Facing extreme risks from natural disasters, as a result of the country’s location on the geological “Ring of Fire”, insurance is a much-needed service in Papua New Guinea. PNG has frequent earthquakes and is home to a number of active volcanoes. The city of Rabaul was destroyed by volcanic eruptions in 1934 and again in 1994. In 2014, one of...
How would you assess the likely risks for the insurance industry in Papua New Guinea at present?
Due to several factors, Papua New Guinea is one of the least insured countries in the world. It is estimated that premiums comprise just 1.4% of GDP, according to the Pacific Financial Inclusion Programme (PFIP). Other regional competitors and peers have significantly higher rates. The PFIP puts Fiji, for example, at 3.6%. Swiss Re, which does...
THE COMPANY: New Guinea Islands Produce Agmark (NGIP Agmark) is a diversified agri-business based in Papua New Guinea and operating plantations, coastal shipping, hardware, machinery, trucking and agricultural supply businesses. NGIP Agmark is PNG’s leading cocoa company, as the...
THE COMPANY: Oil Search (OSH) is engaged in oil and gas exploration in Papua New Guinea, as well as in Yemen, Iraq and Tunisia. OSH’s key projects in PNG include the PNG liquefied natural gas (LNG) project, three oil projects (Greater Moran, Gobe and SE Menanda), and the Hides gas-to-...
Promoting PNG as an investment destination on the international market has not always been an easy task, given the poor reputation that the country has been suffering from for at least the last two decades. However, when you look at the facts more thoroughly and look at what an investor should base his decision upon, PNG is in fact a success...
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