October 28, 2020
End of October the ‘Get Insured, Rest Assured’ Inclusive Insurance Campaign was launched in Port Moresby. This campaign is presented to the people of Papua New Guinea by the National Financial Inclusion Taskforce (NFIT)together with the Centre for Excellence in Financial Inclusion (CEFI).
The campaign aims to create awareness on the concept of insurance and the various insurance products available in the country, which will run for two months. Throughout November and December Papua New Guineas will learn more about insurance across multimedia platforms, through short videos and talks, showcasing real-life examples of how insurance helps people deal with financial shocks.
“Insurance is a necessary and vital product, it is a very beneficial risk management tool that businesses and people of Papua New Guinea need to understand and to appreciate” stated BPNG Governor, Loi Bakani.
The UN Capital Development Fund (UNCDF) has been instrumental in conceptualizing the campaign and is proud to be supporting this initiative as part of the of European Union ‘Support To Rural Enterprises, Investment and Trade’ (STREIT) programme.
UNCDF’s Country Lead, Mr. Jagdeep Dahiya, says that the campaign is not only meant to increase knowledge on what insurance are and the processes for acquiring a policy, but also to improve the uptake of insurance which is significantly low in Papua New Guinea, where less than five percent of people have an active insurance policy.
UNCDF has supported the development and distribution of various insurance types in collaboration with private sector partners as part of its activities for the Pacific Financial Inclusion Programme (PFIP) and considers insurance a critical tool for enhancing financial inclusion and building the financial resilience of households and small businesses.
The campaign launch was coordinated by the Center for Excellence in Financial Inclusion (CEFI) on behalf of the Inclusive Insurance Working Group (IIWG), established under the NFIS-2016-2020 and is supported by multiple stakeholders in insurance sector including the Bank of Papua New Guinea (BPNG), Office of Workers Compensation, Office of Insurance Commissioner, BSPlife and the Insurance Council.