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.
While advanced economies generate the vast majority of insurance and reinsurance business, emerging markets are posting higher rates of growth. Complementing this underlying trend is a strong and expanding interest in catastrophic risk, which by nature tends to pertain to emerging markets. This is coming alongside fast-paced, sector-...
Papua New Guinea’s banking sector experienced a mixed year in 2017, with commercial bank assets declining after four consecutive years of growth. Total loans to the private sector also fell against a backdrop of subdued economic activity, even as Bank South Pacific (BSP), the country’s leading commercial bank, recorded a strong rise in lending...
How would you characterise the level of regulation over Papua New Guinea’s insurance sector?
Although commercial banking assets and business lending dropped in 2017 as a result of macroeconomic headwinds, the sector has performed well in recent years. Notably, Bank of South Pacific (BSP), which is PNG’s biggest lender, recorded robust asset, lending, and profit growth, with returns on equity rising to a new highs in 2017. At the same...
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