The Insurance Industry in Papua New Guinea, Key Trends and Opportunities to 2017

  • ID: 2553138
  • Report
  • Region: Equatorial Guinea, Guinea
  • 97 pages
  • GlobalData
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Synopsis
The report provides in depth industry analysis, information and insights into the insurance industry in Papua New Guinea, including:
- The Papua New Guinean insurance industry’s growth prospects by insurance segments and sub-segments
- The competitive landscape in the Papua New Guinean insurance industry
- The current trends and drivers of the Papua New Guinean insurance industry
- The challenges facing the Papua New Guinean insurance industry
- The regulatory framework of the Papua New Guinean insurance industry

Summary
The Papua New Guinean insurance industry accounts for only a small fraction to the country’s economy. However, strong economic growth driven by the gas and mining industries is creating opportunities for the industry to grow. The development of new products specifically for domestic businesses is expected to be one of the industry’s key growth areas. Growth in the nation’s construction markets, government initiatives towards increasing private spending, recovery of automobile sales and the occurrence of natural disasters supported the growth of the industry during the review period (2008-2012). Led by such factors, the industry grew at a CAGR of 12.3% during the review period.

Scope
This report provides a comprehensive analysis of the insurance industry in Papua New Guinea :
- It provides historical values for the Papua New Guinean insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
- It offers a detailed analysis of the key segments and sub-segments in the Papua New Guinean insurance industry, along with forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Papua New Guinea and outlines the key regulations affecting them

Reasons To Buy
- Make strategic business decisions using in depth historic and forecast industry data related to the Papua New Guinean insurance industry and each segment within it
- Understand the demand-side dynamics, key trends and growth opportunities within the Papua New Guinean insurance industry
- Assess the competitive dynamics in the Papua New Guinean insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Papua New Guinean insurance industry and its impact on companies and the industry's future

Key Highlights
- The Papua New Guinean insurance industry accounts for only a small fraction to the country’s economy. However, strong economic growth, driven by the gas and mining industries, will create opportunities for the industry to grow
- The development of new products specifically for domestic businesses is expected to be one of the industry’s key growth areas
- The nation’s expanding construction markets drove the insurance industry during the review period and are expected to continue to support its growth over the forecast period
- The poor public healthcare system is anticipated to drive health insurance
- The industry is regulated by two different agencies: the Insurance Commissioner and the Bank of Papua New Guinea
- Papua New Guinea is one of the poorest countries in the world. Nearly 60% of the total population is unemployed.
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1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Papua New Guinean Insurance Industry Overview
3.1 Papua New Guinean Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulation
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit Insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance
5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 QBE Insurance (PNG) Limited - company overview
5.2.2 Allianz - company overview
5.2.3 Chartis - company overview
5.2.4 Kwila Insurance Corporation Limited - company overview
6 Macroeconomic Indicators
6.1 GDP at Constant Prices (US dollar)
6.2 GDP Per Capita at Constant Prices (US dollar)
6.3 GDP at Current Prices (US dollar)
