Insurance
From The Report: Papua New Guinea 2012
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PNG’s insurance sector is seeing strong growth from a low base, with general insurance assets rising from PGK700m ($333m) in 2006 to PGK1.2bn ($571m) in 2009. Given the relative newness of insurance products to the country’s populace, non-life premiums outweigh life. High-volume subsectors include property, motor and civil construction insurance, but most of the major projects that fuel PNG’s economy are too big to be covered by local insurers. The industry is looking at motor and life insurance as growth areas, but penetrating the rural, unbanked majority of the country’s population will be difficult.

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Overview

Underwriting profits: The sector has expanded on the back of increased economic activity and rising incomes
OBG
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Over the past five years, Papua New Guinea’s insurance industry has grown substantially, in line with the nation’s rapidly expanding economy. While still relatively small by international standards, the sector has posted solid returns since the mid-2000s, and most local players are looking forward to continued growth in the coming decade. The non-life segment, which accounts for the majority of gross written premiums (GWPs), has benefitted from a flurry of commercial and industrial development…