Insurer, ABG sign deal for return of services

THE Autonomous Bougainville Government has re-established insurance services in the region following a partnership with the Capital Insurance Group.
“The re-establishment of insurance services on Bougainville was a ABG priority to ensure that it facilitates the provision of safeguard mechanisms for businesses to establish and grow, and to attract investment,” a statement said.
ABG Vice-President and Commerce Minister Patrick Nisira said the Bougainville crisis had turned off investors, and this had been a major issue despite the progress in the peace process since then.
Nisira said the ministry and department had taken a step in overcoming this challenge with the signing of a memorandum of understanding with the insurer.
“Insurance services is a crucial element for our economic independence,” he said.
Nisirs said while Bougainville had abundant resources, it was not immune to risks and uncertainty.
“Our community faces a myriad of risks that can threaten our well-being and economic prosperity.
“Insurance serves as a safety net, enabling swift recovery and rebuilding efforts and ensuring that our progress towards a brighter future remains uninterrupted.”
Commerce secretary Alex Kerangpuna thanked the CIG for renewing its service to the region.
“Our endeavour to bring in insurance services cannot come easily without having an established business partner in the insurance sector that takes up the challenge to invest here,” he said.
Capital Group chairman Jeremy Norton said the company would operate from the TISA office in Buka.
The services offered include business protection, workers’ compensation, motor and general liability to individuals and businesses.