Insurance services in the Autonomous Bougainville Region has been restored after more than 30 years through a partnership between the Bougainville Government and Capital Insurance Group.
The re-establishment of this vital services now provides a safeguard mechanism for the establishment of new businesses and expansion of existing ones.
Paved through the Toroama-Nisira Government Bougainville’s vice President and Minister for Commerce, Patrick Nisira said the initiative is desired to restore investor confidence on the island region following the Bougainville conflict.
“Insurance services is a crucial elements of our economic independence journey that we are embarking towards achieving prosperity and self-determination,” Nisira said.
Capital Insurance Group, Chief Executive Officer, Jeremy Norton said bringing back an insurance service to Bougainville was their response to the business community that encountered business losses due to natural disasters and human-made causes.
“This is an important part of our long-term commitment and will drive sustainability and provide the foundation for a gradual roll out of services across Bougainville,” Norton said.
The new branch will be housed in the same location in the existing TISA office in Buka. The services offered include insurance solutions such as business protection, workers’ compensation, motor and general liability to individuals and businesses.
“An important function of a good insurance company is to provide its clients with risk management advise and recommendations. This has an important role in minimizing and preventing accidents, fires, break ins, vehicle crashes and workplace accidents,” Norton said.
ABG Secretary for Department of Commerce, Trade, Industry and Economic Development, Alex Kerangpuna thanked Capital Insurance Group for sharing Bougainville’s aspirations for economic growth and for their commitment to establish their services in Bougainville.
“Our endeavor to bring in insurance services cannot come easily without having an established business partner in the insurance sector that takes up the challenge to invest here,” Kerangpuna said.
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