Life insurance - Fiji

Fiji

The Life insurance market market in Fiji is projected to reach a market size (gross written premium) of US$0.88bn in 2024.
By that year, the average spending per capita in the Life insurance market market is expected to amount to US$0.94k.
Looking ahead, the gross written premium is forecasted to show an annual growth rate (CAGR 2024-2029) of -1.16%.
This growth would result in a market volume of US$0.83bn by 2029.
In terms of global comparison, the United States is expected to generate the highest gross written premium, reaching US$1,288.0bn in 2024.
Fiji's life insurance market is witnessing a surge in demand due to the country's growing middle class and increasing awareness about financial protection.

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Analyst Opinion

The Life insurance market in Fiji has been experiencing notable growth and evolution in recent years. Customer preferences in Fiji are shifting towards more comprehensive life insurance coverage, reflecting a global trend of increasing awareness about the importance of financial security and protection. Customers are seeking policies that not only provide a safety net for their loved ones in case of unexpected events, but also offer investment opportunities and additional benefits. Trends in the market show a rise in demand for customizable life insurance products in Fiji. Insurers are adapting to this trend by offering flexible policy options that can be tailored to individual needs and preferences. Additionally, there is a growing interest in digital insurance solutions, making it more convenient for customers to purchase and manage their policies online. Local special circumstances in Fiji, such as the vulnerability to natural disasters like cyclones and floods, have contributed to the increased awareness and uptake of life insurance. The need for financial protection in the face of such risks has driven more Fijians to consider investing in life insurance policies as a way to secure their financial future. Underlying macroeconomic factors, including stable economic growth and a growing middle class in Fiji, have also played a role in the development of the life insurance market. As disposable incomes rise and the overall standard of living improves, more individuals are looking to safeguard their assets and provide for their families in the long term, driving the demand for life insurance products.

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.