUM INCOME 1,039.4 1,048.4 968.0 1,031.6 1,120.6 add Retained unearned premiums - opening 463.1 565.5 557.2 535.1 590.2 less Retained unearned premiums - closing 565.5 557.2 NET EARNED PREMIUMS 937.0 1,056.7 535.1 990.1 590.2 683.7 976.4 1,027.0 PART B - CLAIMS Net claims paid add 43.2 4.2 216.3 4.1 1,393.2 Net claims outstanding - closing 176.3 365.5 223.0 259.0 333.1 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 (739.0) 4.1 35.8 142.9 29.1 45 Insurance Annual Report 2017 General Insurance Table 1(x) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) PUBLIC LIABILITY 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 3,117.9 3,140.5 2,964.0 2,808.3 3,285.7 less Reinsurance outwards 366.0 281.9 474.8 383.2 375.3 NET PREMIUM INCOME 2,751.9 2,858.6 2,489.2 2,425.1 2,910.4 add Retained unearned premiums - opening 1,333.2 1,658.0* 1,727.1* 1,612.0 1,515.6 less Retained unearned premiums - closing 1,655.4* 1,724.6* 1,612.0 1,515.6 1,637.5 NET EARNED PREMIUMS 2,429.7 2,792.0 2,604.3 2,521.5 2,788.5 PART B - CLAIMS Net claims paid
 add 1,193.7 713.6 624.5 649.2 497.2 Net claims outstanding - closing 2,736.7* 2,399.7* 1,750.7 1,640.0 1,705.1 less Net claims outstanding - opening 3,415.4 2,724.9* 2,357.7* 1,750.7 1,640.0 NET CLAIMS INCURRED 515.0 388.4 17.5 538.5 562.3 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES 278.0 199.2 477.2 314.7 325.2 639.9 232.1 235.4 467.5 293.9 229.0 522.8 294.6 181.4 476.1 UNDERWRITING SURPLUS/(DEFICIT) 1,437.5 1,763.7 2,119.3 1,460.2 1,750.1 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
21.2 19.6 13.9 22.9 0.7 17.9 21.4 20.7 20.2 17.1 46 Insurance Annual Report 2017 General Insurance Table 1(xi) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) WORKERS COMPENSATION 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 7,226.7 7,316.0 7,854.3 7,445.1 8,178.5 less Reinsurance outwards 522.2 338.1 406.5 513.4 511.4 NET PREMIUM INCOME 6,704.5 6,977.9 7,447.8 6,931.7 7,667.1 add Retained unearned premiums - opening 3,291.4 3,906.5* 3,759.4* 3,870.0 3,717.1 less Retained unearned premiums - closing 3,911.4* 3,753.8* 3,870.0 3,717.1 4,034.0 NET EARNED PREMIUMS 6,084.5 7,130.6 7,337.2 7,084.6 7,350.3 PART B - CLAIMS Net claims paid add 2,023.9 2,769.6 3,115.7 2,190.5 3,508.9 Net claims outstanding - closing 5,944.4 7,152.7* 6,868.0 6,489.0 7,485.3 less Net claims outstanding - opening 7,908.0 5,944.4 6,992.9* 6,868.0 6,489.0 NET CLAIMS INCURRED 60.3 3,977.9 2,990.8 1,811.6 4,505.2 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 598.2 528.2 606.6 690.9 617.4 479.9 614.2 474.8 653.9 403.1 TOTAL EXPENSES 1,126.4 1,297.5 1,097.3 1,089.0 1,057.0 UNDERWRITING SURPLUS/(DEFICIT) 4,897.8 1,855.2 3,249.1 4,184.1 1,788.1 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
1.0 18.5 55.8 18.2 40.8 15.0 25.6 15.4 61.3 14.4 47 Insurance Annual Report 2017 General Insurance Table 1(xii) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) MEDICAL 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 22,176.7 26,508.0 24,381.8 27,455.8 31,074.9 less Reinsurance outwards 146.2 190.9 216.3 239.4 609.2 NET PREMIUM INCOME 22,030.5 26,317.1 24,165.5 27,216.4 30,465.7 add Retained unearned premiums - opening 8,921.4 11,001.1* 13,281.4* 13,741.5 15,378.6 less Retained unearned premiums - closing 11,002.5* 13,275.9* 13,741.5 15,378.6 16,821.0 NET EARNED PREMIUMS 19,949.4 24,042.3 23,705.4 25,579.4 29,023.3 PART B - CLAIMS Net claims paid add 10,833.9 15,361.9 17,636.6 18,612.5 22,229.8 Net claims outstanding - closing 3,770.1 5,182.4* 4,757.4 6,248.0 6,744.8 less Net claims outstanding - opening 3,660.8 3,770.1 5,128.0* 4,757.4 6,248.0 NET CLAIMS INCURRED 10,943.2 16,774.2 17,266.0 20,103.1 22,726.6 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 2,196.4 2,170.4 2,885.6 2,421.5 2,997.2 2,595.1 3,238.5 2,693.1 3,759.6 2,376.7 TOTAL EXPENSES 4,366.8 5,307.1 5,592.3 5,931.5 6,136.3 UNDERWRITING SURPLUS/(DEFICIT) 4,639.4 1,961.0 847.2 (455.3) 160.3 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
54.9 21.9 69.8 22.1 72.8 23.6 78.6 23.2 78.3 21.1 48 Insurance Annual Report 2017 General Insurance Table 1(xiii) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) TERM LIFE 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 7,463.6 8,291.6 8,021.1 7,923.2 9,413.2 less Reinsurance outwards 550.0 583.6 619.5 698.3 947.9 NET PREMIUM INCOME 6,913.6 7,708.0 7,401.6 7,224.9 8,465.2 add Retained unearned premiums - opening 1,956.7 1,980.9 2,477.2 2,987.2 2,938.9 less Retained unearned premiums - closing 1,980.9 2,477.2 2,987.2 2,938.9 3,204.2 NET EARNED PREMIUMS 6,889.4 7,211.7 6,891.6 7,273.2 8,199.9 PART B - CLAIMS Net claims paid add 3,555.6 4,251.4 3,604.1 5,116.3 4,380.7 Net claims outstanding - closing 2,073.1* 1,622.6* 1,348.2 1,268.7 1,001.6 less Net claims outstanding - opening 1,720.9 2,073.0* 1,508.5* 1,348.2 1,268.7 NET CLAIMS INCURRED 3,907.8 3,801.0 3,443.8 5,036.8 4,113.6 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense 750.8 619.3 764.1 523.2 896.4 411.7 864.4 356.4 1,340.7 442.8 TOTAL EXPENSES 1,370.1 1,287.3 1,308.1 1,220.8 1,783.5 UNDERWRITING SURPLUS/(DEFICIT) 1,611.5 2,123.4 2,139.7 1,015.6 2,302.8 NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
