SUNBIZ

Insurance Payouts Increase For NCD Health And Deaths

The death benefit payouts by BSP Life continue to in­crease each year. This after an alarming statistic revealed that a rising number of these deaths have been through non-communicable disease
21 Oct 2018 14:26
Insurance Payouts Increase For NCD Health And Deaths
Doris Dolaiasi (left) and Salome Tashihaka of the Solomon Islands at the BSP Life 2018 Fiji Human Resources Institute Annual Convention at the Sheraton Fiji Resort on October 20, 2018 . Photo: Charles Chambers

The death benefit payouts by BSP Life continue to in­crease each year.

This after an alarming statistic revealed that a rising number of these deaths have been through non-communicable disease (NCDs) in the 40 years – 55 years age brack­et.

This was revealed at the BSP Life 2018 Fiji Human Resources Insti­tute annual convention at the Sher­aton Fiji Resort yesterday, BSP Life general manager Distribution and Marketing Michael Nacola said this was a worrying factor.

In total, BSP Life has paid out total of $197.5 million in the past three years with Living Benefits account­ing for 60 per cent of the payouts at an average rate of $1m each week.

The increase in payouts continues considering BSP Life paid out

$49.1 m in 2015, $58.6m in 2017 and $42m till September this year.

In the three year period, BSP Life paid out $70 million in benefits for retirement, mortgage clearance and holiday trips benefits to people over 50 years.

A total of $26m was paid to those in the 41-50 age bracket in this three year period for tertiary education and other needs while

BSP Life paid out bonus alloca­tions to its customers increased from $17.2m in 2015 to $21.4m in 2017.

Mr Nacola also revealed that life insurance coverage was still low in both the Government and corpo­rate markets.

Only 15 per cent of civil servants are covered by life insurance while in the corporate market 70 per cent of people are uninsured.

Meanwhile Mr Nacola said the in­crease in NCDs in workplaces was due to people not exercising enough during work hours.

“Companies should adopt well­ness programmes for staff as this would help reduce NCDs for ts workers.”

Mr Nacola said this would also be beneficial to companies.

Pacific Flavour at Convention

The conference had a Pacific fla­vor with representatives from the Solomon Islands, Tuvalu, Nauru and Samoa.

Siose Penitala Teo, general man­ager of the National Bank of Tuva­lu said they have had recently sent staff on work attachment with BSP in Fiji.

“We have an arrangement where my staff come over for short term training attachments,” Mr Teo said.

“We have a HR person presently with BSP and the FHRI Conference could not have come at a better time.

“Back in Tuvalu we are going through a learning process as far as HR goes so this conference will pro­vide us with a lot of information.”

As for digitisation in Tuvalu, Mr Teo said they were building that but doubted it would have any ef­fect on employment.

“Digitisation is taking its toll throughout the world, sso there will come a time where Tuvalu will need to be on par too.”

Doris Dolaiasi said this confer­ence was a learning curve for the Solomon Islands delegation.

“We are trying to improve HR in the Solomon Islands and we want to learn and listen to the experts and take it back home to implement,” Ms Dolaiasi said.

“This includes improving the ser­vices of the organisation and im­proving the workers.”

Another Solomon Island HR per­sonnel, Salome Tashihaka, said the conference was interesting and the modern way forward in HR.

“Also the changes we as HR prac­titioners face in this continually changing world and technology,” Ms Tashihaka said.

“I have certainly learnt a lot and will take this back to my organisa­tion.”

Both women said digitisation was beginning to emerge in the Solo­mon Islands.

“We are a beginner really in digiti­sation,” Ms Tashihaka said.

On whether digitisation would see a loss in jobs for people, Ms Dolaia­si said both technology and people should blend in with each other.

“We cannot go without the human touch so this is needed even with digitisation.”

About BSP Life

BSP Life today is one of Fiji larg­est institutional investors, owning investments like the Sofitel Resort and Spa, Rooster Poultry, MIOT Pa­cific Hospitals, a number of large properties in the Suva CBD and shares in many more companies.

The company is one of the lead­ers in the market in both Life and Health Insurance businesses and expect further growth in 2018, with the recent launch of Bula Delite.

charles.chambers@fijisun.com.fj

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