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Archived News 2017

    2017
  1. BSP Finance Offers Vehicle Loan Insurance Protection

    15/11/2017

    The General Manager for BSP Finance, Mr Krishna Raju, said, "All New Consumer Motor Vehicle Loans will now have embedded in the product, a loan protection insurance element which will clear the outstanding loan debt on the untimely passing of the borrower. We will also pay out $2000 to the borrower's next of kin to assist with funeral expenses."

    BSP Finance has only been in the market for three years and has quickly established itself as a reputable and trusted brand in the Asset Financing market. Their ability to make quick decisions, at competitive interest rates, has allowed them to make inroads in a short period of time, leading to the addition of another office in Nadi to complement their Suva operations. This new feature is designed to provide customers peace of mind knowing that their debt will be covered in the event of untimely passing. Mr Raju launched the promotional campaign with the tag-line "We've got you covered!."

    He also thanked their insurers BSP Life for partnering with them on this product.

    The General Manager Distribution & Marketing of BSP Life, Mr Michael Nacola said, "Our close association with BSP Finance has enabled us to develop this innovative enhancement with a simple and efficient administration process. These customers will form a group and the total value of loans will be insured, instead of individual policies for each motor vehicle customer, which can be costly."

    Mr Nacola added, "As members of the BSP Group, consisting of BSP Bank, BSP Finance and BSP Life, we are able to provide an all finance solution with attractive products, professional service and great value. We currently have an insurance and funeral assistance benefit for customers taking out unsecured personal loans with BSP Bank. This new enhancement with BSP Finance's motor vehicle loan product adds to this and we will continue to explore and implement new solutions that provide added value to our customers. We are confident that BSP Finance motor vehicle customers will find the insurance protection and funeral benefit very useful to their beneficiaries."

    BSP Finance offers asset financing for individuals, commercial loans and hire purchase funding for commercial customers. Their officers are located at Samabula in Suva and Namaka in Nadi, with expansion plans of opening another outlet in 2018.

    BSP Finance and BSP Life are part of the BSP Group.

  2. 2018
  3. BSP Life Customers Benefit From Over $58M in Benefit Payouts

    Wednesday 04 April 2018

    BSP Life, Fiji's leading Life and Health insurance provider today announced that it paid F$58.6M in various benefits to customers in 2017. This brings the total benefit payouts for the last three years to $155.5M. The 2017 pay-outs were the highest recorded in its 142 year history. 

    Of the $58.6M, $48.1M was for Life Insurance benefits and $10.5M for Medical Insurance benefits. 

     Life & Health Insurance Payouts (F$)  2017  2016  2015
     Living Benefits  38.2M  32.2M  33.3M
     Death & Disability  9.9M  7.6M
     7.4M
     Medical  10.5M  8M  6.3M
     Total Payouts  $58.6M  $47.8M  $49.1M

     

    BSP Life's Managing Director Mr Malakai Naiyaga said, "On average we paid out $1.1M a week in 2017, enabling thousands of customers or policyholders to benefit from their policies with us. 

    On health insurance benefits, Mr Naiyaga highlighted that it rose by $4.2M over the last three years. BSP Life paid $10.5M throughout the year covering overseas evacuations, local hospitalisation and general outpatient services. Some of the cost increase is attributed to the rising cost of medical treatment overseas, BSP Health's increasing number of insureds and the increased need for medical attention due to NCD's. 

    The top four most frequent medical conditions requiring overseas evacuation included cancers, orthopaedics & replacements, eye treatments and heart related conditions. The majority of payouts were for insureds in the age group 31 - 40 years. 

    Mr Naiyaga stated, "We are seeing a very concerning rise for people needing hospitalisation, specialists care and overseas evacuation below the age of 50 which directly correlates to the rise in NCDs. Chronic diseases faced by breadwinners place immense pressure on families both financially and emotionally. BSP Life places equal emphasis on the importance of having a life insurance policy with the need to manage our health and lifestyles so that the effects of NCD's can be mitigated".

    "Without these benefits our medical customers would have struggled with their chronic conditions and would been burdened with a deteriorating quality of life." 

    Mr Naiyaga further highlighted the NCD impact with their Death Payouts results. The highest number of Death payouts was for the age group 50 - 54 years or 23% of the total claims received. When the age bracket was expanded to include 40- 54year olds, the percentage pf payouts was 46% - almost half of the total death claims payouts.