56.7 19.9 52.7 17.9 50.0 19.0 69.3 16.8 50.2 21.8 49 Insurance Annual Report 2017 General Insurance Table 1(xiv) CONSOLIDATED UNDERWRITING OPERATIONS FOR THE GENERAL INSURANCE INDUSTRY ($’000) OTHER 2013 2014 2015 2016 2017 PART A - PREMIUMS Gross premium income 4,323.5 5,562.2 5,503.7 5,102.4 6,988.9 less Reinsurance outwards 827.6 1,319.6 1,148.2 1,571.8 1,818.6 NET PREMIUM INCOME 3,495.9 4,242.6 4,355.5 3,530.6 5,170.2 add Retained unearned premiums - opening 2,117.7 2,524.1 3,088.7 3,045.7 2,642.4 less Retained unearned premiums - closing 2,524.1 3,088.7 3,045.7 2,642.4 3,344.7 NET EARNED PREMIUMS 3,089.5 3,678.0 4,398.5 3,934.0 4,467.9 PART B - CLAIMS Net claims paid add 2,247.0 1,366.4 1,017.4 1,898.3 2,810.0 Net claims outstanding - closing 2,670.5* 2,134.7* 1,880.0 3,499.4 4,343.5 less Net claims outstanding - opening 6,738.5 2,670.4 * 2,145.0* 1,880.0 3,499.4 NET CLAIMS INCURRED (1,821.0) 830.7 752.4 3,517.8 3,654.0 PART C - UNDERWRITING EXPENSES Commission expense Acquisition expense TOTAL EXPENSES 429.3 204.5 633.8 589.7 356.3 946.0 460.8 194.1 654.9 667.1 233.8 890.5 248.3 900.9 1,138.8 UNDERWRITING SURPLUS/(DEFICIT) 4,276.7 1,901.3 2,991.0 (484.7) (324.9) NET LOSS RATIO (%) EXPENSE RATIO (%) Source: General Insurance Companies * Does not correspond due to adjustments.
(58.9) 20.5 22.6 25.7 17.1 14.9 89.4 22.9 81.8 25.5 50 Insurance Annual Report 2017 General Insurance Table 2 CONSOLIDATED PROFIT AND LOSS STATEMENT FOR THE GENERAL INSURANCE INDUSTRY ($’000) 2013 2014 2015 2016 2017 PART A - PROFIT AND LOSS ACCOUNT Non-underwriting income 9,627.6 7,463.3 6,911.5 9,041.9 8,898.0 Other non-underwriting income 1,495.8 2,682.3 2,891.3 2,625.7 5,801.0 Total non-underwriting income 11,123.4 10,145.6 9,802.8 11,667.6 14,699.0 Underwriting Surplus/(Deficit) 12,472.4 43,082.5 42,925.9 (18,966.9) 30,338.8 Expenses not included in Return 6A 11,430.1 12,787.8 14,613.3 16,006.2 15,902.6 Abnormal/extraordinary items 0.0 0.0 0.0 0.0 0.0 PRE-TAX PROFIT/(LOSS) 12,165.7 40,440.3 38,115.4 (23,305.5) 29,135.2 Taxation expense 726.1 5,815.4 7,701.3 (4,431.7) 7,185.2 PROFIT/(LOSS) AFTER TAXATION 11,439.4 34,624.9 30,414.1 (18,873.8) 21,950.0 PART B - APPROPRIATION ACCOUNT Unappropriated profit/(loss) brought forward from last period Other Transfers In add 71,982.2* 74,781.9 83,262.2* 108,647.4 80,838.7* 860.3 0.0 0.0 0.0 0.0 Profit/(loss) after taxation for the current period 11,439.4 34,624.9 30,414.1 (18,873.8) 21,950.0 less Dividends, transfers and other appropriations 9,500.0 26,368.2 5,028.9 6,245.3 5,402.9 UNAPPROPRIATED PROFIT/(LOSS) CARRIED FORWARD Source: General Insurance Companies * Does not correspond due to adjustments.
74,781.9 83,038.6* 108,647.4 83,528.3* 97,373.8 51 Insurance Annual Report 2017 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 2013 ($’000) 475.0
890.5 3,489.8 501.6 1,285.7 1,787.3 0.0 0.0 475.0 2,767.5 551.6 2,593.6 3,145.2 0.0 0.0 181.6 7,310.2 400.2 3,843.7 4,243.9 0.0 0.0 415.0 3,925.3 839.1 1,779.6 2,618.7 TOTAL ASSETS 350,790.1 340,891.0 360,697.8 427,648.1 404,169.4 Source: General Insurance Companies 52 Insurance Annual Report 2017 General Insurance Table 3 (cont’d) CONSOLIDATED BALANCE SHEET OF THE GENERAL INSURANCE INDUSTRY LIABILITIES 2013 2014 2015 2016 2017 ($’000) 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 232,127.0 212,792.6 206,736.8 298,347.3 258,959.9 NET ASSETS 118,663.1 128,098.4 153,961.0 129,300.8 145,209.5 OWNERS’ FUNDS Paid-up capital Retained profits/(loss) Balance of head office account Asset revaluation reserve General reserve Other 31,975.5 74,781.9 10,587.7 1,048.1 0.0 269.9 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 TOTAL OWNERS’ FUNDS 118,663.1 128,098.4 153,961.0 129,300.8 145,209.5 Source: General Insurance Companies 53 Insurance Annual Report 2017 ) 0 0 0 $ ( ’ .
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, : e t o N i s e n a p m o C e c n a r u s n I l a r e n e G : e c r u o S 58 Insurance Annual Report 2017 Life Insurance II.
