The Reserve Bank of Fiji released its 2024 Insurance Annual Report after it was tabled in Parliament by Deputy Prime Minister and Finance Minister Professor Professor Biman Prasad. RBF Governor Ariff Ali said the industry remained strong despite rising claim costs and a tighter reinsurance market. Life insurers paid $139.3 million, mainly for matured policies, while general insurers disbursed $114.9 million for medical and motor claims. Ali states that the Reserve Bank is modernising its regulations, reviewing the Insurance Act 1998 and guiding insurers through the shift to IFRS 17 accounting standards. He said the Reserve Bank was committed to keeping the sector strong, fostering innovation and ensuring insurance remains safe and inclusive.