General insurers report 1,504 claims worth $113.4M relating to TC Winston

General insurers have reported about 1,504 claims worth 113.4 million dollars relating to Tropical Cyclone Winston as at 31st August this year.

Out of these, 1,426 claims worth $73 million has been settled.

The Governor of the Reserve Bank of Fiji Ariff Ali today revealed this while presenting the “2016 Annual Insurance Report” to the Standing Committee on Economic Affairs.

Ali also stated the total insurance claims made through crop insurance following Tropical Cyclone Winston stood at $116.5 and the reinsurance claims stood at $22 million.

While responding to a question as to why there were 41.4% unsettled claims Ali says this is mainly because the claims relate to Material Damage and Business Interruption.

Ali was also questioned by the Standing Committee on the status of the review of the Insurance Act and Regulations of 1998.

In his response, Ali stated that the amendments had been reviewed with the Solicitor Generals Office and it had then decided that there is need to review the whole act and not just make amendments to it.

Meanwhile, the Reserve Bank of Fiji is currently seeking technical assistance from the Pacific Financial Technical Assistance Centre to review the Insurance Act.