Life Insurance Appendices Content Table 9 - Consolidated Statement of Revenue and Distribution Table 10 - Consolidated Statement of Revenue and Distribution for Statutory Funds Table 11 - Consolidated Assets and Liabilities Table 12 - Consolidated Statement of Premiums and Commissions Table 13 - Consolidated Statement of Policy Payments Table 14 - Consolidated Statement of Business Profile Table 15 - Consolidated Statement of Business Profile Single Premium Business Table 16 - Consolidated Summary and Valuation of Policies Table 17 - Consolidated Valuation of Balance Sheet 60 61 61 64 65 66 67 68 69 59 Insurance Annual Report 2017 Life Insurance .
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, * 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 Insurance Annual Report 2017 Life Insurance Table 11 ASSETS CONSOLIDATED ASSETS AND LIABILITIES OF THE LIFE INSURANCE INDUSTRY ($’000) 2013 2014 2015 2016 2017 Current Assets Cash on hand Outstanding premiums Amounts due from reinsurers Deferred reinsurance expense Deferred acquisition expense Prepayments Sundry debtors Other current assets Total Loans Loans to directors and other persons Loans to related persons Unsecured employee loan Other loans Total Investments Land and buildings Government securities Bank deposits Debentures Shares Other investments Total Fixed Assets Furniture and fittings Motor vehicles Computer hardware and software Other fixed assets Total Intangible Assets Intangible assets Total Other Assets Other Total TOTAL ASSETS Source: Life Insurance Companies 11,270.8
1,374.1 1,374.1 889.7 889.7 11,270.8 11,270.8 3,950.9 3,950.9 3,355.8 3,355.8 5,530.3 5,530.3 4,300.8 4,300.8 5,552.7 5,552.7 961,516.0 1,005,936.5 1,090,702.3 1,141,078.7 1,253,456.9 62 Insurance Annual Report 2017 Life Insurance Table 11 (cont’d) CONSOLIDATED ASSETS AND LIABILITIES OF THE LIFE INSURANCE INDUSTRY ($’000) LIABILITIES 2013 2014 2015 2016 2017 Balance of revenue account at year end 856,340.9 898,690.9 973,862.3 1,020,064.5 1,126,335.8 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 886,396.2 936,850.5 1,013,810.8 1,065,677.7 1,170,683.8 NET ASSETS 75,119.8 69,086.0 76,891.5 75,401.0 82,773.1 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 82,773.1
20,184.8 62,366.9 221.4 0.0 0.0 0.0 82,773.1 63 Insurance Annual Report 2017 Life Insurance Table 12 PARTICULARS CONSOLIDATED STATEMENT OF PREMIUMS AND COMMISSIONS OF THE LIFE INSURANCE INDUSTRY FOR THE YEAR ENDED 31 DECEMBER 2017 ($’000) ORDINARY LIFE (INDIVIDUAL) WHOLE OF LIFE ENDOWMENT TERM INDUSTRIAL LIFE GROUP LIFE (TERM) OTHER (INDIVIDUAL) OTHER (GROUP) TOTAL PART A - PREMIUMS Direct Insurance Premiums: - new - renewal Sub total - Direct Reinsurance Premiums Inwards GROSS INSURANCE PREMIUMS REINSURANCE PREMIUMS CEDED: - treaty local - treaty overseas - facultative local - facultative overseas Sub total - Cessions NET INSURANCE PREMIUMS 2,825.0 124,618.4 3,146.9 Gross Consideration for Annuities Reinsurance Outwards NET CONSIDERATION FOR ANNUITIES PART B - COMMISSIONS Paid or Payable: (i) Direct business - new - renewal (ii) Reinsurance business Sub total - Paid or Payable Received or Receivable NET COMMISSIONS INCURRED 0.0 0.0 0.0 173.3 130.7 0.0 304.0 0.0 304.0 0.0 0.0 0.0 3,534.0 8,803.9 0.0 12,337.9 0.0 12,337.9 0.0 0.0 0.0 134.1 115.1 0.0 249.2 0.0 249.2 Source: Life Insurance Companies Note: Premium shown are actual received.
Single premium business is included in the endowment premium.
Insurance Annual Report 2017 CONSOLIDATED STATEMENT OF POLICY PAYMENTS OF THE LIFE INSURANCE INDUSTRY FOR THE YEAR ENDED 31 DECEMBER 2017 ($’000) ORDINARY LIFE (INDIVIDUAL) WHOLE OF LIFE ENDOWMENT TERM INDUSTRIAL LIFE GROUP LIFE (TERM) OTHER (INDIVIDUAL) OTHER (GROUP) TOTAL 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 0.0 5.0 0.0 5.0 0.0 5.0 0.0 179.0 0.0 0.0 (40.4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 88,248.1 9,486.6 0.0 15,942.8 (25.4) 62.9 138.6 0.0 113,715.0 0.0 138.6 0.0 0.0 0.0 0.0 0.0 113,715.0 0.0 138.6 0.0 113,715.0 Life Insurance Table 13 PARTICULARS POLICY PAYMENTS Gross Policy Payments - maturities - death - annuities - surrenders - accident and health - other Total 10.9 2,046.2 0.0 823.5 0.0 0.0 88,237.2 6,741.5 0.0 15,116.0 15.0 62.9 0.0 514.9 0.0 3.3 0.0 0.0 2,880.6 110,172.6 518.2 Reinsurance Claims Payments Total Policy Payments Reinsurance Recoveries 0.0 2,880.6 0.0 0.0 110,172.6 0.0 0.0 518.2 0.0 NET POLICY PAYMENTS 2,880.6 110,172.6 518.2 Source: Life Insurance Companies 65 Insurance Annual Report 2017 Life Insurance Table 14 CONSOLIDATED STATEMENT OF BUSINESS PROFILE FOR THE LIFE INSURANCE INDUSTRY AS AT 31 DECEMBER 2017 INDIVIDUAL BUSINESS LIFE BUSINESS IN FORCE AT END OF LAST YEAR NO.
OF POLICIES AMOUNT INSURED ($’000) PREMIUMS PARTIC.

