Insurance FAQs
Common questions about insurance in Papua New Guinea.
What is insurance?
Insurance is a financial protection arrangement where you pay a premium and the insurer helps cover certain losses or damages that are covered by your policy.
Why do I need insurance?
Insurance helps protect you against unexpected financial loss from events such as accidents, theft, damage, illness, or other covered risks.
What types of insurance are available?
Common types include home insurance, motor vehicle insurance, life insurance, medical insurance, travel insurance, and business insurance.
What is a premium?
A premium is the amount you pay for your insurance policy. It may be paid monthly, quarterly, or annually depending on your arrangement.
How do insurance premiums work?
Your premium is calculated based on the level of risk, the type of cover, the value of the insured item, and other underwriting factors set out by the insurer.
What is a deductible?
A deductible is the portion of a claim that you pay yourself before the insurer contributes the remaining covered amount.
How do I file an insurance claim?
You usually file a claim by contacting your insurer, providing the incident details, completing the required claim form, and submitting supporting documents.
Can I have multiple insurance policies?
Yes. Many customers have multiple policies for different needs, such as home, motor, medical, or life insurance.
What factors affect my insurance premium?
Your premium can be affected by the type of cover, insured value, location, claims history, risk profile, excess or deductible, and other policy details.
How do I apply for insurance?
You can apply by requesting a quote, completing an application form, and providing the information and documents required for the selected insurance product.