“Insurance is more than a business – it is a public good. It is a promise of security, a foundation for economic stability, and a safety net for our people. In a country like Fiji, which faces the constant threat of cyclones, floods, and other climate-related disasters, a strong insurance sector is essential for recovery and resilience.”
This was the message of the Prime Minister Sitiveni Rabuka while officiating at the Grand Pacific Hotel in Suva last night.
Prime Minister Sitiveni Rabuka highlighted that in 2023, Fiji’s insurance sector recorded strong growth. The combined assets of life and general insurers reached $2.7 billion – representing over 9% of Fiji’s total financial system assets. “This is no small achievement,” he said.
“But the real value of insurance cannot be measured in numbers alone. Its true value lies in helping families rebuild after a cyclone, enabling small businesses to reopen, and giving people hope during their most difficult times.”
The Prime Minister emphasised that the Government views the insurance industry as a key partner in its mission to eliminate poverty and improve the lives of all Fijians, particularly vulnerable communities.
In partnership with the Reserve Bank, insurers, and development partners, Government has expanded affordable insurance products to reach those most in need. These initiatives include:
· Micro-insurance for over 86,000 social welfare recipients;
· Innovative parametric disaster insurance; and
· Specialised products supporting women and rural communities.
He noted that since 2018, more than $20 million has been paid out in claims, with rapid disbursements helping Fijians recover quickly after disasters. These efforts, carried out under the National Financial Inclusion Strategy (NFIS), are strengthening financial resilience, protecting livelihoods, and promoting inclusive growth.
The Prime Minister also outlined the need to:
· Expand insurance coverage to reach more people, especially in rural and maritime areas;
· Modernise regulations to protect consumers and encourage innovation; and
· Develop affordable products for the poor, informal workers, farmers, and small business owners.
“We must move from coverage for some, to protection for all.”
“I commend the industry’s shift from simply paying claims after disasters to actively helping people reduce risks and make better choices.”
He explained that policies are now encouraging healthier lifestyles, safer driving, and climate-friendly practices – reflecting the maturity of Fiji’s insurance sector as an industry that promotes long-term wellbeing, resilience, and sustainable growth.
A highlight of the evening was the recognition of school students who took part in the national insurance awareness logo competition.
“To our young winners – vinaka vakalevu. Your creativity is helping raise awareness about the importance of insurance. This is not just an art project — it is an investment in the future. We want our young people to understand financial security so they can build confident and resilient lives.”
The Prime Minister commended the Insurance Association’s engagement with youth, ensuring that the next generation is better prepared to manage risks and seize opportunities.
The evening also honoured industry professionals – brokers, agents, underwriters, executives – and the recipients of the Lifetime Achievement Awards.
“Your decades of service have built trust in this industry. Tonight, we also celebrate our top performers whose dedication sets a high standard for us all.”
The launch of the Insurance Association’s new logo was described as “another milestone – a symbol of unity and forward movement for the industry.”
The Prime Minister stressed that true innovation is inclusive means developing products for those who need them most – single mothers, market vendors, cane farmers, and students. Insurance should not be a privilege. It should be a basic right for everyone – giving all Fijians the ability to recover, rebuild, and restart after hardship.
