The Reserve Bank of Fiji has released its 2024 Insurance Annual Report following its tabling in Parliament, providing a review of the Fijian insurance industry’s performance in 2024 alongside key international insurance market developments. The report highlights record premium volumes, growth in sector assets and solvency buffers, and higher claims and policy payments. Gross premiums reached FJD 476.0 million in 2024, while domestic industry assets increased 7.5 percent to FJD 2.9 billion and the combined solvency surplus rose 22.6 percent to FJD 688.5 million. Net claims and policy payments totalled FJD 254.2 million despite the absence of severe catastrophic events, including FJD 139.3 million in life insurance policy payments mainly for matured policies and FJD 114.9 million in general insurance claims largely for medical and motor vehicle claims. The release also notes ongoing work to modernise the regulatory framework through a review of the Insurance Act 1998 and actions to support insurers’ transition to International Financial Reporting Standard 17. It references a grant agreement signed with the InsuResilience Solutions Fund in August 2024 to introduce and scale up climate risk parametric insurance products, and flags that the 2025 outlook remains exposed to climate-related claims volatility and elevated geopolitical risk.

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