6.4 GDP Per Capita at Current Prices (US dollar)
6.5 Construction net Output at Current Prices, (US dollar)
6.6 Construction net Output at Current Prices as a Percentage of GDP
6.7 Inflation Rate
6.8 Healthcare Expenditure
6.9 Healthcare Expenditure as a Percentage of GDP
6.1 Healthcare Expenditure per Capita
6.11 Labor Force
6.12 Exports as a Percentage of GDP
6.13 Imports as a Percentage of GDP
6.14 Total Population
7 Appendix
7.1 Methodology
7.1 Contact Us
7.2 About Timetric
7.3 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Papua New Guinean Insurance - Overall Written Premium by Segment (PGK Million), 2008-2012
Table 3: Papua New Guinean Insurance - Overall Written Premium by Segment (US$ Million), 2008-2012
Table 4: Papua New Guinean Insurance - Overall Written Premium by Segment (PGK Million), 2012-2017
Table 5: Papua New Guinean Insurance - Overall Written Premium by Segment (US$ Million), 2012-2017
Table 6: Papua New Guinean Insurance - Segmentation (%), 2008-2017
Table 7: Papua New Guinean Life Insurance - Paid Claims (PGK Million), 2008-2012
Table 8: Papua New Guinean Life Insurance - Paid Claims (PGK Million), 2012-2017
Table 9: Papua New Guinean Life Insurance - Incurred Loss (PGK Million), 2008-2012
Table 10: Papua New Guinean Life Insurance - Incurred Loss (PGK Million), 2012-2017
Table 11: Papua New Guinean Life Insurance - Loss Ratio (%), 2008-2012
Table 12: Papua New Guinean Life Insurance - Loss Ratio (%), 2012-2017
Table 13: Papua New Guinean Life Insurance - Combined Ratio (%), 2008-2012
Table 14: Papua New Guinean Life Insurance - Combined Ratio (%), 2012-2017
Table 15: Papua New Guinean Life Insurance - Retentions (PGK Million), 2008-2012
Table 16: Papua New Guinean Life Insurance - Retentions (PGK Million), 2012-2017
Table 17: Papua New Guinean Non-Life Insurance - Written Premium by Category (PGK Million), 2008-2012
Table 18: Papua New Guinean Non-Life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 19: Papua New Guinean Non-Life Insurance - Written Premium by Category (PGK Million), 2012-2017
Table 20: Papua New Guinean Non-Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 21: Papua New Guinean Non-Life Insurance Market - Paid Claims (PGK Million), 2008-2012
Table 22: Papua New Guinean Non-Life Insurance - Paid Claims (PGK Million), 2012-2017
Table 23: Papua New Guinean Non-Life Insurance - Incurred Loss (PGK Million), 2008-2012
Table 24: Papua New Guinean Non-Life Insurance - Incurred Loss (PGK Million), 2012-2017
Table 25: Papua New Guinean Non-Life Insurance - Loss Ratio (%), 2008-2012
Table 26: Papua New Guinean Non-Life Insurance - Loss Ratio (%), 2012-2017
Table 27: Papua New Guinean Non-Life Insurance - Combined Ratio (%), 2008-2012
Table 28: Papua New Guinean Non-Life Insurance - Combined Ratio (%), 2012-2017
Table 29: Papua New Guinean Non-Life Insurance - Retentions (PGK Million), 2008-2012
Table 30: Papua New Guinean Non-Life Insurance - Retentions (PGK Million), 2012-2017
Table 31: Papua New Guinean Property Insurance - Written Premium (PGK Million), 2008-2012
Table 32: Papua New Guinean Property Insurance - Written Premium (PGK Million), 2012-2017
Table 33: Papua New Guinean Motor Insurance - Written Premium (PGK Million), 2008-2012
Table 34: Papua New Guinean Motor Insurance - Written Premium (PGK Million), 2012-2017
Table 35: Papua New Guinean Liability Insurance - Written Premium (PGK Million), 2008-2012
Table 36: Papua New Guinean Liability Insurance - Written Premium (PGK Million), 2012-2017
Table 37: Papua New Guinean Marine, Aviation and Transit Insurance - Written Premium (PGK Million), 2008-2012
Table 38: Papua New Guinean Marine, Aviation and Transit Insurance - Written Premium (PGK Million), 2012-2017
Table 39: Papua New Guinean Personal Accident and Health Insurance Market - Paid Claims (PGK Million), 2008-2012
Table 40: Papua New Guinean Personal Accident and Health Insurance Market - Paid Claims (PGK Million), 2012-2017
Table 41: Papua New Guinean Personal Accident and Health Insurance - Incurred Loss (PGK Million), 2008-2012
