Tradition dulling insurance

ONE of the reasons why people are not receptive to the idea of life insurance in Papua New Guinea is due to their reliance on the wantok system, BSP Life PNG country director Nilson Singh says.
Singh said this was an issue that insurance provider had noticed.
“In Papua New Guinea, one of the reasons for low insurance penetration is due to the reliance on the ‘wantok system,” he said.
“If something happens to you, you would normally ask your wantoks for assistance.
“But in the process, you do not realise that all wantoks have their own commitment.
“They have their own families to feed and the future plans that they are saving up for.”
Singh was speaking during the launch of “Wantok Delite”, a life insurance product, in Port Moresby yesterday.
“How many times have you attended a haus krai where a young bread winner of a family unexpectedly passed away?
“You will have left thinking what will happen to the young family?
“Imagine if the bread winner had a life insurance plan.”