US Virgin Islands

Life Report

Product Insurance Market Reports Life Rev US Virgin Islands

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Papua New Guinea's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Papua New Guinea's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Papua New Guinea

The Papua New Guinea life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Papua New Guinea.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Papua New Guinea and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Papua New Guinea’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Papua New Guinea is available.

Axco’s report describes the regulatory framework that applies to the domestic life insurance sector, including whether non-admitted insurance is permitted in Papua New Guinea; as well as the legislation necessary to know regarding Papua New Guinea’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Papua New Guinea with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Papua New Guinea's market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Papua New Guinea, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Papua New Guinea's pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Papua New Guinea report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Papua New Guinea Life and Benefits Report Extract

Below are brief extracts of information from the Papua New Guinea Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

There are currently four licensed life insurers operating in the life market.

The life market is a mixture of term life, microinsurance whilst, most recently, endowment products have re-entered the market offered by BSP Life (and are reported to be taking off). Loan and mortgage protection is typically group credit life. The individual market is much smaller than the group market.

Some life cover is said to be written in ....


There is no universal social security system in PNG although there is a compulsory national superannuation scheme. Supporting this are a number of licensed superannuation fund administrators and investment managers, discussed in more detail in the Social Security section.

The two leading superannuation funds are the National Superannuation Fund (NASFUND) and Nambawan Superannuation Fund (Nambawan Super). In 2019 NASFUND had an active membership of 584,679 members ....


In the absence of an adequate state-run national health service there had been steady demand for PMI in recent years. Local life offices write the business as a rider to group and individual life policies whilst non-life insurers issue separate contracts subject to the provisions of Insurance Act 1995 (regulating non-life insurance).

The majority of the market is group business ....

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