26 September, 2023, 8:35 pm Central - 22°C Rain

FijiCare launches Fiji’s first travel insurance plan and the VuvaleCare Microinsurance

FijiCare launches Fiji’s first travel insurance plan and the VuvaleCare Microinsurance

By Rashika Kumar
Thursday 08/06/2023

People will now be able to purchase travel insurance through a Fijian insurance provider and FijiCare has launched their Comprehensive Travel Insurance product along with the VuvaleCare Microinsurance.

While speaking at the launch, FijiCare Executive Director Avi Raju says FijiCare Comprehensive Travel Insurance include COVID-19 coverage, accidental death and other travel-related benefits where both the visitors to Fiji and Fijians travelling are abroad eligible for the cover.

Raju says in about 8 weeks time people will be able to purchase this product through their Viber messaging app.

He says Fiji is one of the very few countries where people will be able to transact right from inception to payment on a messaging app.

Raju says VuvaleCare is an online platform through which people will be able to purchase Bundle Microinsurance while more products will be available soon.

The Executive Director says close to 100,000 people are covered by the Bundle Microinsurance product that covers for funeral assistance, term life, fire and dwelling and personal accident insurance.

He says this will be available fully online through vuvalecare.com.

The Executive Director says the Fijian diaspora, Fijians who go and work under worker scheme or just friends of Fijians who live offshore will be able to purchase this cover for their loved ones back in Fiji and thus promoting financial inclusion and greater insurance coverage for the most vulnerable.

He further says the claims environment has been very challenging post COVID and they saw a record payout of $33.8 million in claims in 2022.

FijiCare Chairman, Dumith Fernando says in the last five years from 2017 to 2022, FijiCare has written three times more premiums which is a larger exponential growth than any other insurance provider.

He says currently pay the largest amount of claims out which means they are protecting more people at a larger sum, which is a direct benefit to their customers.

Fernando says their solvency surplus is also up four times in that period which is more than any other insurance company.

He adds their share price has also increased more than four times.

Meanwhile, Deputy Prime Minister and Minister for Tourism, Viliame Gavoka says in some cases, there will still be doubts on whether having insurance is a necessity.

He says it is because it can seem like a luxury purchase for most people who simply cannot afford to pay for something they do not directly use and that is the reality.

He says however, another reality is that risks although the same such as fires or injuries affect people disproportionately.

The Deputy Prime Minister says in Fiji, low income earners are the most vulnerable and the least protected.

He says this is where affordable and accessible insurance that caters for scale is critical.

Gavoka adds the rise in tourism travel is fueling the growth of the travel insurance market.

The Deputy Prime Minister says as the Minister responsible for Tourism, he hopes we get to see more microinsurance bundles covering not just resource based sectors but tourism too.

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