From The Report: Papua New Guinea 2020
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Papua New Guinea’s insurance market is closely indexed to the country’s economy, which prior to the Covid-19 outbreak in early 2020 had been projected to grow at an average of 3% per year through to 2022. However, the pandemic effectively shuttered PNG for several months, and reduced global demand for the commodities that drive its export earnings. The insurance market therefore faces an uncertain future. On the one hand, the impact of Covid-19 may pose a substantial challenge to the country’s health system and economy in the recovery period, with repercussions for insurers. On the other hand, the economic pressures caused by the crisis may result in healthy restructuring of the industry, particularly as measures to reduce transmission drive the uptake of digital insurance services. The sector’s future will also be contingent on the government’s ability to continue important financial sector reforms, as well as the level of demand for mega-project risk-mitigation services. This chapter contains an interview with Jeremy Norton, General Manager, Tower Insurance.