In Papua New Guinea insurance makes up a small part of the overall economy when compared to international levels. The penetration rate as a percentage of GDP is under 2%, while the global average is 7.5%, according to the UN Development Programme. Insurance in the country is also a sector of great opportunity. Access is straightforward given...
To what extent have repetitive fires been affecting the growth of the insurance industry and how they should be contained?
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...
What opportunities currently exist for expanding Papua New Guinea’s banking industry into other countries in the Asia-Pacific region?
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...
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