Insurance awareness crucial

LOW literacy and lack of awareness are impeding the growth of the insurance industry, says Agri Assurance Ltd chief executive Mark Baiai.
“Insurance, although an old concept, is not that popular in PNG,” he said.
“Firstly, it is a foreign concept and many people do not appreciate what insurance can do to support them, both in business and personal.
“To the majority, insurance is a NO and that is the challenge for us into a new greenfield of agriculture and livestock while also complementing general insurance.”
Baiai said interest was small among farmers in Morobe.
“We started with coffee in Wain-Erap, extended to Nawaeb, on to Waria and down to Markham and Huon-Gulf,” he said.
“They are starting to recognise its insurance.”
“But many still need to be aware of the products we offer to help protect them and their property from losses caused by natural disasters and other factors.
“I appeal to the Government to consider partnering us to provide services in districts.
“Insurance is a proven financial mechanism that supported societies for many centuries, built communities, villages, towns and cities, and helped individuals create wealth and a nation.”