A renowned insurance company in Fiji is confident that the Reserve Bank’s decision to revise its policy on the placement of insurance business offshore effective from 1st July, will not affect local insurance companies.
Under the new policy, people wishing to purchase insurance for covers not available locally, are no longer required to obtain multiple quotes from the domestic market as done before.
Fiji Care Insurance Limited Managing Director Peter McPherson said people will find that it is still cheaper to get insurance cover in Fiji.
He said the overseas insurers will not give any back to the community or the economy.
The RBF Governor Sada Reddy said the review was taken to help simplify the approval process when purchasing insurance from overseas following concerns raised by stakeholders in the insurance industry.
Reddy said offshore placement for insurance is only permitted where such insurance is not available through locally licensed insurers in the country or where the cover is 15% cheaper than the one offered locally.
Fiji Care confident in RBF’s decision
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