Table 42: Papua New Guinean Personal Accident and Health Insurance - Incurred Loss (PGK Million), 2012-2017
Table 43: Papua New Guinean Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 44: Papua New Guinean Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 45: Papua New Guinean Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 46: Papua New Guinean Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 47: Papua New Guinean Personal Accident and Health Insurance - Retentions (PGK Million), 2008-2012
Table 48: Papua New Guinean Personal Accident and Health Insurance - Retentions (PGK Million), 2012-2017
Table 49: Papua New Guinean Reinsurance Ceded by Insurance Segment (PGK Million), 2008-2012
Table 50: Papua New Guinean Reinsurance Ceded by Insurance Segment (US$ Million), 2008-2012
Table 51: Papua New Guinean Reinsurance Ceded by Insurance Segment (PGK Million), 2012-2017
Table 52: Papua New Guinean Reinsurance Ceded by Insurance Segment (US$ Million), 2012-2017
Table 53: Papua New Guinean Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 54: Papua New Guinean Life Insurance - Percentage of Reinsurance Ceded (%),2012-2017
Table 55: Papua New Guinean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 56: Papua New Guinean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 57: Papua New Guinean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 58: Papua New Guinean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 59: List of Insurance Companies
Table 60: QBE Insurance (PNG) Limited, Main products
Table 61: Allianz, Main products
Table 62: Chartis, Main products

List of Figures
Figure 1: Papua New Guinean Insurance - Overall Written Premium by Segment (PGK Million), 2008-2017
Figure 2: Papua New Guinean Insurance - Dynamics by Segment, 2008-2017
Figure 3: Papua New Guinean Life Insurance - Paid Claims (PGK Million), 2008-2012
Figure 4: Papua New Guinean Life Insurance - Paid Claims (PGK Million), 2012-2017
Figure 5: Papua New Guinean Life Insurance - Incurred Loss (PGK Million), 2008-2012
Figure 6: Papua New Guinean Life Insurance - Incurred Loss (PGK Million), 2012-2017
Figure 7: Papua New Guinean Life Insurance - Loss Ratio (%), 2008-2012
Figure 8: Papua New Guinean Life Insurance - Loss Ratio (%), 2012-2017
Figure 9: Papua New Guinean Life Insurance - Combined Ratio (%), 2008-2012
Figure 10: Papua New Guinean Life Insurance - Combined Ratio (%), 2012-2017
Figure 11: Papua New Guinean Life Insurance - Retentions (PGK Million), 2008-2012
Figure 12: Papua New Guinean Life Insurance - Retentions (PGK Million), 2012-2017
Figure 13: Papua New Guinean Life Insurance - Penetration (Percentage of GDP), 2008-2012
Figure 14: Papua New Guinean Life Insurance - Premium Per Capita (PGK), 2008-2012
Figure 15: Papua New Guinean Non-Life Insurance - Written Premium by Category (PGK Million), 2008-2017
Figure 16: Papua New Guinean Non-Life Insurance - Written Premium by Category (Percentage Share), 2012 and 2017
Figure 17: Papua New Guinean Non-Life Insurance - Dynamics by Category, 2008-2017
Figure 18: Papua New Guinean Non-Life Insurance - Paid Claims by Category (PGK Million), 2008-2012
Figure 19: Papua New Guinean Non-Life Insurance - Paid Claims (PGK Million), 2012-2017
Figure 20: Papua New Guinean Non-Life Insurance - Incurred Loss (PGK Million), 2008-2012
Figure 21: Papua New Guinean Non-Life Insurance - Incurred Loss (PGK Million), 2012-2017
Figure 22: Papua New Guinean Non-Life Insurance - Loss Ratio (%), 2008-2012
Figure 23: Papua New Guinean Non-Life Insurance - Loss Ratio (%), 2012-2017
Figure 24: Papua New Guinean Non-Life Insurance - Combined Ratio (%), 2008-2012
Figure 25: Papua New Guinean Non-Life Insurance - Combined Ratio (%), 2012-2017
Figure 26: Papua New Guinean Non-Life Insurance - Retentions (PGK Million), 2008-2012
Figure 27: Papua New Guinean Non-Life Insurance - Retentions (US$ Million), 2012-2017
Figure 28: Papua New Guinean Non-Life Insurance - Penetration (Percentage of GDP), 2008-2012
