RBF Governor praises life insurance sector
July 16, 2015 1:25 am
The insurance industry has continued to perform positively over the years with 2014 being a huge success.
Reserve Bank of Fiji Governor, Barry Whiteside acknowledged the performance life insurance sector while launching BSP Life new product called Bula Smart.
“A key highlight of the 2014 industry performance was the increase of the total assets of the life insurance sector by 4.6% to an all time high of $1billion at the end of 2014.”
Governor Whiteside says as the economy expands there will be an increase in economic transactions through risk transfer and indemnification thereby increasing the demand for insurance products.
BSP Life Managing Director Malakai Naiyaga says the product is a milestone achievement for the company.
Customers below the age of 75 can sign up for the insurance policy and Naiyaga says he hopes that this product will add greater breadth to their existing product range.
BSP Life has been in existence for the last 5 years.