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$155.2m Was Broking Industry Income Recorded Last Year

$155.2m Was Broking Industry Income Recorded Last Year
From left: AON (Fiji) Limited associate director Christopher Campbell, Marsh Limited branch manager Wayne Wong, Member of Parliament Alvick Maharaj, Assistant Minister for Infrastructure and Transport Vijay Nath(Assistant chairperson for the standing committee on Economic Affairs) , SODELPA Opposition Member Viliame Gavoka, National Federation Party member Prem Singh, Member of Parliament Brij Lal, Insurance Holdings country manager Jason Nill and AON (Fiji) Limited general manager Greg Henderson at the Parliament on October 12, 2017 . Photo: Selita Bolanavanua.
October 13
11:00 2017

The insurance broking industry recorded a total premium of $155.2 million last year compared to $140.8m in 2015.

This was an increase of 10.2 per cent.

Marsh Limited branch manager, Wayne Wong said this amount was derived from the combined results of the four Insurance Broking firms registered in Fiji in 2016.

This is reflective of the increased take up of broker business by the local insurers in 2016.

The Insurance Brokers of Fiji yesterday presented on the Reserve Bank of Fiji 2016 Insurance Annual Report to the Parliamentary Standing Committee on Economic Affairs.

Commenting on the claims, Mr Wong said the majority of the claims are either paid or partly paid. Some are still outstanding because of the business interruptions mainly the loss in gross profits resulting in the decrease in turnover.

Meanwhile, up to 70 per cent of commercial businesses operate through brokers and 80 per cent of domestic market is through agents, Mr Wong said.

One of the main issues that was highlighted during the submission is the lack of awareness programmes on how brokers operate.

Insurance Holdings country manager, Jason Nill said the Government, regulators and insurance companys’ need to provide awareness programmes and educate the public on risk management.

Not many people and local commercial businesses are seeking professional advice from brokers when they should, says Mr Nill.

Clients need to be aware of the correct risk management programmes in place and settling the claims efficiently with the insurer.



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