Business

BSP Life pays out $43m in 2013

By RACHNA LAL BSP Life has revealed that it paid out $43 million to customers the past year, $4 million or 11 per cent more than 2012. Of this, $37.2
03 Feb 2014 10:32

By RACHNA LAL

BSP Life has revealed that it paid out $43 million to customers the past year, $4 million or 11 per cent more than 2012.
Of this, $37.2 million was for Life Insurance claims and $5.8 million for Health Insurance claims.
Managing director, Malakai Naiyaga, said they paid an average of over $800,000 a week in claims assisting thousands of customers with payouts on their policies.
“Of the $37.2 million for life insurance, $32 million or 86 per cent was paid to customers for maturities and other benefits,” he said.
“This meant they were able to use their insurance payouts to fulfil their life goals whether it be retirement, payment of children’s tertiary fees, paying off a mortgage or taking a well-deserved family holiday.
“The remaining $5.2 million was for death payments assisting families financially after they’ve lost a loved one.”
Mr Naiyaga said on Health insurance, the bulk of the payout was for medical claims including overseas evacuations assisting hundreds of customers in their time of medical need.
“Total health claims increased by $0.4 million or seven per cent compared to 2012,” he said.

Commitment
Mr Naiyaga has assured customers and prospective new customers that they have more initiatives in store in 2014.
“We will continue to raise the level and value of products and services that we offer,” he said.
Mr Naiyaga further said: “We take great care to be there when our customers need us most and this is demonstrated by the level of our claim pay-out.
“Our ability to meet large claims is underpinned by our strong financial standing.
“We have a stable and growing investment portfolio, sound governance processes and internationally recognised actuarial expertise providing financial advice that ensures we deliver on our promises.
“We are in the business of trust and we take this responsibility seriously.”

Rapid growth
Since re-branding in 2011, BSP Life has experienced rapid growth due primarily to growing customer confidence in the brand.
BSP Life’s products cater for payouts in the event of death, disability, critical or terminal illness, and also provide periodic payments throughout the insurance policy term with a final payout at maturity, depending on the policy taken.
Mr Naiyaga said with retirement planning now a key area of focus, life insurance acts as a vehicle to support this with the dual benefit of a payout to family members in the event of untimely loss.
“Health insurance sales have also grown rapidly for the insurer,” he said.
“This is credited to more customers understanding the importance of having insurance to cover for escalating costs in medical treatment, particularly for overseas evacuations.”

 

BSP Life managing director, Malakai Naiyaga.




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