Insurance

Insurance in Papua New Guinea remains a sector that offers significant opportunity. With a low penetration rate – estimated at under 2% – and the overall economy set for rapid growth as a result of ExxonMobil’s liquefied natural gas project, demand is projected to increase over time. Other trends and events also suggest good prospects. A new acting insurance commissioner has been appointed and is starting to push for increased and more effective oversight; banks have shown a growing interest in being more active in the sector; and much is being done to develop coverage for people and companies outside of urban centres.

This chapter contains an interview Matthew Kearns, General Manager, QBE Insurance.