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Insurance competition to heighten

December 25
12:00 2010

Written By : SHIRI LATA. Competition will be intense in the insurance sector in 2011, an insurance company has revealed.
Life Insurance Corporation of India general manager Fiji operations Krishnan Narasimhan said, “2011 will be an interesting year as we anticipate our competitor to come back into the market in a big way.”
“However, we are confident of holding our fort as we have products and services that are unmatched. Besides our returns to customers are much higher and our operational costs much lower,” he said.
While talking on plans for next year he said they would bring in a couple of new products in 2011.
“Our existing product range is doing quite well and bringing us adequate business.
However, based on market demand and needs we will look at new products and services,” he said. Financial literacy in Fiji is just now beginning to take shape.
“While overall literacy levels are good, when it comes to awareness about financial products including insurance, there is much to be done.
“This is a big task for all financial service providers to reach out to the people and provide them appropriate financial education and enable them to make informed decisions regarding savings and investments,” he said.

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