Pacific insurers see SME and group business as a way forward for growth

However, a lack of insurance awareness amongst business owners, and the condition of some businesses (insurability) are hampering the speed at which insurance take up is happening amongst this market segment.

The majority of the respondents from 12 of the leading insurance providers in the region recently surveyed by the Pacific Financial Inclusion Programme (PFIP) say that while SME’s make up a very important part of Pacific economies, insurance providers are still working out how to best capitalise on the opportunity that SMEs present.

O’Neill calls for support in all sectors

Speaking at the 2016 Leaders Summit recently in Port Moresby, O’Neill said: “The same encouragement we give to our big investors – must be extended to small and medium enterprises in our country.

“We are needing to adjust how Government does business, the world is becoming very competitive. Time and time again, our country has been riding the boom and bust cycle of the resources sector.

“We are not learning the lesson,” he said.

O’Neill told the leaders to expand the sectors of their economy and must do so now so that the foundations of our economy are sound.