From The Report: Papua New Guinea 2014
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The market has seen several new entrants in recent years, with the total number of licensed insurance underwriters reaching 14 in 2014. While limited in size and reach, the insurance market in PNG recorded double digit growth in five years to 2013. Driven by the non-life corporate segment, growth has attracted a number of new players. However, the market remains shy of its potential, with low penetration for retail products, while large mining and hydrocarbon projects typically have their risks insured offshore. Establishing and enforcing consistent rules will be key to supporting medium-term growth. Expanding penetration for individuals and businesses will be critical as well, in line with the state’s financial inclusion strategy. This chapter contains interviews with Wayne Dorgan, Managing Director, Pacific MMI Insurance.