NON-PARTIC.

PARTIC.

NON-PARTIC.
($’000) 94,918 273 1,746,166.8 1,386,100.1 118,850.2 OLD LIFE POLICIES REVIVED 1,064 198 31,590.3 53,508.7 3,381.3 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.
66 Insurance Annual Report 2017 Life Insurance Table 15 CONSOLIDATED STATEMENT OF BUSINESS PROFILE – SINGLE PREMIUM BUSINESS ONLY FOR THE LIFE INSURANCE INDUSTRY AS AT 31 DECEMBER 2017 INDIVIDUAL BUSINESS LIFE BUSINESS IN FORCE AT END OF LAST YEAR 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 AMOUNT INSURED ($’000) PARTIC.

NON-PARTIC.

PARTIC.

NON-PARTIC.
PREMIUMS ($’000) NO.
OF POLICIES NO.

OF LIVES SUMS INSURED ($’000) PREMIUMS ($’000) Insurance Annual Report 2017 Life Insurance Table 16 CONSOLIDATED SUMMARY AND VALUATION OF POLICIES FOR THE LIFE INSURANCE INDUSTRY AS AT 31 DECEMBER 2017 ($’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 (2,178.7) 0.0 0.0 0.0 0.0 7,248.7 931.8 10,359.3 (2,178.7) Total Net Ordinary Insurances 101,459 3,419,122.1 342,566.6 130,170.6 0.0 1,269,739.9 397,950.3 654,660.7 1,013,029.5 Source: Life Insurance Companies 68 Insurance Annual Report 2017 Life Insurance ) 0 0 0 $ ( ’ 0
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, l l s u p r u s r e d o h e r a h s ’ * l Insurance Annual Report 2017 Insurance Brokers III.
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 71 72 73 75 70 Insurance Annual Report 2017 Insurance Brokers Table 18 CONSOLIDATED PROFIT AND LOSS STATEMENT FOR THE INSURANCE BROKING INDUSTRY ($’000) PARTICULARS 2013 2014 2015 2016 2017 REVENUE Brokerage Earned: - as Commission - as Fees - in Any Other Form Total Brokerage Interest Income Earned Other Investment Income Consultancy Fees or Commissions Other Revenue Total Revenue for the Year EXPENSES Salaries and Wages Directors’ Fees PI and Fidelity Guarantee Insurance Rent Travel Audit fees Training Other Expenses Total Expenses for the Year 6,101.0 11,294.6 6,248.4 11,698.5 6,259.8 12,935.1 6,604.4 13,732.6 7,666.3 15,234.4 Abnormal/extraordinary items 0.0 0.0 (0.9) 0.0 (3.5) PROFIT/(LOSS) BEFORE TAX 4,617.8 5,548.2 4,870.5 5,999.0 6,297.4 Taxation Expense 1,013.9 1,173.2 1,009.9 1,209.1 1,373.5 NET PROFIT/(LOSS) FOR THE YEAR 3,603.9 4,375.0 3,860.6 4,691.7 4,923.9 DISTRIBUTION Retained Profit/(Loss) Brought Forward From Last Period Dividend/Capital Withdrawals (Paid Or Proposed) Other Transfers RETAINED PROFIT/(LOSS) carried forward to next period Source: Insurance Brokers * Does not correspond due to adjustments.
(r) - revised 6,869.5 8,373.4 7,648.5* 6,722.2 7,657.4 2,100.0 2,600.0 4,900.0 3,700.0(r) 6,100.0 0.0 0.0 113.1 (56.5) 0 8,373.4 10,148.4* 6,722.2 7,657.4(r) 6,481.3 71 Insurance Annual Report 2017 Insurance Brokers Table 19 ASSETS CONSOLIDATED BALANCE SHEET OF THE INSURANCE BROKING INDUSTRY ($’000) 2013 2014 2015 2016 2017 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 51,975.0 56,407.6 55,386.5 48,556.4 52,449.0 Source: Insurance Brokers
 72 Insurance Annual Report 2017 Insurance Brokers Table 19 (cont’d) CONSOLIDATED BALANCE SHEET OF THE INSURANCE BROKING INDUSTRY LIABILITIES BORROWINGS ($’000) 2013 2014 2015 2016(r) 2017 - Borrowings from Related Persons 579.3 629.3 958.5 926.2 1,181.2 - 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 42,936.1 45,593.7 47,748.9 40,011.7 45,080.4 NET ASSETS 9,038.9 10,813.9 7,637.6 8,544.7 7,368.6 OWNERS’ FUNDS Paid-up Capital Retained Profits/(Loss) Balance of Head Office Account Other 219.9 8,373.4 0.0 445.6 219.9 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 TOTAL OWNERS’ FUNDS 9,038.9 10,813.9 7,637.6 8,544.7 7,368.6 Source: Insurance Brokers (r)-revised 73 Insurance Annual Report 2017 Insurance Brokers ) 0 0 0 $ ( ’ S R A L U C I T R A P 0 2 e l b a T 0 .
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2 3 4 5 , : e c r u o S 74 Insurance Annual Report 2017 Insurance Brokers Table 21 CONSOLIDATED STATEMENT OF PREMIUMS OF THE INSURANCE BROKING INDUSTRY ($’000) PARTICULARS 2013 2014 2015 2016 2017 PREMIUMS HANDLED DURING YEAR GENERAL INSURANCE BUSINESS Fire Householders Motor vehicle Marine Hull Marine Cargo CIT and Burglary Motor - CTP Personal Accident Professional Indemnity Public Liability Workers Compensation Medical Term Life Other Total LIFE INSURANCE BUSINESS Whole of Life Endowment Term Life Other Total TOTAL PREMIUMS HANDLED 144,914.0 155,563.5 140,768.3 155,150.5 185,883.7 Brokerage received or receivable on premium handled Source: Insurance Brokers 15,308.5 16,534.5 17,345.2 19,288.5 21,277.0 75 Insurance Annual Report 2017 Key Disclosure Statements IV.
Key Disclosure Statements of Licensed Insurance Companies General Insurance Companies Life Insurance Companies 77 79 76 Insurance Annual Report 2017 Key Disclosure Statements General Insurers’ Disclosure Statements PROFITABILITY Net operating profit/(loss) after tax ($’000) As a percentage of average total owners’ fund As a percentage of average total assets SIZE - as at end of year Total assets ($’000) The percentage change in total assets over 12 months SOLVENCY REQUIREMENT as at end of year ($’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 Capital Insurance FijiCare 2016 2017 2016 2017 2016 2017 534 753 (1,023) 11.76% 13.87% (24.07)% 2.93% 3.51% (3.93)% 72 1.65% 0.27% 664 1,260 10.37% 17.22% 4.72% 7.58% 18,670 4.99% 24,271 30.00% 27,177 9.23% 25,379 (6.61)% - - - - 8,643 10,473 17,931 17,271 - 486 - 18,670 12,172 219 - 1,471
 13,862 4,808 4,808 50 16,651 15,298 10,056 1,827 3,415 360 3,223 - 552 18 534 - 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 - 978 225 753 375 393 1,192 27,177 19,622 318 - 3,524 23,464 3,713 3,713 0 7,837 10,615 9,035 1,572 8 1,715 3,337 - (1,534) (511) (1,023) 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 9,344 919 4,376 125 14 15 10,747 896 6,680 123 21 15 14,793 18,482 7,137 287 - 651 8,075 6,718 6,718 40 12,028 11,487 7,878 2,847 762 499 523 - 739 74 664 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 Source: General Insurers Published Disclosure Statements - Fiji Operations Note: General and Life insurers are required to publish disclosure statements effective from the calender year of 2011.
Except for 2010, all other years’ data columns correspond to the disclosure statements published for that year.

