Find Insurance and Reinsurance expertise in Papua New Guinea
There are several insurance and reinsurance companies in Papua New Guinea, many of which specialise in a variety of divisions of the insurance market. QBE International provides insurance in specialist areas such as professional liability, marine and medical insurance and has been represented in Papua New Guinea since 1899. Motor Vehicles Insurance Ltd offers specialist insurance for this section of the industry. Lloyd’s of London provides insurance in circumstances where the local licensed insurers are unwilling or unable to assume the specific risk. When reinsurance is required by a local company, the Insurance Act 1995 stipulates that it can only be gained from a locally licensed insurer. The Life Insurance Act of 2000 makes provision for the licensing, regulation and supervision of companies involved in life insurance. The primary life insurance companies listed under the act includes Kwila Insurance Corporation Ltd, Life Insurance Corporation (PNG) Ltd, Workers Mutual Insurance (PNG) Ltd, Pacific MMI Insurance Ltd and Capital Life Insurance Company Ltd.