Non-life insurances - Fiji

Fiji

The Non-life insurance market in Fiji is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is estimated to reach US$1,020.00m in 2024.
This indicates a promising outlook for the insurance industry in Fiji.
Furthermore, the average spending per capita in the Non-life insurance market is forecasted to be US$1,081.00 in 2024.
This suggests that individuals in Fiji are increasingly recognizing the importance of insurance coverage, contributing to the growth of the market.
Looking ahead, the gross written premium is expected to maintain a steady annual growth rate of 0.92% between 2024 and 2029 (CAGR 2024-2029).
This growth trajectory is anticipated to result in a market volume of US$1,068.00m by 2029, reflecting the increasing demand for Non-life insurance products in the country.
In a global context, the United States will continue to dominate the Non-life insurance market, generating the highest gross written premium of US$2,500.0bn in 2024.
This highlights the significant market presence and economic influence of the United States in the insurance sector worldwide.
The non-life insurance market in Fiji has seen significant growth due to increased consumer awareness and government support for insurance products.

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Analyst Opinion

The Non-life insurances market in Fiji has been experiencing notable growth and development in recent years. Customer preferences in Fiji are shifting towards more comprehensive and tailored non-life insurance products that provide a wide range of coverage options to meet the diverse needs of individuals and businesses. Customers are increasingly seeking policies that offer not only basic coverage for property and assets, but also additional benefits such as liability protection and specialized insurance for unique risks. Trends in the market in Fiji indicate a growing demand for non-life insurance products that are specifically designed to mitigate risks associated with natural disasters, such as cyclones and floods, which are common occurrences in the region. Insurers are adapting their offerings to provide more robust coverage for these types of events, reflecting the heightened awareness of the need for comprehensive protection in the face of environmental challenges. Local special circumstances in Fiji, such as its geographic location in the cyclone-prone South Pacific region, play a significant role in shaping the non-life insurance market. Insurers in Fiji are faced with the challenge of assessing and pricing risks associated with natural disasters, which requires a deep understanding of the local environment and the ability to accurately predict and model potential losses. Underlying macroeconomic factors, including the country's economic growth and stability, also influence the development of the non-life insurance market in Fiji. As the economy expands and incomes rise, there is a corresponding increase in the demand for insurance products to safeguard assets and investments. Additionally, regulatory reforms and initiatives aimed at strengthening the insurance industry in Fiji are contributing to the overall growth and competitiveness of the market.

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.