    On a positive note, Mr Naiyaga highlighted that through the year, 3,600 policyholders were paid $38.2M for life insurance living benefits, which include maturities and interim maturity payouts. "It gives us great satisfaction to see that over 65% of our 2017 payouts were in living benefits enabling our customers to meet various life goals, including retirement, tertiary education, setting up small businesses, expanding an existing business, paying off a mortgage or taking a well-deserved holiday". "Over 68% of these payouts were to policyholders over the age of 50. These payouts no doubt would supplement the compulsory retirement savings and add value towards a life of financial independence while in retirement."

    Mr Naiyaga commended these policyholders for their commitment to ensuring premiums were paid on time for the duration of the policy allowing it to accumulate value for them and providing valuable returns at an important stage of their lives. "Committing to a healthy lifestyle while maintaining your life insurance premium payments can be rewarding," said Mr Naiyaga. "It's delightful to see many Fijian households benefiting from their bread winners' investment in a BSP Life insurance policy.  We view life and health insurance as an essential and important integral part of one's financial planning." 

    Mr Naiyaga further added, "We take great care to be there when our policyholders need us most. Our ability to pay these large benefits year on year is underpinned by our strong financial standing. We have a stable, balanced and growing investment portfolio, sound governance processes and internationally recognised actuarial expertise to ensure we can deliver on our promises now and in the future. 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 our commitments."

    Since re-branding seven 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 concluded, "We thank our policyholders for their confidence in us and can assure them and prospective new customers that we are committed to honouring this trust." BSP Life has more than 80,000 policyholders, over 100,000 policies and 140 professional advisors licensed by the Reserve Bank of Fiji, plus Broker partners, to provide tailored solutions to customer needs. There are 10 Customer Service centres Fiji-wide.

  4. 2017
  5. BSP Life and MIOT Pacific Hospitals Partnership

    4/01/2017

    BSP Life (Fiji) Limited (BSP Life) as owners of Suva Private Hospital Limited (SPHL) is pleased to announce that effective from 1st January 2017 the ownership of the operational assets, staff and business of SPHL has been acquired by a new entity called Oceania Hospitals Pte Limited (Oceania Hospitals).

    Oceania Hospitals is a new private Hospital partnership between BSP Life in partnership with MIOT International through their investment arm MIOT Investments Limited. Oceania Hospitals will be trading as MIOT Pacific Hospitals.

    MIOT Pacific Hospitals will be fully managed by MIOT under a management contract. MIOT will bring their key personnel and clinicians to manage and compliment the local team.

    Today's announcement is to inform the general public and key stakeholders of this important milestone. BSP Life has always had the intention to support any initiative that will provide better healthcare to the people of Fiji and the Pacific region. This partnership with MIOT International, a 1000 bed quaternary care hospital offering 63 specialists in Chennai, India, will bring about the much needed and previously unavailable medical services and facilities to the Fijian people. 

    The Fijian Government has continued to encourage investment in the healthcare sector and we are pleased that we could take the lead in this initiative. MIOT has committed to invest with BSP Life in this partnership towards developing the current infrastructure of the Suva Private Hospital to a modern hospital.

    The new MIOT Pacific Hospital will, over the next few months, bring about more specific specialist skills to complement and improve our healthcare industry. The intention of MIOT Pacific Hospitals is to also fill the void in the Specialist areas where there is a significant skill shortage. All the staff of SPHL have been engaged in the new entity without loss of any employment. MIOT will be further complimenting the current resources with additional human and technical resources.

    An official launch of the services and the personnel of the new Oceania Hospitals Limited t/a MIOT Pacific Hospitals will be held on the 18th January 2017. We are pleased that the Honourable Attorney General and Minister of Economy Mr. Aiyaz Saiyed Khaiyum has agreed to officiate at the event.

    We wish to thank all Government agencies that have been involved in assisting the Oceania Hospitals in the various rigid processes that we had to undergo to bring this new venture to fruition.

    We also would like to thank all those that have had a part in contributing towards the growth and development of SPHL.

    MIOT Pacific Hospitals will be changing the landscape of the healthcare industry for the benefit of all Fijians.  More will be revealed at the official opening on the 18th of January 2017.