Agri Insurance Limited to provide insurance services in Bougainville

More than three decades following the Bougainville crisis, the Autonomous Region of Bougainville lacked Insurance companies offering Insurance services.

A major achievement was reached on Wednesday as the Autonomous Bougainville Government [ABG] obtained a certificate from Agri Insurance Limited, marking the start of Insurance services in the area.

During the certificate handover, ABG President Ishmael Toroama, alongside Insurance Company Chairman Dickson Popo, discussed the developments that occurred post the mine's closure.

"After the crisis many businesses including the Insurance companies left. For business to go back was not favorable as many didn't want to take the risk.

"I am grateful for Agri Insurance Ltd for having the trust in Bougainville and raised their hand to provide Insurance. We are happy to work with them, "President Toroama said.

As part of the services provided to the region, a wide range of products will be offered by Agri Insurance Ltd. These include livestock insurance, agriculture insurance, house insurance, as well as other general insurance covering property, public liability, and more.

The Chief Executive Officer of Agri Insurance Ltd, Mark Baiai, mentioned that Haus Insurance will encompass permanent, semi-permanent, and village houses. Health insurance will provide coverage for all sicknesses, while crop insurance will extend to coffee, cocoa, rubber, oil palm, coconut palm trees, various species, livestock, and food gardens.

Chairman Popo highlighted that Agri Insurance Ltd stands as the premier agriculture, climate risk, and disaster insurance provider in the country.

Mr. Popo, serving as the founding Insurance Commissioner of PNG following the enactment of the Insurance Act in 1974, noted that today there are a total of 18 insurers, 11 brokers, three assessors, and one reinsurance company operating in PNG.

"The market size based on 2018 figures is over K468 million in written premiums, K101 million in total claims, K1,408 million in assets and K152 million paid overseas to buy reinsurance, " Mr Topo said.

He mentioned that in addition to their insurance offerings, Haus insurance is a product they believe will be advantageous for numerous rural individuals, as it offers affordable insurance coverage for their homes.

"We believe that when we get the insurance done, will give confidence to the business community and more investments will happen to enhance economic opportunities in the region, "Popo added.