RBF Insurance 2018 Annual Report tabled
May 26, 2020 4:35 pm
The Reserve Bank of Fiji. [File Photo]
The Reserve Bank of Fiji Insurance 2018 Annual Report has been tabled in Parliament.
The reports highlighted that the insurance interest combined with gross premium grew about 7.5 percent to $347.9m.
Tabling the report in Parliament, assistant minister for Rural and Maritime Development and Disaster Management Vijay Nath says a marginal growth was also noted with the gross premium as a percentage of GDP registering at 3.4 percent compared to 3.0 percent in the year before.
The Committee that prepared the report highlighted that the launch of the Fiji care micro bundle insurance product in 2017 was extended to civil servants and social welfare recipients bringing the total number of bundle insurance holders to 120, 671.
The Committee is also concerned with the increasing rate of accidents being recorded on our roads adding that the safety and security of vehicle owners is paramount and proposes that compensating motor vehicle insurance must be considered.
The motion to debate the Reserve Bank of Fiji Insurance 2018 Annual Report was unanimously agreed to be held at a later date.