Economic growth benefits insurance industry
April 6, 2015 1:38 am
Given Fiji’s consecutive economic growth the Insurance Industry has also benefited.
This positive effect has trickled over for the Life Insurance Corporation of India whose had a successful financial year for 2014.
The Fijian Economy is set to record a third consecutive year of economic growth in excess of four percent.
LICI General Manager – Vimlesh Dhar says the benefits of this have been felt far and wide including its company too.
“It is beneficial in a sense that when people have more disposable income they would think about taking an insurance policy so if there is growth in the economy and there is increase in the wages and also there are more people who are joining the workforce. So once the different institutions and companies are recruiting more people, our policyholders go up.”
Dhar says because of this growth in business – they have more premium income coming in.
LICI for this year will be looking at Inclusive insurance by bringing in small ticket Group Insurance Policies and reaching out to remote corners of Fiji.