The Reserve Bank of Fiji has released its 2025 Insurance Annual Report, showing sustained industry growth and strong capital buffers despite lower profitability. Gross premiums rose 5.4% to a record FJD 501.5 million, equivalent to 3.7% of gross domestic product, while total assets increased 5.2% to FJD 3 billion. The aggregate solvency surplus remained strong at FJD 688.1 million. Gross claims and policy payments reached a record FJD 280.4 million, including FJD 145.1 million in life insurance benefits and FJD 135.3 million in general insurance claims. Combined net profit after tax across the life and general sectors declined 3.5% to FJD 68.3 million, although both sectors remained profitable with adequate capital buffers. The Insurance Budget Amendment Act 2025 enabled full implementation of the revised risk based solvency framework, while work continued on incorporating International Financial Reporting Standards into the sector. The second phase of the InsuResilience Solutions Fund program also began, extending access to parametric microinsurance. For 2026, the Reserve Bank identified geopolitical tensions, inflation, climate related catastrophe losses and cyber vulnerabilities associated with artificial intelligence adoption as heightened risks requiring close prudential oversight.
Reserve Bank of Fiji reports record FJD 501.5 million insurance premiums and strong solvency in 2025
The Reserve Bank of Fiji reported that insurance premiums rose 5.4% to a record FJD 501.5 million in 2025, while assets reached FJD 3 billion and the solvency surplus remained strong at FJD 688.1 million. Claims and policy payments hit a record FJD 280.4 million, while combined net profit fell 3.5% to FJD 68.3 million. The revised risk based solvency framework was fully implemented as the regulator prepared for heightened economic, climate and cyber risks.