Alpha Insurance stands by its Oil Search earthquake cover

Alpha Insurance Ltd (Alpha) recently announced it was one of the insurers for Oil Search Ltd following losses in the Highlands region.
Managing-director and chief executive Bruce Avenell said the firm was one of the first insurers on the Oil Search insurance programme to make its contribution payment.
Avenell said: “Alpha was the only Papua New Guinea insurer on the Oil Search panel along with several other international insurers.
“Our client has suffered loss in Feb 2018 arising from earthquake.
“This is an insured peril under the terms of their policy, although we are dealing with early estimates and values following the loss event. It is our view that the insured has effected cover to protect themselves from events like this.
“It would be a reasonable expectation of the insured to anticipate the immediate support of their insurer(s).
“Therefore, it is important that we make a contribution to the early works of reinstatement and restoration. Companies like Oil Search are the backbone of our community.
“Assisting them to reinstate and become fully operational again will also assist people and communities in the Highlands when they need it most, as well as supporting the employment of Papua New Guineans.”