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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Papua New Guinea non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Papua New Guinea's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Papua New Guinea non-life (P&C) market as well as trends by line of business. Axco analysts also report on Papua New Guinea's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Papua New Guinea's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Papua New Guinea, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Papua New Guinea, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Papua New Guinea with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The non-life market writes a variety of lines of business, though some business, such as aviation and marine, is mostly placed offshore.
The already weak economy in Papua New Guinea was severely impacted by the national lockdown due to the COVID-19 pandemic in 2020, subsequent localised lockdowns and the fall in global oil and commodity prices; real GDP was forecast to contract by 3.1% in 2020 but was expected to rebound in 2021 to a 2.6% growth. The market was said to be pretty flat in 2021, down 15% to 20% on the previous year, with hospitality and tourism ....
This is a brief extract of information; more updated information may be available in the latest published report.