Ratios such as percentage change in total assets over 12 months, operating profit as a percentage of average total owners’ fund and operating profit as a percentage of average total assets, will not necessarily correspond to the prior year asset and owners’ fund base in this table due to changes in accounting practices in the the year of publication.
77 Insurance Annual Report 2017 Key Disclosure Statements General Insurers’ Disclosure Statements PROFITABILITY New India Assurance QBE Insurance Sun Insurance Tower Insurance 2016 2017 2016 2017 2016 2017 2016 2017 Net operating profit/(loss) after tax ($’000) (20,494) 9,135 (3,456) 5,981 As a percentage of average total owners’ fund (34.44)% 16.96% (13.42)% 22.00% As a percentage of average total assets (14.84)% 6.65% (3.91)% 5.54% 2,246 7.45% 3.40% 3,943 13.36% 6.35% (69) (0.71)% (0.16)% 806 9.76% 1.89% SIZE - as at end of year Total assets ($’000) 147,765 127,084 110,612 105,397 61,664 The percentage change in total assets over 12 months 15.04% (14.00)% 66.91% 4.71% (12.66)% 62,430 1.24% 44,283 41,127 12.44% 7.13% 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%
- - 200 - - - 51,503 41,660 68,227 53,418 14,313 205 5,425 843 191 2,102 2,102 2,721 46 681 911 141 659 3,826 459 1,813 147,765 127,084 110,612 105,397 61,664 62,837 29,278 875 - 79,470 2,687 - 16,326 98,483 49,282 49,282 2 30,523 27,844 50,599 5,589 65,338 2,715 - 582 68,636 58,448 58,448 2 34,280 33,631 17,091 6,512 80,816 1,615 - 4,028 86,459 24,153 24,153 2 21,474 22,019 16,333 11,219 (28,343) 10,029 (5,533) 2,817 2,923 0 - 0 - (25,526) 12,952 (5,032) (20,494) 3,818 9,135 1,545 154 - (4,142) (686) (3,456) 1,507 - 10,843 75,187 30,210 30,210 2 19,874 22,847 11,050 8,789 3,008 4,224 176 - 7,056 1,075 5,981 17,592 3,562 222 269 62,430 27,391 1,109 25,391 23,858 633 160 - 44,283 28,332 1,612 612 129 - 41,127 27,780 1,618 - - - - 11 80 (69) 22,970 21,918 14,675 2,375 4,868 567 4,398 - 1,036 230 806 Source: General Insurers Published Disclosure Statements - Fiji Operations Note: General and Life insurers are required to publish disclosure statements effective from the calender year of 2011.
Except for 2010, all other years’ data columns correspond to the disclosure statements published for that year.

Ratios such as percentage change in total assets over 12 months, operating profit as a percentage of average total owners’ fund and operating profit as a percentage of average total assets, will not necessarily correspond to the prior year asset and owners’ fund base in this table due to changes in accounting practices in the the year of publication.
78 Insurance Annual Report 2017 Key Disclosure Statements 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) BSP Life LICI 2016 2017 2016 2017 15,924 21.36% 2.87% 581,120 9.56% 101,054 12,204 88,850 75,180 22,208 28.16% 3.62% 645,129 11.01% 150,103 13,003 137,100 82,552 (4,994) (314.97)% (0.89)% 559,959 (0.06)% - 8,394 562,577 82,552 82,552 645 66,125 82,308 1,494 149,927 45,803 6,177 21,743 50,100 101,200 123,823 16,046 122 15,924 26,104 3,896 22,208 491,901 42,880 24,723 443 - 12 559,959 552,405 3,042 - 4,291 559,738 221 221 107 70,911 36,028 (35,449) 71,490 58,888 6,359 3,838 9,448 78,533 (7,043) (2,049) (4,994) 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 BALANCE OF REVENUE ACCOUNT BEFORE DISTRIBUTION ($’000) 553,840 617,648 550,402 597,278 Bonuses provided or Paid for Transfers/Dividends BALANCE OF REVENUE ACCOUNT AFTER DISTRIBUTION ($’000) - 8,500 545,340 - 5,453 612,195 - 497 - 585 549,905 596,693 Source: Life Insurers Published Disclosure Statements - Fiji Operations Note: General and Life insurers are required to publish disclosure statements effective from the calender year of 2011.
Except for 2010, all other years’ data columns correspond to the disclosure statements published for that year.

Ratios such as percentage change in total assets over 12 months, operating profit as a percentage of average total owners’ 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.
79 Insurance Annual Report 2017 List of Licensed Insurance Agents in Fiji V. List of Licensed Insurance Agents as at 31 December 2017 A. BSP Life (Fiji) Limited B. BSP Health Care (Fiji) Limited C. Life Insurance Corporation of India D. New India Assurance Company Limited E. FijiCare Insurance Limited F. QBE Insurance (Fiji) Limited G. Capital Insurance Limited H. Sun Insurance Company Limited I.
Tower Insurance (Fiji) Limited 81 82 83 84 85 85 85 85 85 80 Insurance Annual Report 2017 List of Licensed Insurance Agents in Fiji A.

No.
BSP LIFE (FIJI) LIMITED NAME Abdul Irfaan* Akariva Ratumaitavuki* Akash Lal Akeneta Bakewa Kabou Akuila Tabualevu* Alan Tuinasoni Alice Heffernan* Alma Hennings Ambika Nand* Amelia Mauta Draumasei Anare Nakaunicina* Andrew Adams* Apenisa Davuiqalita* Arunesh Bimal Prasad Arvind Chand* Asenaca Waqavuki Ashneil Prasad Asish Prasad Maharaj Atresh Ram* Atunaisa Nailatica* Bernadette Kutty* Betanaqori Ciwasagavulu Bipin M Patel* Brian Wise Cama Buinimasi Catherine Gladstone Raivoro Christine Talei Miller Cyril Fong* Daniel Kumar Daniel Yagomate* Dorothy Blakelock Edward Ram* Elena Ravuiwasa Elizabeth Jiuta* Emi Tauribau Emosi Dravikula* Epeli V Sokidrau* Eroni M Tuivanuavou* Fabian Corrie* Florence Helen Valentine Grija Prasad* Hafiz Ud Din* Harry Berwick* Harry Delano Chute Henry Damien Samuels* Inoke Rokobui* Inosi Vatumoto Iowana Ravea Isikeli Lui Isikeli Tawailasa Jainand Maharaj* Jeremaia Belo Dakui* Jioji Rokosuka Jitendra Sami* Joape Kuinikoro Joeli Bula John Elder* Joji Domonatani Jope Tuivanuavou* Jope Vugakoto* Jovesa Sivaromaca* Kala Singh* Karun Kumar Gandhi* Kelerayani Vulagitagi Kiniviliame Waqairawai* LICENCE No.
A.

