Inspac’s shareholders including a number of land owner groups and individuals and resource owners wanted to establish a wholly
owned local insurance company to provide Papua New Guineans their own company and a reasonable return to the shareholders.
The shareholders were determined that Inspac would be well capitalised and as such their investment exceeds the minimum requirements of the Insurance Act. This large investment serves to enhance the capital base and ensures an adequate level of solvency in the formative stages of the company’s development and provides a good foundation to build appropriate levels of security for the underwriting business in the long term.
Inspac use internationally reputable reinsurance brokers who arrange solid reinsurance treaties and other facilities with “A” rated Lloyds syndicates and other international reinsurers, and PNG’s own Pacific Re When a client insures with Inspac they can be assured that their insurance policies are backed by world class security.
Inspac’s underwriting system and processes have been designed around what has been tried and tested with the
major insurance companies in PNG over the past 30 Years.
At the center of this is a major investment in modern computerized insurance management software that provides a comprehensive underwriting and claims management system. The software is being modified to cater for PNG regulatory requirements and at the same time provides Inspac’s management and Board real time reports of international standards.
- Pursuing excellence in customer relations
- Competitive pricing
- Prompt response to client queries
- High standard of client service
- Proper data collection and analysis
- A focus on adding value
- Imaginative solutions
- Understanding & responding to client needs
- Motivated staff with high skill & competence level
- Displaying a “can do “ attitude
- Reflecting that “We Care” in all that we do for our clients