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Pacific Re marks 10th year

By BIBIAN BARRENG
PACIFIC Re last week marked its 10th anniversary with the launching of its new website www.pacificre.com.pg.
Congratulating the company, Insurance Commissioner Salamo Elema stressed that re-insurance companies were the back bone of any insurance industry around the world.
A locally-incorporated company with the majority shares (52.82%) owned by the PNG Government through the Motor Vehicle Insurance Ltd, the company commenced its underwriting business in 1997.
With a capitalisation of K34.6 million, it is the sole re-insurance company in the country which was entrusted with keeping insurance premiums from being sent overseas.
Pacific Re’s gross premium had increased since 1998 from K2.05 million to K8.29 million last year, an increase of 304.57%, Mr Elema said.
“I have been advised that its 2007 gross premiums are performing well above the 2006 levels,” Mr Elema revealed.
He noted that during the last five years, the company had averaged a profit before tax of K1.95 million per year.