Papua New Guinea
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ABG to bring back insurance services after three decades

The Autonomous Bougainville Government through its Ministry of Commerce and Trade has signed a Memorandum of Understanding with the Capital Insurance Group to bring insurance services to the people of Bougainville.

It has been more than 3 decades since the insurance services left Bougainville following the Bougainville plight in 1989.

Vice President of the Autonomous Region of Bougainville and the Minister for Commerce, Trade, Industry, and Economic Development, President Patrick Nisira said the government of the ABG is working very hard to deliver the services to the communities while simultaneously preparing for the time when their Independence become a reality.

“Bougainville businesses and investors have been operating without Insurance in the last 34 years since the crisis.

Our government acknowledges the need to secure conducive business environment that will attract the investors to invest in Bougainville as such we have invited Insurance companies to the region,” Mr Nisira said.

He said the ABG through his Ministry will engage an international consultant to develop the Bougainville Insurance Policy and Legislation.

Taking the step forward on behalf of the Bougainville Government, Mr Nisira made a commitment of K100,000 to support the Capital Insurance establishment in the Region.

“This is the demonstration of our commitment from the AGB for welcoming you for having confidence in the Leadership under my Ministry and the Government,” he said.

Capital Insurance Group chief executive officer, Jeremy Norton said the next step is to work on specific initiatives with the ABG.

He said the agreement has been something both parties have been discussing for some time now leading to the MOU and they would want to see it off the ground soon.