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Property Insurance Trade Practices in Fiji: Reforms for Consumer Protection

Join us on 11 August 2016 at Novotel Lami to explore and discuss current property insurance trade practices in Fiji, and propose reforms to protect consumer interests. Key topics include stakeholders, regulatory compliance, future-proofing, and capacity building. This informative event will address critical issues and propose practical solutions for a more secure property insurance landscape in the region.

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Property Insurance Trade Practices in Fiji: Reforms for Consumer Protection

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  1. PROPERTY INSURANCE IN FIJI TO UNDERSTAND THE CURRENT TRADE PRACTICES IN PROPERTY INSURANCE AND DISCUSS POSSIBLE REFORMS TO SAFEGURAD CONSUMER INTERESTS THURSDAY, 11 AUGUST 2016 NOVOTEL LAMI PRATARP SINGH PRESIDENT, THE SOUTH PACIFIC ENGINEERS ASSOCIATION & PAST PRESIDENT, THE FIJI INSTITUTION OF ENGINEERS

  2. ASSESSMENT OF HOMES AND REFORMS REQUIRED • Stakeholders – property owner, financier, designer, approving agency, material supplier, builder, completion certificate, certifier, insurer • The FNBC, Public Health Regulations 2004 under the Public Health Act – the various requirements including a Professional Consultant • Fijian economy and the NEED for Property Insurance: borrowing for commercial and residential financing of contract works, Banks interest

  3. contd • Practitioners understanding of the practice laws • Non insured claims against insured claims • Future Proofing and Certifications – cyclone, fire, earthquake and floods • Laxity, negligence, incompetence, fraud • Com; of Aust; funding – engineers initiative • Consulting Eng; self funded training TC Evan, TC Winston, etc

  4. contd • PCRAFI – WB/SPC & Engineering initiative • Engineers Registration Act 1978 • Licensing of Professionals and Builders • Indemnity – all levels • Reliable data and hazard mapping • HEI’s and their roles in capacity building

  5. Summary - assessment • Requirements of FNBC breached • Poor design & documentation by unqualified persons. Approving agency lacks technical competence and overlooks mistakes, issues building permit. • Builder lacks basic construction knowledge, doesn’t build to standard and eng; plans • Lack of quality supervision by competent practitioners • Material non compliance • Regulator lacks competence to identify mistakes

  6. contd • Low quality graduates from HEI’s • Poor maintenance • Data collection unreliable • Code relevance – cost escalation, eg debris impact

  7. reforms • Enforcement – FNBC, Licensing/Registration of Professionals and Tradespersons • Due to lack of expertise in approving agencies, outsource to private sector • Capacity building – fellowship of registered certifiers • All in the supply chain must carry indemnity insurance • Research centre (PPP)

  8. Aid Donors in the Pacific • Pratarp to complete – use as many slides as needed

  9. Six Pillars • Individual – to ensure the needs of individual technical practitioners are met • Institutional– to ensure there are educational, professional, technical and statutory institutions in place • Technical – to ensure there are technical standards, technical literature and guidance material to underpin and support good engineering and technological practices.

  10. contd • Decision-making – to ensure decision makers have sufficient information or access to knowledge and skills to make logical and rational decisions. • Business –to ensure there are stable and responsible business, commercial enterprises and financial institutions. • Resources and supplies – to ensure that there is access to appropriate, affordable and suitable materials to use in building and maintaining of infrastructure.

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