Insurance

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.