No.
BSP LIFE (FIJI) LIMITED NAME Lavinia Manumanuika Litia Luvunakoro Livai Tagicakibau* Livai Toribau Lois Jyoti Anand Lorima Baba* Lui Talesalusalu* Maikali Dimuri* Makelesi Secivaki Makipani Gonelevu Makrava Wilson Mark Tony Albert Matelita Druguwale Miriama Vueta Melaia B Luke Misiladi Matavesi Mohammed Rafik Mohammed Zahim Mohammed Zahid Khan Mosese Ravutu Mosese Uluinaceva* Nacanieli Qerenatabua Naibuka Mara* Naisa Waqa Nanise Wati Napolioni Cavu Naveen Nilesh Chand* Nilesh Dutt Oniliva Rakuro Paras Sukul Parvin Kaur* Paul Vakatoto* Paulini Politini Peni Boseyawa Penisoni Khan* Peter Pradeep Sharma* Philip K Filipo* Pio Faga Paulo Pita Vuloaloa* Pradeep Kumar* Pranil Nand Pravin Lal* Ratu Filimoni Soqeta* Ratu Tomasi Veitaladrua Ravendra Parbhu* 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 Takirua* Samuel Maharaj Samuela Baleicicia Samuela Waqaniburotukula Samuela Waqanisau Samuviti Naivilawasa Saneel Nand* Sanjay Mani* 81 Source: Reserve Bank of Fiji * Also an agent of another Insurance Company LICENCE No.
Insurance Annual Report 2017 List of Licensed Insurance Agents in Fiji A.

No.
No.

 B.

No.
BSP LIFE (FIJI) LIMITED NAME Sarat N Chand Selemo Were Semi Loco Matata Senimelia Seruisavou* Seruwaia Tuisawau Seruwaia Yauviri Shameer Shah Shaneel Chawda Shaun K Corrie* Sheetal Pratika Prakash Shivlesh S Prasad Siteri Koroiwaqa Sitiveni Ratubalavu* Suresh Chauhan* Susan Rusia* Susie Emberson* Taitusi Cakau* Tevita Baleinamaka* Tevita Momoedonu* Tevita Nakulanikoro Tevita Narebai Timoci Namuaira* Timoci S Tamanisokula* Tomasi Duaibe Tomasi Lovo* Tuicakau Cakacaka Vatiri Dimoala Vilashni D Ali Vilikesa Veisa* Vilimoni Kuruyawa* Vilitati Matayalewa Vinal V Karan* Vinesh Kumar* Viniana Ratuvou* Vishwa Nand* Waisea Cama* Waisea Tuisese Waisiki Loco Warden Krishna* Wati Kotobalavu Watisoni Waqaicece BSP HEALTH CARE (FIJI) LIMITED NAME Abdul K Ifraan* Akariva Ratumaitavuki* Akuila Tabualevu* Alice Heffernan* Ambika Nand* Anare Nakaunicina* Andrew Adams* Apenisa Davuiqalita* Arvind Chand* Atresh Ram* Atunaisa Nailatica* Bernadette Kutty Bipin M Patel* Daniel Yagomate* Edward Ram Elizabeth Jiuta* Emosi Dravikula* Epeli V Sokidrau* Eroni M Tuivanuavou* Fabian Corrie* Grija Prasad* LICENCE No.
B.

No.

