Insurance Intelligence
Providing expert analysis, independent market insight and company data on the insurance industry.
Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Papua New Guinea Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Papua New Guinea includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Key Benefits
- Superior market insights
- Crucial compliance information
- Risk assessment and profitability
Country Information
| Time-zone | GMT +10 |
| Capital city | Port Moresby |
| Currency | PGK |
| Population | 8.95 mn (2020) |
| Real GDP growth (%) |
3.04 |
| Inflation (%) | 4.80% |
| Total GWP (USD) | 133.42 |
| Insurance Penetration (%) | 0.67 |
Papua New Guinea is a sovereign independent state. Its current constitution was promulgated in September 1975 when the country became independent of Australia.
In 2017, excluding personal accident, and health non-life business, amounted to PGK 392.81mn, a growth of 4.5% on 2016 figures.
The non-life insurance market in 2019 consisted of 13 locally incorporated insurance companies. there is also one reinsurance company.
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