Restoration of Insurance services to Bougainville
Insurance services will now be available in the Autonomous Region of Bougainville following the signing of Memorandum of Understanding between the Autonomous Bougainville Government and Capital Insurance Group.
ABG Vice President and Minister for Commerce, Trade, Industry and Economic Development Hon. Patrick Nisira said while the Government is adamant on building up economic activity in Bougainville and any investments both domestic and foreign must be protected.
“Bougainville businesses and investors have been operating without insurance for 34 years since the crisis. My government acknowledges the need to secure a conducive business environment that will attract investors to invest in Bougainville. As such, we have invited insurance companies to the region,” he said.
“The restoration of Insurance Services will boost economic development and growth as it will enable investments to take place.”
“Capital Insurance has plenty of experience in our region and we are grateful that they are demonstrating good faith by offering to open offices in Bougainville to underwrite various products and provide support services,” Nisira said.
Minister Nisira said his Ministry and Department will progress work with the PNG Office of the Insurance Commissioner to develop the Bougainville Insurance policy and relevant legislation.
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