PNG Insurance sector starts to benefit from growth

INSURANCE industry in Papua New Guinea is starting to benefit from the growing economy boosted by the LNG project, AIG PNG Ltd senior compliance analyst Blaise Roden-Paru says. 
He is in charge of audits and ensures that right procedures and compliance are in place with the company producing the results that then American International Group (AIG) PNG Ltd requires. 
Paru was awarded the highest achieving module award Introduction to underwriting for the Australia and New Zealand Institute of Insurance and Financeexams (ANZIIF). 
Paru said such award is the first of its kind to be given to a Papua New Guinean. 
“The award can be viewed by other aspiring PNG insurance practitioners as well as others that Papua New Guineans could excel in whatever career paths they choose. 
“Developing nations does not mean that we cannot achieve worldwide standards … it is up to us individually,” Paru said. 
The 27-year old is of mixed parentage of Kairiku (Central), West New Britain and English, who obtained his licence of Certified Insurance Practitioner at the age of 26. 
Paru said with the first LNG sales next year, it will provided spin-off benefits. 
“There is a lot of cash flows in the society now compared to 10 years ago.
“Industries are starting to take their place in the competitive business sector. “There is cash flow everyday and people can capitalise on that and bring in more competition within the business sector which will help in reducing the prices of goods and service,” Paru said.
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