‘Consider for a Moment Your Most Prized Possession’

Insurance is not widely viewed as of great value to many Fijians. It is also one of the most misunderstood and misconstrued subject in our financial markets due to a lack of knowledge and a clear understanding of the benefits available resulting in only around 12 per cent of the adult population having some form of insurance cover as reported by the Reserve Bank of Fiji – National Financial Inclusion Strategic Plan 2016 – 2020.

This means that 88 per cent do not have any form of insurance cover. Insurance products are designed to provide financial protection for individuals, families, businesses, and personal property.

Yes, it comes at a cost and at times depending on your need and asset values – it can be a huge cost to your personal and business finances.

I would highly recommend that everyone get some form of insurance cover, simply because it provides a form of financial protection against an accidental loss and untimely death.

PRIZED POSSESSION

If you would like to consider for a moment your most prized possession; it could be your life, car, house, fridge, laptop, or mobile phone. If some misfortune (fire/burglary/ accidental damage) were to befall this possession, would you be in a position financially to replace that asset without going into debt? In the case of your personal life, would you be able to provide a lump sum of cash to your family if you were to pass on suddenly? If your answer is yes – then you probably do not need insurance.

However, if your answer is NO… then this article is for you…consider getting an understanding on why insurance is important and the types of insurance products available locally.

If you want to ensure the wealth you worked hard to build during your lifetime is protected and if you want to leave something for your family when you move on; consider an insurance product for you and your family.

There are seven general insurance companies in Fiji – Capital Insurance Limited, Sun Insurance Limited, Tower Insurance, QBE Insurance, New India Insurance, Fiji Care Insurance and BSP General Insurance. These companies provide insurance products for motor vehicle, residential house, commercial properties, medical insurance and other business type insurance covers.

There are two life insurance companies BSP Life and LICI in Fiji that provide life insurance (endowment) policies, health, term life and medical insurance.

Consider seeing an insurer today to get an understanding on the type of products that are available for protecting you and your family.