DEPUTY PM AND MINISTER FOR FINANCE HON. BIMAN PRASAD'S SPEAKING NOTES: INAUGURAL CEREMONY OF TOWER INSURANCE – FRCS COMPLEX, NASESE

Ladies and Gentlemen, distinguished guests, and members of the Tower family, good afternoon. 
 
Thank you for the gracious invitation for the grand inauguration of Tower Insurance’s Nasese Branch here at the FRCS Complex. 
 
It is a distinct pleasure to be here, and I extend my heartfelt gratitude to the CEO, Mr. Blair Turnbull for this invitation and the privilege of addressing you all on this happy occasion.
 
As we gather here, we are witness to the culmination of hard work, vision, and dedication. Unveiling this new Branch is more than just opening the doors to a new building, we are opening doors to opportunity, growth, and prosperity. 
 
Tower has, over the years, shown a steadfast commitment to enhancing the financial landscape of Fiji. The new Branch is testament to their unwavering dedication to serving Fiji, and contributing to the growth of our economy.
 
The concept of insurance is much older than we realize -- about 4000 years to be precise. Insurers drive growth by reducing the impact of economic threats, giving people and businesses a greater chance to press on while someone else carry's the risk of uncertainties to lives and livelihoods. 
 
When we analyze how insurance shapes our economy, it is clear that providers serve four critical functions: protecting against financial loss, promoting economic growth, providing capital and stabilizing the economy during crisis points.
 
Understanding each of these roles allows us to see why the insurance industry is critical to long-term economic development in Fiji.
 
The recovery of the global economy was hampered in 2022 by a number of key challenges. 
 
However, the global insurance and reinsurance industries remained resilient, despite declining levels of profitability and premium rates, with rising inflation and interest rates impacting the appetite for insurance.
 
Similarly, the Fiji insurance industry sustained its positive performance, supported by the recovery of the economy after the pandemic.  
 
Aggregate gross premiums recorded by the insurance industry stood at an all-time high of $409.9 million in 2022, as both sectors registered new underwriting activity.  Insurance penetration as measured by the ratio of premium income to GDP was recorded at 3.8 percent.
 
The total assets of the Fiji insurance industry stood at $2.5billion in 2022 and represented 9.0 percent of the total gross assets of the national financial system.
 
The insurance industry in Fiji continues to be committed to driving micro-insurance initiatives as a disaster preparedness mechanisms, designing and offering superior value adding life insurance products, as well as ensuring adequate coverage of corporate clients and important businesses in Fiji, through effective underwriting practices and reliable reinsurance arrangements.
 
Tower in particular has demonstrated strength and resilience throughout the pandemic, and I am certain that it will continue to be innovative and responsive to the needs and expectations of consumers.  
 
The opening of this Branch signifies not only physical expansion but also progress and accessibility. It is a stepping stone towards enhanced financial inclusion, credible support towards local businesses, and solid partnership in the growth and economic empowerment for this vibrant sector.

I am excited about the positive impact that the Nasese Branch of Tower Insurance will have on the local businesses, entrepreneurs, and residents alike. 
 
Today is not just about acknowledging insurance services, it is also about celebrating the spirit of entrepreneurship and bold moves. 
 
I look forward to working closely with Tower Insurance and all similar stakeholders to ensure that our insurance sector continues to flourish while contributing to the prosperity of our nation. 
 
As a Coalition Government member, I will be particularly watchful about ensuring there is a level playing field for all insurance providers, where we will no longer have time for those who enjoyed a captive client-base. 
 
Similarly, I respectfully ask that the insurance sector also ensures that the everyday workers who buy their products, get exactly what they are promised, when they sign their dotted lines.
 
Perhaps, it is even a moment for the industry as a whole to self-reflect and assess their own "customer satisfaction" rankings -- in the spirit of learning and growth?

To close, I once again extend my gratitude to Mr. Blair Turnbull and the entire team at Tower for their dedication and commitment. I am honoured to be here and be a witness to this exciting chapter of their's.
 
Vinaka vakalevu and may this Tower Insurance branch opening today serve as a laser-like beacon from the top, lighting up the path for others. 
 
I Thank you. Vinaka vakalevu & Dhanyavad.