Financial Services Articles & Analysis

Chapter | Insurance from The Report: Papua New Guinea 2017

Insurance in Papua New Guinea remains a sector that offers significant opportunity. With a low penetration rate – estimated at under 2% – and the overall economy set for rapid growth as a result of ExxonMobil’s liquefied natural gas project, demand is projected to increase over time. Other trends and events also suggest good prospects. A new acting insurance commissioner has been appointed and is starting to push for increased and more effective oversight; banks have shown a growing interest in being more active in the sector; and much is being done to develop coverage for people and companies outside of urban centres. This chapter contains an interview Matthew Kearns, General Manager, QBE Insurance.
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How would you assess the sophistication of the insurance market in Papua New Guinea and the scope for more complex products?