Fiji Approves New Insurer and Broker-Dealer Licences

The Reserve Bank of Fiji (RBF) has granted a licence to AMA Insurance Company Limited, enabling it to operate as a general insurer in the country. The RBF Board confirmed that AMA met all regulatory requirements under the Insurance Act 1998, paving the way for its formal entry into Fiji’s financial services sector.

AMA Insurance is a subsidiary of Apia Insurance Company Limited, one of Samoa’s leading insurers. Its establishment in Fiji is expected to expand underwriting capacity and enhance claims administration, providing more options for businesses and individuals seeking insurance coverage. By offering a broader range of products, AMA is anticipated to strengthen risk management solutions in the local market and increase resilience against financial shocks.

Commenting on the approval, the RBF highlighted that the investment demonstrates growing confidence in Fiji’s financial sector, signalling the country’s attractiveness for regional insurance firms. With AMA’s entry, the total number of licensed general insurers in Fiji rises to eight, fostering greater competition, innovation, and diversification in the industry.

In a separate development, the RBF also issued a Broker/Dealer – Body Corporate licence to Sun Capital Limited, under the Companies Act 2015. Sun Capital is a wholly owned subsidiary of Sun Insurance and is expected to commence operations in February 2026.

The entry of Sun Capital is projected to strengthen broker/dealer services, enhancing competition and improving access to capital market products. The addition of this new licence brings the number of licensed Broker/Dealers in Fiji to four, supporting the growth and development of the domestic capital market.

The RBF emphasised that these approvals are part of its broader strategy to encourage financial sector growth, diversify service offerings, and improve consumer access to insurance and investment products. Analysts note that the expansion of both the insurance and broker/dealer sectors could drive more robust economic activity, particularly in risk management, investment, and capital market participation.

These developments mark a significant milestone for Fiji’s financial landscape, signalling strengthened regional ties and an increasingly competitive market for insurance and capital services.