The Autonomous Bougainville Government has signed a Memorandum of Understanding (MoU) with the largest insurance company in the South Pacific, Capital Insurance.
ABG’s Minister for Commerce, Trade and Economic Development and Vice President, Patrick Nisira announced this with the signing of the MoU from the ABG to Capital Insurance to assist in the establishment of the company in the region.
Minister Nisira stated that insurance services ceased in 1989 at the height of the Bougainville conflict, and after three decades, AROB will now have access to such services. He said, “The Autonomous Bougainville Government is working very hard to deliver services to our communities while simultaneously preparing for the time when true independence becomes a reality.”
Nisira alluded to the peace agreement stating that it gives the ABG leeway to promote trade and investment opportunities for the region.
Capital Insurance CEO Jeremy Norton in highlighting the purpose of the MoU and the significance of the relationship between the insurance company and the ABG states it is to make insurance available in Bougainville again.
“To make sure that it’s (insurance) there to support wider economic growth in Bougainville.
“Both parties understand the key role that insurance plays in economic development and in providing in particular a secure environment for investment into the future and reducing financial volatility in economies, in businesses and in households.
“Insurance has an important function in helping enabling banks to provide loans for businesses, (because) they know that the assets that the loans are for are protected and in the event of a damage or loss, and this too, the act of making loans also stimulates growth in the economy,” Norton said.
The CEO added that Capital Insurance has a strong record of accomplishment in underpinning economic activity.
Norton says Capital Insurance intends to make available insurance products that will support growth in the SME sector as well as support individuals with insurable assets.
“We intend to have a physical presence in Bougainville for insurance sales, service, claims and advice.
“We want to employ, train and develop local Bougainvilleans to be the next generation of insurance professionals. These individuals will be an integral part of the insurance market into the future as it develops. It’s about nurturing local talent and expertise in Bougainville to be part of that growing insurance market into the future. That’s a responsibility we take very seriously,” Norton further stated.