The Autonomous Bougainville Government (ABG) and Capital Insurance Group (CIG) Limited signed a Memorandum of Understanding yesterday (27, July 2023) which outlines a shared ambition to enable insurance products to be made available to businesses and families in AROB.
The MOU was signed by ABG’s Minister for Commerce, Trade, Industry and Economic Development, Mr. Patrick Nisira, and Capital’s Group CEO, Mr. Jeremy Norton in the presence of representatives from ABG, Capital, and key industry partners.
In his address, Mr. Nisira mentioned that “Insurance services left Bougainville in 1989 under the heat of the Bougainville conflict and after three (3) decades of absence in Bouganville the insurance service will now be available through Capital Insurance in ABG.” He went on to say that the signed MOU paves the way for “the restoration of insurance services and will definitely boost economic development and growth as it will enable investment to take place”. He closed off with saying that “it is my pleasure to welcome CIG for taking this bold step to come to Bougainville” and thanked Mr. Norton for the privilege of signing the MOU.
Mr. Norton in his remarks said that “Capital is proud to support ABG in its plans to grow the economy in Bougainville and we do have a strong track record of underpinning economic activity across Melanesia and beyond. What we intend to do more specifically is make available to the people of Bougainville insurance products that will support growth in the SME sector as well as support individuals who have insurable assets. We intend to have a physical presence in Bougainville for insurance sales, services, claims and advice, and the key thing for us is we want to employ, train and develop local Bougainville people to be future insurance professionals.”
Both parties to the MOU acknowledge the important role that insurance plays in creating a stable business environment that will help drive investment, economic growth and prosperity for the people of Bougainville. The ABG is pleased to partner with CIG, an insurance company that has demonstrated commitment to the Melanesian region through its operations in PNG, Vanuatu and Solomon Islands.
