Insurance has an important role to play in disaster and climate risk management in Papua New Guinea, helping to ease the fiscal burden of extreme events such as earthquakes and floods. Timely and predictable payouts after such events can be highly beneficial in terms of improving investor security; however, current insurance penetration rates remain low.
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Articles & Analysis | Greater insurance coverage to mitigate natural disaster risks in Papua New Guinea from The Report: Papua New Guinea 2019
Articles & Analysis | Papua New Guinea introduces insurance reforms to improve regulations and product offering from The Report: Papua New Guinea 2019
With a low penetration rate of below 2%, Papua New Guinea’s insurance sector has significant growth potential. The economy is expected to benefit from a range of new extractive projects and this, coupled with growing awareness about the benefits of insurance coverage, is set to increase demand. However, some notable challenges will need to be addressed to ensure the long-term...
Articles & Analysis | Insurance technology taps premium growth potential in emerging markets from The Report: Papua New Guinea 2019
Two of the biggest trends in global insurance in recent years are premium growth in emerging markets and the rising importance of technology across the supply chain. The latter has come to be referred to as insurtech, a potentially disruptive trend that heralds both threats to and opportunities for incumbents and newcomers alike. While technological solutions are being applied...
Interviews & Viewpoints | Loi Bakani, Governor, Bank of Papua New Guinea: Viewpoint from The Report: Papua New Guinea 2019
One of the main aims of Papua New Guinea’s banking sector is to foster the development of micro-, small and medium-sized enterprises (MSMEs). In emerging markets such as PNG, MSMEs play a critical role in economic growth. However, the expansion of small businesses has been slow in comparison to other countries in the region – there are an estimated 49,500 small and medium-...
Articles & Analysis | Countries across Asia Pacific roll out financial reporting regulations based on an international framework from The Report: Papua New Guinea 2019
The banks of the Asia-Pacific region have been subject to successive waves of regulatory changes in recent years. Remaining compliant with strengthened anti-money laundering rules, know-your-customer guidelines and a raft of sustainability and transparency initiatives proved to be a resource-consuming process for the region’s lending institutions.
Articles & Analysis | Papua New Guinea's banking sector streamlines services to increase financial inclusion from The Report: Papua New Guinea 2019
In an effort to diagnose limitations across Papua New Guinea’s banking industry, a joint review team has conducted a comprehensive health check of the financial ecosystem. Following a series of intensive studies by the World Bank and IMF beginning in 2011, as well as efforts by the Department of Treasury and the Bank of PNG (BPNG), bottlenecks were identified in a handful of...