Life and Medical Insurance are becoming more of a need than a want.
A lot of people die between the age of 35 to 50 years and people are not even reaching the retirement age.
These are the words of Managing Director for BSP Life, Michael Nacola who made a presentation on the 2017 RBF Insurance Annual Report to the Parliamentary Standing Committee on Economic Affairs.
Nacola says BSP Life's contribution to the Health Insurance market in 2017 was $88.4 million and BSP Life paid out $58.6 million in terms of claims.
He says this was an increase of $22.5 million from 2016.
Nacola says of the $58.6 million, 65 percent or $38.2 million was for maturity of life insurance.
He says for Medical Insurance, BSP Life paid out $10.5 million, a 31 percent increase from 2016, which according to him is due to the increase in chronic illnesses.
Nacola says chronic illnesses like cancer and heart problem has increased in the younger age bracket of 30 to 45 years, which is linked directly to the NCD problem found in Fiji.
He says the issue of NCDs needs to be addressed so people can get to the retirement age of 55 years.
