FijiCare Insurance has posted its 2022 financial results, with the island’s major insurer reporting a $5.9 million net profit after taxes. The growth has been attributed to a strong post-pandemic recovery in Fiji’s economy, stemming from the resumption of international travel and tourism.
While the profits have experienced a slight drop compared to 2022, FijiCare chair Dumith Fernando said the firm’s financial performance was solid. The results also revealed a record increase for gross written premiums in 2022, up from FJ$38.1 million in 2021 to FJ$50.5 million last year. In addition, the Vanuatu-based FijiCare subsidiary VanCare maintained a stable revenue stream and profitability.
“The VanCare business is primarily based on Compulsory Third Party (CTP) and Comprehensive Motor Insurance with Medical insurance coverage as well,” Fernando said in a report from The Fiji Sun. “While we have witnessed resilient performance from VanCare over the years, we are cautiously monitoring the global market volatilities and local market situation in Vanuatu and its subsequent impact on the subsidiary’s operations and performance.”
FijiCare is one of the island’s major insurers, and was part of the recent gathering that called on the private sector to encourage support for the UNCDF’s Pacific Insurance and Climate Adaptation Program’s (PICAP) parametric insurance initiatives.
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