 LICENCE No.
BSP HEALTH CARE (FIJI) LIMITED NAME Hafiz Ud Din* Harry Berwick* Henry Damien Samuels* Inoke Rokobui* Inosi Vatumoto* Jeremaia Belo Dakui* Jainand Maharaj* Jitendra Sami* John Elder* Joji N Rokosuka Jope S Vugakoto* Jope Tuivanuavou* Jovesa Sivaromaca* Kala Singh* Karun Kumar Gandhi* Kiniviliame Waqairawai* Livai Tagicakibau* Lorima Baba* Lui Talesalusalu* Maikali Dimuri* Mosese Uluinaceva* Naibuka Mara* Naisa B Waqa Naveen Nilesh Chand* Parvin Kaur* Paul Vakatoto* Penisoni F Khan* Peter Pradeep Sharma* Philip K Filipo* Pita Vuloaloa* Pradeep Kumar* Pravin Lal* Ratu Filimoni Soqeta* Ravendra Parbhu* Ravin Chand* Raymond Stoddart* Ritesh Maharaj* Ronal Chandra* Ronald Prasad* Sachin P Lakhan* Sakiusa Takirua* Saneel Nand* Sanjay Mani* Senimelia Serusavou* Shaun K Corrie* Sitiveni Ratubalavu* Suresh Chauhan* Susan Rusia* Susie Emberson* Taitusi Cakau* Tevita Baleinamaka* Tevita Momoedonu* Timoci S Tamanisokula* Timoci Namuaira* Tomasi Lovo* Vilikesa Veisa* Vilimoni Kuruyawa* Vinal V Karan* Vinesh Kumar* Viniana Ratuvou* Vishwa Nand* Waisea Cama* Warden Krishna* LICENCE No.
Source: Reserve Bank of Fiji * Also an agent of another Insurance Company 82 Insurance Annual Report 2017 List of Licensed Insurance Agents in Fiji C. No.
LIFE INSURANCE CORPORATION OF INDIA NAME Abhisekh A Narayan Adi Asenaca B B Katonivualiku Adi Seru Ana Makutu Agya Prasad Ajesh Chand Aklesh Atil Chand Aklesh Kumar Alan Veeran Alanieta B Verevou Alesi Radalau Alipate Baledrokadroka Alvin Amit Singh Aminisitai Cikai Drugusorovoli Anaisi Baledrokadroka Ananta Priya Prakash Anil Kumar Amin Anjay Sharma Apisai Caginakana Areesh Atil Chand Arishma Devi Narayan Arpana Ashna Sharma Arvind Sharma Asena Tuvukona Ashwin Prasad Ashwin S Prasad Asif Khan Asilika M Lalakohai Ateca Suvewa Atelini Buloukanaivalu Beatrice Rodan Benitera Tomasi Davukenimate Koroijiuta Biday Narayan Celine Cataki Chandra Deo Chandra Shah Davendra Prasad Devika Sharma Ram Dharam Prakash Dhurup Chand Dhurup Kumar Dineshwar Sharma Ekari Saune Elenoa Eleni Elina B Sauliga Emi Sokidrau Vakamelei Faga Luse Inoke Filomena Tikoinadi Vainisalia Frank Eliki Vatubai Gluck William Pilot Whippy Ifereimi Saubesa Ilisabeta Naumi Jit Ilisabeta Salauca Nadevo Ishwari Prasad Jai Chand Jainendra Prasad James B Krishna Jenendra Kumar Jitendra Sami Joeli Qio Baleidralulu Jona Saukilagi Josese Tokalau Kalpana Sharma LICENCE No.
C. No.
LIFE INSURANCE CORPORATION OF INDIA NAME Karam Chand Karmesh Mishra Kaurasi Fesaitu Ralifo Keith Jovilisi Bale Kelepi Vulimainadave Matai Kelevi Nagone Kesaia Tagi Kinisimere Nairi Kishan Nath sharma Krishna f/n Kali Krishna Naidu Krishneel Krishna Gounder Krishneel Vikash Singh Laniana Erenabou Laryan G P Verma Litea Ranadi Litiana Maramaniaisokula Losana Tuitokova Mahedran Deepak Mahendra Prasad Makarita L Riamkau Mamakoula Talemaitoga Maria Cema Cakau C Tuiloa Marika Gata Mereadani Batikara Mesake Biumaiwai Yabaki Mikaele Tabalala Mofeed Ali Mohammed Irfan Mohammed Sazeedh Hussain Moreen Lata Prasad Naibuka Ratulailai Nandlal Bahadur Nanise Nai Naresh C Prasad Navketan Singh Aujla Neha Nikita Singh Nemani Bainivalu Nikita K Shankaran Nikolau Vulaca Nilesh Nischal Prasad Nimilote Lua Boginisoko Nitin Navnit Lal Payal K Prasad Peter Steven Pooja Swastika Kumar Praneeta Shivajalee Prem Kumar Rajesh Kumar Rajesh Kumar Harish Rajesh M Singh Rajesh Singh Rajeshwar Prasad Rajnesh Achari Rajnesh Narayan Rakesh Narayan Ram Murthi Naidu Ramesh Kumar Ramkaran Shiu Narayan Ranjani Devi Ranjeet Singh LICENCE No.
Source: Reserve Bank of Fiji * Also an agent of another Insurance Company Insurance Annual Report 2017 C. No.
LIFE INSURANCE CORPORATION OF INDIA NAME Ranjani Devi Ranjeet Singh Rashmit Kaur Ravindra Deo Rekha Parmar Rohal Astish Chand Sharma Rohini Reeta Narayan Ronal Kumar Roseline Sangeeta Sharma Rusila S Vadei Sachindra Deo Sainiana Dua Sainimere Cemumu Saiyasi Davokia Namata 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 Sarwan Kumar Sharma Satendra Nath Sera Qalo Titoka Sereima Turuva Seremaia Bilitaki Shaba Shagufa Ali Shairina Devi Nair Shalesh Prasad Sharmila Devi Shashi Gounder Sheetal Pratika Prakash Sheetal Shivangini Chand Shivanee Bhavna Devi Shivlesh Salvin Prasad Shovna Singh Sinta Mani Naidu Sireli Boginivalu Ratulailai Siwagami Devi Sokopeti Nukuolo Sophia Bibi Sotiana Takayawa Vute Stefan Conrad Starzynski Stephen L Wong Sujita Prasad Suliana Rokoura Sulueti Vunibola Sunia Radovu Sunil Deo Chaudhary Sunil Kumar Suriya Krishna Goundar Surujmati Nand Susana Ranadi Takelo Savou List of Licensed Insurance Agents in Fiji C. No.
180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 D. No.
LIFE INSURANCE CORPORATION OF INDIA NAME Talatoka Radinivanua Talica Kovea Waqa Tarsen Singh Titus Alvin Pal Ujagar Singh Varanisese Cula Waqasaqa Vaseva Dansey Vasiti Qasiwale Baleidralulu Venal Vikash Naidu Vijandaran Nair Vijay K Nair Vijendra Prakash Vika Viti Viliame Tabualevu Vimlesh Mani Vineet Vikash Chand Vinod Kumar Wate Lutukiwai Rainima Wilisoni Tuikitei Yvonne Philitoga LICENCE No.
3344 3360 2046 3334 1369 2140 2878 3238 2323 2832 1138 2605 3163 1953 2388 2837 2346 2390 3384 2864 NEW INDIA ASSURANCE COMPANY LIMITED NAME LICENCE No.
Anandilal Amin t/a Anandi Lal Amin & Associates Limited* Atishma Cheety Darrell Rajcharan Devika Sharma Emosi Seduadua Hema Kumar Kalpana Sharma Manoj Jeet Merchant Finance & Investment Ltd Mohammed Aiyub Mohammed Ashwak Ali Nadi Plumbing Works Palas Auto Services Ltd Pawan Dayal Singh Pranil Goundar Rajesh M Singh Ratu Isoa Bulamaidelanivatu Tubuna Ravindra Deo Ravnil Ravinesh Prasad Salen Shiner Sanjay K Verma Sanjay Kumar Sanjay Kumar Verma Satish Kumar Shahrauf Ali Shah Shakti Shaveer Singh Shashi Singh Shyam Narayan Surendra Lal Total Waila (Total Facilities Management) Venkat Sami Naidu LICENCE No.
Source: Reserve Bank of Fiji * Also an agent of another Insurance Company Source: Reserve Bank of Fiji * Also an agent of another Insurance Company 84 Insurance Annual Report 2017 List of Licensed Insurance Agents in Fiji E. No.
FIJICARE INSURANCE LIMITED NAME Amitesh Vikash Chand Anandilal Amin t/a Anandi Lal Amin & Associates Limited* Home Finance Company Limited* Michael H Chand Nijeshni Wati Pariniappa Goundar Prakash Singh Rajesh Narayan Rajiv Ravinesh Raj 10 Salen Shiner F. No.

