Microinsurance in Fiji: An evaluation of demand for insurance

Description: 

As of 2010, the Reserve Bank of Fiji reports that only 88,085 life insurance policies were in force covering an estimated 9% of the population. Non-life insurance products such as personal accident insurance, health, and motor vehicle insurance only covered a small fraction of the population. This leaves approximately 800,000 uninsured Fijians vulnerable to unexpected financial expenditures related to deaths, health emergencies, and crop failures. This report evaluates the demand for microinsurance among the members of four potential distribution partners based in Fiji: Partners in Community Development Fiji (PCDF), the Catholic Church of Fiji, the Fiji Muslim League, and Then India Sanmarga Ikya Sangam (TISI Sangam). The study shows that demand for new insurance products does exist and provides proof of significant opportunities for insurance growth.

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Author: 

Joe Tayag

Published by: 

  • Other

Publisher: 

Pacific Financial Inclusion Programme (PFIP), the Asian Development Bank

Number of pages: 

24

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