The Insurance Industry in Fiji, Key Trends and Opportunities to 2017 by Timetric


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									The Insurance Industry in Fiji,
Key Trends and Opportunities to
Market Intelligence Report

Reference code: IS0258MR

Published: March 2013


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1 Executive Summary

         Fiji is a lower middle-income country, and had a population of 894,000 at end of 2011. The Fijian
         economy rebounded by 2.0% in 2011 after contracting over the two previous years due to the global
         financial crisis, political instability and frequent natural disasters. Despite slow ec onomic growth, the
         country’s insurance industry remained resilient and registered a CAGR of 7.2% over 2008–2012. Growt h
         was mainly supported by the absence of any severe natural disasters after t he 2009 floods and stable
         demand for life and property insurance products. There were ten insurance companies operating in the
         Fijian insurance industry at end of 2011. Over the forecast period (2012-2017), stable economic growth,
         investment in re-building measures, new product development, an inc rease in construction activities and
         an expanding tourism sector will support insuranc e industry growth.
         Touri sm industry set to boost growth of the insurance industry

         The tourism industry is a principal economic driver and major source of foreign exchange in Fiji ,
         accounting for around 25% of the country’s GDP in 2011. It is an important source of inc ome for the
         population and provided employment for around 40,000 people in the same y ear. Tourism earnings grew
         by FJD823 million (US$478.3 million) in 2006 to reac h FJD 1051 million (US$551.9 million) in 2011.
         Tourist arr
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