Figure 29: Papua New Guinean Non-Life Insurance - Premium per Capita (PGK), 2008-2012
Figure 30: Papua New Guinean Property Insurance - Written Premium (PGK Million), 2008-2012
Figure 31: Papua New Guinean Property Insurance - Written Premium (PGK Million), 2012-2017
Figure 32: Papua New Guinean Motor Insurance - Written Premium (PGK Million), 2008-2012
Figure 33: Papua New Guinean Motor Insurance - Written Premium (PGK Million), 2012-2017
Figure 34: Papua New Guinean Liability Insurance - Written Premium (PGK Million), 2008-2012
Figure 35: Papua New Guinean Liability Insurance - Written Premium (PGK Million), 2012-2017
Figure 36: Papua New Guinean Marine, Aviation and Transit Insurance - Written Premium (PGK Million), 2008-2012
Figure 37: Papua New Guinean Marine, Aviation and Transit Insurance - Written Premium (PGK Million), 2012-2017
Figure 38: Papua New Guinean Personal Accident and Health Insurance - Paid Claims by Category (PGK Million), 2008-2012
Figure 39: Papua New Guinean Personal Accident and Health Insurance - Paid Claims (PGK Million), 2012-2017
Figure 40: Papua New Guinean Personal Accident and Health Insurance - Incurred Loss (PGK Million), 2008-2012
Figure 41: Papua New Guinean Personal Accident and Health Insurance - Incurred Loss (PGK Million), 2012-2017
Figure 42: Papua New Guinean Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Figure 43: Papua New Guinean Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Figure 44: Papua New Guinean Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Figure 45: Papua New Guinean Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Figure 46: Papua New Guinean Personal Accident and Health Insurance - Retentions (PGK Million), 2008-2012
Figure 47: Papua New Guinean Personal Accident and Health Insurance - Retentions (US$ Million), 2012-2017
Figure 48: Papua New Guinean Personal Accident and Health Insurance - Penetration (Percentage of GDP), 2008-2012
Figure 49: Papua New Guinean Personal Accident and Health Insurance - Premium Per Capita (PGK), 2008-2012
Figure 50: Papua New Guinean Reinsurance Ceded by Insurance Segment (PGK Million), 2008-2017
Figure 51: Papua New Guinean Reinsurance - Dynamics by Insurance Segment, 2008-2017
Figure 52: Papua New Guinean Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 53: Papua New Guinean Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 54: Papua New Guinean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 55: Papua New Guinean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 56: Papua New Guinean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 57: Papua New Guinean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 58: Papua New Guinean GDP at Constant Prices (US$ Billion), 2007-2011
Figure 59: Papua New Guinean GDP Per Capita at Constant Prices (US$), 2007-2011
Figure 60: Papua New Guinean GDP at Current Prices (US$ Billion), 2007-2011
Figure 61: Papua New Guinean GDP Per Capita at Current Prices (US$), 2007-2011
Figure 62: Papua New Guinean Construction Net Output at Current Prices (US$ Billion), 2007- 2011
Figure 63: Papua New Guinean Construction Output at Current Prices as a Percentage of GDP (%), 2007-2011
Figure 64: Papua New Guinean Inflation Rate (%), 2007-2011
Figure 65: Papua New Guinean Healthcare Expenditure (US$ Billion), 2007-2011
Figure 66: Papua New Guinean Healthcare Expenditure as a Percentage of GDP (%), 2007-2011
Figure 67: Papua New Guinean per Capita Healthcare Expenditure (US$), 2007-2011
Figure 68: Papua New Guinean Size of Labor Force in 15-59 Age Group (Million), 2007-2011
Figure 69: Papua New Guinean Exports as a Percentage of GDP (%), 2007-2011
Figure 70: Papua New Guinean Imports as a Percentage of GDP (%), 2007-2011
Figure 71: Papua New Guinean Total Population (Million), 2007-2011
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QBE Insurance (PNG) Limited
Allianz
Chartis
Kwila Insurance Corporation Limited
Note: Product cover images may vary from those shown
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