Mollyn Nakabea 
[Photo: Supplied]
LICI Fiji is marking 70 years of operation, reflecting on its role in providing financial protection to Fijians.
The company began operations in India on September 1, 1956, before moving to the Fijian market later in October.
LICI Fiji General Manager Shridhar Pathare says the company has provided more than $1.41 billion in risk cover to date, with its assets now standing at about $1.05 billion.
However, Pathare acknowledges there is still a significant gap in insurance coverage.
“Still I think life insurance is the last priority among the people. And sometimes people are saying, yes we have an insurance policy. But whether this is a proper cover? Most of the people may not have a proper insurance. They may be underinsured.”
He says that according to statistics by the Reserve Bank of Fiji, insurance penetration remains low.
“Insurance penetration is obviously the share of the insurance premium in GDP. And it is less than 2%. Second thing, the insurance density is per person just $210 premium.”
He adds the company has taken further steps to address this through awareness roadshows and talks at business organizations and community events, including promoting the use of their app.
“To create the awareness among the people, our marketing team, our agents, always going for the road shows, then insurance awareness camps in different places. We design, our IT team has designed the app, because you know that, now it is the era of AI.”
The company currently has more than 62,000 policyholders, helping extend life insurance coverage to more Fijians.
