Stakeholders sign contract to conduct inclusive insurance awareness

THE Centre for Excellence in Financial Inclusion (Cefi), PNG Insurance Council, and insurance industry partners have signed a four-month contract to conduct the country’s first nationwide inclusive insurance awareness campaign.
With less than five per cent of Papua New Guineans with active insurance policy, Cefi executive director Saliya Ranasinghe said the campaign was a crucial initiative to address this huge gap.
The contract was signed with local media company, Pidgin Production.
According to a statement from Cefi, inclusive insurance is one of the seven working groups under the National Financial Inclusion Strategy 2016-2020, which saw the need for a nationwide awareness campaign to improve understanding of insurance for citizens and businesses.
The campaign is aimed at improving citizens’ knowledge on what insurance is, types of insurance products, and processes of acquiring insurance policies from insurance companies.
The campaign would feature the industry projecting a unified voice on multiple media platforms to showcase and promote general and life insurance products, including insurance regulations in country.
Cefi executive director Saliya Ranasinghe said: “Insurance acts as a safety net for individuals and businesses in times of loss, accidents and crisis. In such situations, insurance can provide people with much-needed funds to help them recover from insurable events and to re-establish their livelihoods and businesses.”
This campaign drive is a collaboration with the Bank of Papua New Guinea, Pacific Financial Inclusion Programme, Capital Insurance, Life Insurance Corporation, National Teachers’ Insurance, Office of Workers’ Compensation, Trans Pacific Assurance, Tower Insurance, Office of Insurance Commission, BSP Life, MVIL, INSPAC PNG, Capital Life Insurance Company, Kwila Insurance Corporation, Life Insurance Corporation (PNG), Pacific MMI Insurance and Workers Mutual Insurance (PNG).
The inclusive insurance awareness campaign is expected to run from August to September this year.