BSP Life, Fiji’s largest Life and Health insurer, and member of the BSP Financial Group, paid $94 million in various customer benefits in 2023.

This is the highest recorded in its 147-year history.

Managing Director Michael Nacola says BSP Life take their responsibility of making a difference in their customers’ lives seriously.

Last year, BSP Life recorded a 13 per cent increase over 2022, with 100,000 benefit applications processed, averaging 1,900 a week.

Nacola adds acceptance rate was 97 per cent which means only three percent were declined due to non-conformance with policy terms and conditions.

He says as an insurer, BSP Life is obligated to pay benefits on time, all the time and the turnaround times are closely monitored to ensure it consistently meets high standards.

The highlights of the payment include a 66-million-dollar payouts for Living Benefits, empowering customers to pursue their life goals, including education expenses, home renovations, family vacations, and retirement planning.

$11 million was for Death and Disability benefits, providing essential financial support to surviving family members and customers with disabilities and $17 million was for medical insurance payouts.

BSP Life has disbursed $382 million in the last five years.

Nacola thanked all its customers for their continued trust in the brand