Insurers should be prudent: Bakani

THE Bank of Papua New Guinea (BPNG) expects those entrusted with looking after insurance policyholders’ funds to act in a prudent manner at all times, according to governor Loi Bakani.
The message was relayed during the launching of Wantok Delite, an insurance product, on Tuesday in Port Moresby by BSP Life PNG, a subsidiary of the BSP group.
“The Bank of PNG expects that those entrusted with the responsibility of looking after insurance policyholders’ funds continue to act in a prudent manner at all times and BSP Life is of no exception, it must at all times comply with the Bank’s regulations, the standards, and best business practices,” Bakani said.
“Insurance is all about building trust and confidence of our people. The challenge for BSP Life and the insurance market players is to ensure adequate awareness and education on the importance of insurance are provided in simplified and easy to read materials and in other forms for the public to have access to.
“Hence this challenge and responsibility lays with BSP Life to ensure that its vast agent network right across Port Moresby and in Lae do proper awareness and training about product benefits, risks coverage and so forth.
“Though the target seems daunting, I believe it’s attainable and the launching of this BSP Life endowment product is timely and in line with the above objective and overall financial inclusion initiatives.”