Fiji Insurance Market Growth Up: Saxena

October 14, 2015

Fiji’s Insurance market has grown considerably when compared to 2010 says Davendra Saxena.

Mr Saxena is the New India Assurance Company Limited outgoing Lautoka Branch Manager who arrived in Fiji with optimism towards our growing insurance market.

He said the growth in the market was due to other insurance companies that were now established in Fiji providing healthy competition for the New India Assurance Company Ltd.

“The growth I would say is due to the new developments and the democratic Government being elected,” he said.

Competition

Mr Saxena has praised the establishment of the various Insurance companies in Fiji.

“The growth noted can also be credited to the new players entering the market.

“There are a lot of new products which are coming up giving the insurer various options to choose from with the competitive prices ultimately benefitting the client.”

Mr Saxena said the market premium had also grown since 2010 as it was 120 million and now it stands at 70 billion.

Future

Looking towards the future growth of the insurance industry Mr Saxena said: “I have great trust that this market will continue to grow.

“In Fiji percentage wise, the growth would be about an average ten per cent growth so definitely there is a positive outlook for the insurance market in Fiji,” he said.

About Davendra Saxena

Mr Saxena has worked for the New India Assurance Company Limited India Branch since 1980 before coming to Fiji.

“I will be assuming my position as chief manager in late October at the company corporate office in Mumbai but until then I will be working here,” he said.

Meanwhile, Nawang Tamba has been named as the New India Assurance Company Limited incoming Lautoka Branch Manager from October.

Mr Sawena was farewelled in the presence of other stakeholders on Friday night at the Tanoa Waterfront Hotel in Lautoka.

Source: Fiji Sun