Insurances - Fiji

Fiji

The Insurances market in Fiji is projected to reach a market size (gross written premium) of US$1.90bn in 2024.
Within this market, Non-Life Insurances dominate with a projected market volume of US$1.02bn in 2024.
The average spending per capita in the Insurances market is expected to amount to US$2.02k in 2024.
When comparing the Insurances market globally, it is evident that the highest nominal value is reached the United States, with a projected market size of US$3,788.0bn in 2024.
Looking ahead, the gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 0.00%, resulting in a market volume of US$1.90bn by 2029.
Once again, the United States is expected to generate the most gross written premium in global comparison, with a projected market size of US$3,788.0bn in 2024.
The insurance market in Fiji is experiencing a surge in demand for cyclone and flood coverage due to the country's vulnerability to natural disasters.

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Analyst Opinion

The Insurances market in Fiji has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Fiji are increasingly seeking insurance products that provide comprehensive coverage at affordable prices. With the rising awareness of the importance of insurance protection, there is a growing demand for a variety of insurance products, including life, health, property, and vehicle insurance.

Trends in the market: One of the notable trends in the insurance market in Fiji is the expansion of digital insurance services. Insurers are leveraging technology to reach a wider customer base, offer online policy purchases, and provide efficient claims processing. This trend aligns with the global shift towards digitalization in the insurance industry, making services more accessible and convenient for customers.

Local special circumstances: Fiji's unique geographic location and susceptibility to natural disasters have influenced the insurance market in the country. Insurers are adapting their products to offer coverage for specific risks such as cyclones, floods, and earthquakes. This specialization caters to the local needs of Fijian customers and provides them with essential protection against natural disasters.

Underlying macroeconomic factors: The steady economic growth in Fiji has contributed to the expansion of the insurance market. As disposable incomes rise and the middle class expands, more individuals and businesses are able to afford insurance coverage. Additionally, regulatory reforms and efforts to increase insurance penetration in the country have created a conducive environment for the growth of the insurance sector.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.