Pacific MMI appoints new CEO

INSURANCE company Pacific MMI has appointed Laurens van der Gaag as its new chief executive.
Van der Gaag was the general manager before he left the country last year.
He said he aimed to “revitalise the company” using his experience as the company’s general manager and his exposure to international best practices in the insurance industry.
“I have worked in this industry for 45 years, the last nine being with Pacific MMI as general manager,” he said.
“I left PNG in 2016 but have come back to be the new chief executive officer.
“We have professional staff here and that is one of the reasons I am coming back, as obviously I have attachment with them who are long-serving and me coming back to revitalise the company.
“Our owners MVIL (Motor Vehicle Insurance Limited) have backed us to the hilt. Their chairman as well as ours – Dr Ken Ngangan – is backing us all the way. That is why we are going forward.”
Van der Gaag also noted the ability of the company and its strong network of reinsurers allowing for large claim payments from Pacific MMI.
“The industry is in a perilous state because of this large claims that are not only occurring for Pacific MMI but for the industry as a whole,” he said.
“The lack of fire brigades, the law and order problem, are present. So we are all suffering to a degree. But we need our customers to know that when you come to Pacific MMI, that policy you paid for will perform. And our ability to meet the K100 million claim from CPL (City Pharmacy Limited) is proof of that.
“We have strong and sound reinsurance programme so when we take in a fore risk like CPL about 95 per cent of that is reinsured around the world.”