Press Release No 30 – Reserve Bank of Fiji Releases 2025 Insurance Annual Report

Press Release No 30 – Reserve Bank of Fiji Releases 2025 Insurance Annual Report

The Reserve Bank of Fiji (RBF) has released its 2025 Insurance Annual Report following its tabling in Parliament by the Honourable Minister for Finance, Mr Esrom Immanuel.  Mandated under section 165 of the Insurance Act 1998, the Report provides a comprehensive overview of the insurance industry’s performance, resilience and contribution to Fiji’s financial system.

RBF Governor, Mr Ariff Ali, in releasing the Report highlighted that the global insurance and reinsurance industries demonstrated resilience in 2025 despite higher catastrophe losses and continuing geopolitical and economic pressures.  Global natural disasters were attributed with estimated economic losses of US$260.0 billion in 2025, of which insurers covered approximately US$127.0 billion.

Supported by a prolonged absence of major catastrophic events, the Fijian insurance industry recorded a sustained positive performance in 2025.  Gross premiums increased marginally by 5.4 percent to a record $501.5 million, equivalent to 3.7 percent of GDP, compared to 3.5 percent in 2024.  Total industry assets also expanded by 5.2 percent to $3.0 billion while aggregate solvency surplus remained strong at $688.1 million.

Gross claims and policy payments reached a record $280.4 million in 2025 compared with $261.8 million in 2024.  Life insurers paid $145.1 million in policy benefits, with matured policies accounting for 77.3 percent of total payments.  General insurers settled $135.3 million in gross claims, of which medical and motor vehicle claims represented 67.8 percent.

Combined net profit after tax for the life and general insurance sectors fell by 3.5 percent to $68.3 million in 2025.  Despite the decline, insurers remained profitable, supported by sound risk management and adequate capital buffers to absorb potential losses.