"Insurance is more than a business; it is a public good." - Prime Minister Rabuk

The Prime Minister of Fiji, Sitiveni Rabuka, emphasized the importance of the insurance sector as a public good rather than just a business during an event at the Grand Pacific Hotel in Suva. He highlighted that in 2025, the insurance sector in Fiji recorded significant growth, with combined assets of life and general insurers reaching $2.7 billion, which is over 9% of the country's total financial system assets. Rabuka acknowledged the sector's role in aiding recovery and resilience, particularly in the face of climate-related disasters such as cyclones and floods.

The Prime Minister discussed various government initiatives in partnership with the Reserve Bank, insurers, and development partners to expand affordable insurance products to vulnerable communities, including micro-insurance for social welfare recipients and innovative parametric disaster insurance. Under the National Financial Inclusion Strategy (NFIS), these efforts have facilitated financial resilience, protected livelihoods, and promoted inclusive growth.

Rabuka also touched on the need to expand insurance coverage, modernize regulations for consumer protection and innovation, and create affordable products tailored to the poor, informal workers, farmers, and small businesses. He praised the industry's shift towards risk reduction and encouraging resilient behaviors such as healthier lifestyles and safer driving.

The event included the recognition of school students who participated in a national insurance awareness logo competition and honored industry professionals with Lifetime Achievement Awards. Rabuka called for more inclusive innovation in the sector, ensuring that insurance becomes a basic right for all Fijians, regardless of their socioeconomic status. He emphasized that true progress involves developing products that cater to the needs of those who are often overlooked, such as single mothers, market vendors, and students. The new logo of the Insurance Association was unveiled, symbolizing unity and forward movement in the industry.