Accurate data needed for insurance regulation

THE insurance market in Papua New Guinea needs accurate data necessary for adequate regulation, according to Pacific MMI chief executive Lauren van der Gaag.
Van der Gaag said that the market was expanding with new companies coming in.
“It is a hard industry as it is. But conversely, the insurance market is expanding with more companies now, more than ever. So there is a vibrant market place domestically with all of these,” Van der Gaag said.
“While we would be the largest PNG-owned company, there is quite a number of players out there at the moment.
“There is a lot of choices in the market.
“Our insurance commissioner would probably have a better idea as we have to send our reports to him. But unfortunately, the report from him are not coming to the market place, especially in terms of the size of the market and its spread.
“People have been guessing the size of the insurance market here and it is sad because the Office of the Insurance Commissioner should be producing these statistics.
“In all the years I have come up here, no one has been able to give me an accurate figure and you have got to remember as well that quite a lot of insurance goes offshore.
“The Office of Insurance Commissioner issues licences every year and reviews if they are viable and if they have a proper reinsurance schedule.
“And if the companies that take money are able to pay the claim and does not disadvantage the client.”