Insurance coverage reintroduced

People in Bougainville will be able to have protection and peace of mind in times of adversity after the Autonomous Bougainville Government (ABG) re-established insurance coverage in the region.
According to ABG, the service was restored after 30 years following a partnership with Capital Insurance Group.
This was revealed at the launch of a new Capital Insurance branch in Bougainville yesterday.
“The re-establishment of insurance services on Bougainville was a key priority of the Toroama-Nisira government to ensure that the ABG facilitates the provision of safeguard mechanisms for businesses to establish and grow, and to attract investment,” ABG said in a statement.
Vice-president and Commerce Minister Patrick Nisira said the Bougainville conflict had turned away investors and this had been a huge stumbling block despite the progress in their peace process since.
Nisira said despite this, his ministry and department had overcome this challenge and made a breakthrough in 2023 which saw the signing of a memorandum of understanding with the insurance company.
“Insurance services is one of the crucial elements of our economic independence journey that we are embarking towards achieving prosperity and self-determination.”
Nisira said that while Bougainville was blessed with its natural beauty and abundant resources, it was not immune to risks and uncertainties.
“Our community faces a myriad of risks that can threaten our wellbeing and prosperity of businesses in our economy,” he said.
“Insurance serves as a safety net, enabling swift recovery and rebuilding efforts and ensuring that our progress towards a brighter future remains uninterrupted.”
Nisira urged local businessmen and women to make use of the opportunities through the insurance services. His department is also focused on establishing fire services in Bougainville.
Commerce, Trade, Industry and Economic Development secretary Alex Kerangpuna thanked Capital Insurance Group for renewing its services in the region.