Insurance
From The Report: Papua New Guinea 2018
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The insurance industry of Papua New Guinea holds considerable potential for long-term growth, although insurers and brokers face notable challenges, including a lack of enforcement and compliance regarding financial reporting requirements, limited domestic reinsurance capacity, and the frequent offshoring of major accounts and business. Despite being a country that is susceptible to an array of natural disasters, there continues to be limited insurance awareness and penetration. There is, therefore, significant potential for future growth, particularly in the micro-insurance segment, which expanded rapidly between 2014 and 2018 to become a major industry growth driver.

This chapter contains an interview with Keith Land, CEO, Capital Insurance Group.

Articles from this Chapter

Overview

Room to grow: Strong fundamentals and rising demand underpin expansion of the industry, though compliance remains a challenge
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The insurance industry of Papua New Guinea holds considerable potential for long-term growth, although insurers and brokers face notable challenges, including a lack of enforcement and compliance regarding financial reporting requirements, limited domestic reinsurance capacity, and the frequent offshoring of major accounts and business. Despite being a country that is susceptible to an array of natural disasters, there continues to be limited insurance awareness and penetration. There is, therefore,…

Interview

Life remains steady: Keith Land, CEO, Capital Insurance Group, on public awareness, regulation and competition
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Interview :Keith Land How would you characterise the level of regulation over Papua New Guinea’s insurance sector? KEITH LAND: The sector has two regulators: the Bank of PNG regulates life insurance, while the Insurance Commissioner oversees the general insurance side. They are both strong in their own markets. The concept of a super-regulator has been floated for some time with the view it would result in more consistency across the market. However, there are very few insurers that are…

Overview

Reassuring trend: New reinsurance programmes are bolstering coverage against natural disasters in emerging markets
OBG
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While advanced economies generate the vast majority of insurance and reinsurance business, emerging markets are posting higher rates of growth. Complementing this underlying trend is a strong and expanding interest in catastrophic risk, which by nature tends to pertain to emerging markets. This is coming alongside fast-paced, sector-transforming innovation, which could provide a major boost to industries in less-developed economies. By the Numbers In terms of simple throughput, insurance remains very much centred in North America, Europe and mature Asian markets. According to insurance group Munich Re, in 2016 North America paid 31.1% of global…

Overview

Reassuring trend: New reinsurance programmes are bolstering coverage against natural disasters in emerging markets
OBG
plus

While advanced economies generate the vast majority of insurance and reinsurance business, emerging markets are posting higher rates of growth. Complementing this underlying trend is a strong and expanding interest in catastrophic risk, which by nature tends to pertain to emerging markets. This is coming alongside fast-paced, sector-transforming innovation, which could provide a major boost to industries in less-developed economies. By the Numbers In terms of simple throughput, insurance remains very much centred in North America, Europe and mature Asian markets. According to insurance group Munich Re, in 2016 North America paid 31.1% of global…