BSP Life Pays Out Over $50M in Benefits in 2014

Date: 26/02/2015

BSP Life, Fiji's leading Life and Health insurance provider has announced that it paid F$50.4M in various benefits to policyholders in 2014, $7.4M or 17% more than 2013. Of this, $44.3M was for Life Insurance benefits, $5.8M for Medical Insurance benefits and $0.3M for Travel Insurance benefits.


Life Insurance Payments


Maturities & Survival Benefits


Death Benefits


Term Life Benefits


Health Insurance Payments


Medical Benefits


Travel Insurance Benefits



BSP Life's Managing Director, Mr Malakai Naiyaga said, "In 2014 we paid an average of $969,000 a week enabling thousands of our customers or policyholders to benefit from either their life or health insurance policies. Our trend for benefit payments is increasing every year and it gives us great satisfaction to see many Fijian households benefiting from their investments with us."


Mr Naiyaga added, "We believe that having a life insurance policy is now a need and no longer a want. Not only do these policies assist families when the loss of a loved one occurs, they provide great returns that enable policyholders realise their financial goals. Last year we paid close to $35M or approximately $670,000 a week in maturities and survival benefits, which are payments to our policyholders while they are still alive. These payouts assisted them to meet various needs including retirement, tertiary education, setting up small businesses, expanding an existing business, paying off a mortgage or taking a well-deserved holiday. We commend our policyholders for their wisdom and foresight in securing their financial futures with BSP Life and for maintaining their policies through the full policy term to ensure they harvest its full dividends."


On Health insurance, Mr Naiyaga stated, "Too often we think that health insurance is only for those who are sick and that we will manage unplanned illnesses when and if they strike. With the widespread problem of non-communicable diseases (NCD's), we all need to take responsibility and ensure we have support in place to manage this financial burden if it occurs. At BSP Life, we see so many cases of advanced conditions that require hospitalisation locally or overseas.  In these cases, without health insurance, families go through hardships which can be avoided. We see fundraising events, requests for donations, loans, FNPF withdrawals, all happening regularly to fund medical treatment simply because there is no health insurance policy in place. Just like life insurance, health insurance is becoming an integral part of individual and family financial planning, and we encourage everyone, especially couples with young families to seriously consider taking a policy to ensure they have this security in place. The dengue epidemic last year was a prime example of an unplanned event occurring and we assisted hundreds of our customers when they were hospitalised."


BSP Life paid $5.8M in medical insurance benefits and in many instances the benefit payments assisted customers with life threatening conditions which needed overseas medical treatment.    


Mr Naiyaga added, "We take great care to be there when our policyholders need us most. Our ability to pay such large benefits is underpinned by our strong financial standing. We have a stable and growing investment portfolio now sitting at over $480M, sound governance processes and internationally recognised actuarial expertise to ensure we deliver on our promises. We are in the business of trust and we take this responsibility seriously. Our message is simple, it pays to have life and medical insurance and you can trust BSP Life to honour its commitments."  


Since re-branding four years ago, BSP Life has experienced rapid growth due primarily to growing awareness of the importance of insurance and customer confidence in the brand.


Mr Naiyaga added, "We thank our policyholders for their confidence in our brand and can assure them and prospective new customers that we have more initiatives in store in 2015 which will continue to raise the level and value of products and services that we offer."


BSP Life has over 50,000 policyholders, 150 professional and fully licensed advisors to provide solutions to customised needs and ten Customer Service centres Fiji-wide.