Insurance

The PNG insurance market comprises 11 licensed insurers, of which 5 write general business only and 4 are composites, writing mainly life with some general business. There is also a reinsurance company and a monopoly compulsory third party motor insurer. The general insurers are predominately subsidiaries or branches of foreign owned insurance companies, including QBE, AIG, Tower and Mitsui Sumitomo Insurance Company Ltd. Allianz also operates a joint venture with Finance Pacific Group, a PNG government owned financial institution, which also owns the compulsory CTP provider. The predominant business lines written are property, motor vehicle, marine and employer liability. Broking services are provided by the international Aon, Marsh & McLennan and Heath Lambert groups.

The composite insurers, whom predominately write life business, are mainly PNG owned. The life insurance industry in PNG is relatively undeveloped, focusing on short term investment products and prior to December 2000 there was no governing legislation. The Life Insurance Act 2000 is expected to bring the operation and regulation of life insurance companies into line with overseas standards. The non-life insurance industry in PNG is controlled and monitored by the Insurance Commissioner in accordance with the Insurance Act 1995.

PwC provide services to the majority of companies in the PNG insurance Sector.