Farms in Papua New Guinea are vulnerable to natural disasters and other risks, and this suggests the need to insure agriculture. Index-linked agricultural insurance is currently available in many developing countries, such as Thailand, Mexico and the Philippines, as well as in many advanced economies like Japan and the US. Some insurers...
As one of the least insured countries in the world, with insurance penetration as a percentage of GDP under 2%, Papua New Guinea has made micro-insurance a priority in order to help increase the uptake of policies. The public sector, insurers, donors and other parties have been working together to come up with solutions that could help to get...
Papua New Guinea’s banking sector is adjusting to the slowing of economic growth and to the foreign exchange shortage that is affecting local businesses in the country. However, despite many challenges, the institutions remain well capitalised and highly profitable, and in some cases are maintaining positive profit growth. But more than just...
Historically, Papua New Guinea’s banking sector has been one of the most profitable in the world in terms of return on equity and interest rate spreads. In 2015 the gap between borrowing and lending rates was reported at 8.3%, down slightly from 9% in 2014, but higher than in most of its neighbours – Indonesia was at 4.3%, Malaysia at 1.5%,...
The government of Papua New Guinea has rolled out a new plan to support small and medium-sized enterprises (SMEs) by improving access to finance and training. Unveiled in February 2016, the SME Policy and Master Plan 2016-30 sets out objectives to expand the economy and create employment outside of the main population and trade hubs. The...
Financial institutions are making small but significant moves that are helping the sector to evolve incrementally. To a great extent, the changes revolve around branch expansion and the reach within the community. Westpac Bank currently has 16 branches around the country, while the Australia and New Zealand Banking Group (ANZ) has 12. Bank...
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