1 2 G. No.
1 2 G. No.

1 QBE INSURANCE (FIJI) LIMITED NAME Cyril Fong* Samuela Vodo CAPITAL INSURANCE LIMITED NAME Avinesh Kumar Chanel Motors Limited Credit Corporation Dorine Charan Finance Pacific Corporation Limited GM Motors Hari Dutt Sharma Jiten Singh Milvik PTE (Fiji) Ltd Mohammed F Sheik Shailesh Kumar Shenil Chandra Sultan Motors Suresh Chauhan* Vijay K Nair* Vishal Narayan LICENCE No.

3359 589 1599 2743 3038 3358 1666 3371 2341 2497 LICENCE No.

2252 1777 LICENCE No.


3158 3271 2328 1950 2089 3157 1293 1908 3218 2023 3162 3179 3300 3156 1138 3151 H. No.

1 I.

No.
SUN INSURANCE COMPANY LIMITED NAME Alfred Lilino Ashish Prasad Avikash Pillay Bred Bank (Fiji) Limited Fiji Development Bank Hemant Kumar Jai Prakash Maharaj Nandlal Bahadur Nilesh Prasad Sanjeewan Nair Ujagar Singh* Vijendra Prasad Vinod Chand TOWER INSURANCE (FIJI) LIMITED NAME 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 10 11 Jope Tuivanuavou Karun Ghandi LICENCE No.
3115 3301 2405 3191 1944 1588 3389 1646 3274 3391 1369 626 1699 LICENCE No.

2475 1693 1028 3393 1599 3119 2009 1267 1890 1705 1106 Source: Reserve Bank of Fiji * Also an agent of another Insurance Company 85 Insurance Annual Report 2017 Fiji: Key Indicators VI.
Fiji: Key Indicators Fiji: Key Economic and Financial Indicators Fiji: Key Insurance Indicators 87 88 Source: Reserve Bank of Fiji * Also an agent of another Insurance Company 86 Insurance Annual Report 2017 Fiji: Key Economic and Financial Indicators I GDP GDP at Market Price ($m) Per Capita GDP at Current Factor Cost ($) Constant Price GDP Growth Rate (%) 7,715.7 7,475.1 4.7 8,462.4(r) 9,150.3(r) 8,179.3 5.6(r) 8,77.1(r) 3.8(r) 9,784.5(p) 9,198.4(p) 0.4(p) 10,630.4(e) 9,715.1(e) 4.2(e) 2013 2014 2015 2016 2017 II LABOUR MARKET Labour Force 365,348 367,154(e) 346,214(e) Wage and Salary Earners (mid-year) 142,000(e) 144,150(p) 199,515(e) 346,214(e) 199,515(e) III INFLATION (year-on-year % change) All Items 3.4 0.1 1.6 3.9 356,789(e) n.a 2.8 IV GOVERNMENT FINANCE ($m)1 Total Revenue and Grants Total Expenditure (excluding loan repayments) 2,098.5 2,136.3 2,370.8 2,723.1 3,122.5(b) 3,336.3(b) 2,801.9 3,030.6 2,801.9 3,030.6 V EXTERNAL TRADE2 Current Account Balance ($m) Capital Account Balance ($m) Financial Account Balance ($m)3 Current Account Balance (% of GDP) VI FOREIGN EXCHANGE RESERVES ($m) (746.6 ) (639.5)(r) (325.0)(r) (489.0)(r) (653.3)(p) 8.9 8.2(r) (600.7) (1,232.2)(r) (9.7) (7.6) 6.4(r) 392.2(r) (3.6) 9.0(r) 409.9(r) (5.0) 9.1(p) (672.0)(p) (6.1) Foreign Reserves 1,778.1 1,810.7 1,943.7 1,921.2 2,272.8 VII MONEY AND CREDIT (year-on-year % change) Narrow Money Currency in Circulation Quasi-Money Domestic Credit4 VIII INTEREST RATES (% p.a) RBF OPR5 Lending Rate Savings Deposit Rate Time Deposit Rate Minimum Lending Rate IX EXCHANGE RATES US dollar Real Effective Exchange Rate (January 1999 = 100) Sources: Commercial Banks, Fiji Bureau of Statistics, Ministry of Economy, Macroeconomic Committee and Reserve Bank of Fiji Notes:
 1 For 2015, both the Labour force and Wage & Salary Earners (mid-day) is sourced from 2015/16 Employment and Unemployment Survey.
2 The Government Finance FY 2016/2017 is Sourced from the cash flow statement excluding Government VAT.

3 Balance of Payments values include aircraft imports and financing.

4 Indicates Net Borrowing i.e.

the economy receives funds from the rest of the world.

5 The RBF OPR came into effect in 2010.
Key: (e) - estimate (p) - provisional (b) - budgeted (r) - revised (n.a) - not available (p.a) - per annum 87 Insurance Annual Report 2017 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 ($m) Source: Insurance Companies 3.5(r) 1.5(r) 2.0(r) 1,346.8 1,005.9 340.9 9 2 7 4 0 352 146 290.2 123.9 166.3 3.2(p) 1.3(p) 1.8(p) 1,451.4 1,090.7 360.7 9 2 7 4 0 363 163 311.9 135.6 176.3 3.2(e) 1.4(e) 1.8(e) 1,568.7 1,141.1 427.6 9 2 7 4 0 370 167 323.6 133.9 189.7 3.0(e) 1.3(e) 1.8(e) Insurance Annual Report 2017 Fiji: Key Insurance Indicators General Insurance Premium
 Income ($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 2013 2014 2015 2016 2017 160.2 118.8 41.3 107.8 74.2 120.2 71.1 34.1 21.6 2.5 6.3 6.6 3.2 4.5 18.5 2.7 174.6 57.9 34.5 60.7 (1.6) (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) 101.1 61.6 40.7 15.7 61.3 78.3 50.2 59.6 19.0 30.3 14.7 22.0 89 Insurance Annual Report 2017 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.
90 Insurance Annual Report 2017 Postal: Private Mail Bag, Suva, Fiji Telephone: (679) 331 3611 Facsimile: (679) 330 2094 Email: info@rbf.gov.fj Website: www.rbf.gov.fj 91 Insurance Annual Report 2017