Insurance

In Papua New Guinea insurance makes up a small part of the economy by international standards, with the penetration rate at less than 2% of GDP compared to a global average of 7.5%, according to the UN Development Programme. Insurance in the country is also a sector of great opportunity. Access is straightforward given the regulations and low capital requirements, so international participation is high and newcomers are relatively free to enter. In addition, because penetration is low, the market is well placed to grow.

This chapter contains a round-table with Salamo Elema, Acting Insurance Commissioner; Wayne Dorgan, Managing Director, Pacific MMI Insurance; and Philip Tolley, Managing Director, Capital Insurance