Papua New Guinea Life & Annuity Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Report Covers Insurance Companies in PNG and it is segmented by Insurance Type.

Papua New Guinea Life & Annuity Insurance Market Size

Market Summary

Papua New Guinea Life & Annuity Insurance Market Analysis

The Papua New Guinea Life & Annuity Insurance Market is expected to register a CAGR of 12% during the forecast period.

The pandemic effectively shuttered PNG for several months and reduced global demand for the commodities that drive its export earnings. As a result, the country's real GDP contracted in 2020, although a return to growth is expected in 2021. In response to the pandemic, the government launched a PGK 5.7 billion (USD 1.7billion) stimulus package, with a focus on supporting the health and security sectors, and workers and businesses. The outcome of this initiative and the government's wider efforts to protect citizens and the economy from Covid-19 will play a significant role in determining the future of the country's insurance market. The sector's future will also be contingent on the government's ability to continue important financial sector reforms, as well as the level of demand for mega-project risk-mitigation services and insurers' ability to pay out on pandemic-related claims.

In Papua New Guinea insurance makes up a small part of the overall economy when compared to international levels. The penetration rate as a percentage of GDP is under 2%, while the global average is 7.5%, according to the UN Development Programme. Insurance in the country is also a sector of great opportunity. Access is straightforward given the regulations and low capital requirements, so international participation is high and newcomers are relatively free to enter. In addition, because penetration is low, the market is well placed to grow.

On the ground, the sector is dynamic and quickly evolving. Banks are showing an interest in getting involved in the business, new and innovative products are being introduced, micro-insurance is booming, and local companies are seeking to further expand outside of the country. However, concerns remain. Competition is severe and some companies may be undercutting the market, leading to a lack of margins in some lines. Slower overall growth has meant slower premium growth, and economic troubles have the potential to weigh on the safety and soundness of the sector.

According to the most recent BPNG data, total financial industry assets reached PGK 51 billion (USD 15 billion) in September 2018. Of this total, superannuation funds and life insurance assets represented 25.8%, or PGK 13.2 billion (USD 3.9 billion). According to rating agency AM Best, gross written premium in the life insurance sector amounted to USD 15 million in 2019. At the end of 2019, BPNG reported that life insurance assets reached PGK 233.5 million (USD 68.9 million), up from PGK 198.7 million (USD 58.6 million) the previous year, marking an increase of 17.5%.

Papua New Guinea Life & Annuity Insurance Industry Overview

The report covers major players operating in the Papua New Guinea life & annuity insurance market. The country has four life insurance companies and seven brokers. Insurance in PNG is in some ways well developed and highly competitive. The insurer provides a broad range of life and medical policies, including those targeting the self-employed and rural individuals. Insurance players in the market are Aon Risk Services, Marsh PNG, Kanda International Brokers & Risk Consultants, Niugini Islands Insurance Brokers, Capital Life Insurance, Pacific MMI, Kwila Insurance Corporation, Life Insurance Corporation, Workers Mutual Insurance Ltd and others.

Papua New Guinea Life & Annuity Insurance Market Leaders

  1. Capital Life Insurance

  2. Pacific MMI

  3. Aon Risk Services

  4. Marsh PNG

  5. Kanda International Brokers & Risk Consultants

  6. *Disclaimer: Major Players sorted in no particular order
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Papua New Guinea Life & Annuity Insurance Market News

  • January 2020 - BSP Life PNG, part of Bank South Pacific Group, launched Wantok Delite, an endowment product with policy terms of 15, 18, 21 or 24 years. Premium will be invested in various assets with an annual bonus indexed to the policy based on asset performance. The policy is aimed at job starters and small business owners, who can add policy benefits such as term-life protection, accidental death cover and permanent disability insurance. Wantok Delite complements BSP Life's existing consumer credit and group term-life insurance products. The latter aims to encourage companies to offer employees life cover.
  • June 2019 - Despite recent efforts to increase insurance uptake, the market was heavily impacted by the exit of micro-insurance firm BIMA in mid-2019 after a wave of false claims were made, forcing the company to leave PNG. Previously, BIMA had offered family life and hospital cover through Capital Life Insurance, part of CIG, via mobile phone, in partnership with Jamaica-headquartered telecoms services provider Digicel.

Papua New Guinea Life & Annuity Insurance Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Deliverables and Market Defination
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS & DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
  • 4.3 Market Restraints
  • 4.4 Porters 5 Force Analysis
    • 4.4.1 Threat of New Entrants
    • 4.4.2 Bargaining Power of Buyers/Consumers
    • 4.4.3 Bargaining Power of Suppliers
    • 4.4.4 Threat of Substitute Products
    • 4.4.5 Intensity of Competitive Rivalry
  • 4.5 COVID-19 Impact on the Market

5. MARKET SEGMENTATION

  • 5.1 By Insurance type
    • 5.1.1 Individual Insurance
    • 5.1.2 Annuity Insurance
    • 5.1.3 Endowment Insurance
    • 5.1.4 Juvenile Insurance
    • 5.1.5 Whole Life Insurance
    • 5.1.6 Medical Insurance
    • 5.1.7 Others

6. COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Company Profiles
    • 6.2.1 Capital Life Insurance Company Ltd
    • 6.2.2 Kwila Insurance Corporation Ltd
    • 6.2.3 Life Insurance Corporation (PNG) Ltd
    • 6.2.4 Pacific MMI Insurance Ltd
    • 6.2.5 Workers Mutual Insurance (PNG) Ltd
    • 6.2.6 Asia Pacific Insurance Brokers Ltd
    • 6.2.7 AON Risk Services Ltd
    • 6.2.8 Marsh (PNG) Ltd
    • 6.2.9 Niugini Islands Insurance Brokers
    • 6.2.10 Kanda International Insurance Brokers & Risk Consultants Ltd*
  • *List Not Exhaustive

7. INVESTMENT ANALYSIS

8. MARKET OPPORTUNITIES AND FUTURE TRENDS

9. DISCLAIMER

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Papua New Guinea Life & Annuity Insurance Industry Segmentation

A complete background analysis of the Papua New Guinea Life and Annuity Insurance Market, which includes an assessment of the parental market, emerging trends by segments, significant changes in market dynamics and market overview, is covered in the report. The market is segmented by Insurance Type.

By Insurance type Individual Insurance
Annuity Insurance
Endowment Insurance
Juvenile Insurance
Whole Life Insurance
Medical Insurance
Others
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Papua New Guinea Life & Annuity Insurance Market Research FAQs

What is the current Papua New Guinea Life & Annuity Insurance Market size?

The Papua New Guinea Life & Annuity Insurance Market is projected to register a CAGR of 12% during the forecast period (2025-2030)

Who are the key players in Papua New Guinea Life & Annuity Insurance Market?

Capital Life Insurance, Pacific MMI, Aon Risk Services, Marsh PNG and Kanda International Brokers & Risk Consultants are the major companies operating in the Papua New Guinea Life & Annuity Insurance Market.

What years does this Papua New Guinea Life & Annuity Insurance Market cover?

The report covers the Papua New Guinea Life & Annuity Insurance Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Papua New Guinea Life & Annuity Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Papua New Guinea Life & Annuity Insurance Industry Report

Statistics for the 2025 Papua New Guinea Life & Annuity Insurance market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Papua New Guinea Life & Annuity Insurance analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Papua New Guinea Life & Annuity Insurance Market Report Snapshots

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Papua New Guinea Life & Annuity Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)