There’s a lot of flexibility in trying to help small and medium-sized businesses with insurance.
However, Sun Insurance chief executive Tarlochan Singh said there was a problem around demand for insurance by Fijians and SMEs.
Singh says any insurance company needs to make money as it is a private sector, adding that in Fiji less than 20% of the population is insured.
He says that insurance companies are aware that the issue of insurance would not be a priority for SMEs because it is an expense.
Singh, however, explains the benefits for SMEs of having insurance.
“One of the small business owners who is a plumber, I think if I’m not mistaken, his vehicle is his livelihood. He takes his stuff goes to a plumbing job and comes back eg. Now he had an accident, unfortunately he was uninsured. But if he had insurance, it would reduce the burden.
Singh reiterates that there is a premium to be paid, but the question is whether individuals or SMEs are willing to pay this, which in turn could protect their homes or businesses in the event of unforeseen circumstances that could be expensive without insurance.
He says the first step is education, making people and businesses aware that there is a product on the market that is trying to protect them.
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