THE Governor of the Central Bank of Solomon Islands (CBSI) Dr Luke Forau has welcomed the Papua New Guinea owned insurance company ‘Trans Pacific Assurance Limited (TPAL)’ to Solomon Islands.
TPAL expanded its operation to the country on Monday with its acquisition of Tower Insurance.
At the TPAL launching ceremony held at the Heritage Park Hotel on Monday, Dr Forau said he was pleased that the company decided to come to Solomon Islands and this signified its confidence in the country’s economy.
“For us in the Solomon Islands, we are very pleased that a company in the neighbouring country PNG has decided to invest in Solomon Islands.
“It means a lot of things to me; first TPAL puts confidence back into our economy and thank you TPAL Board, Management and Shareholders who have been involved.
“I am looking forward to the further expansion of your business in the country,” the CBSI Governor added.
Solomon Islands is the first country in the Pacific for TPAL to TPAL to expand its operation into.
TPAL has taken over Tower Insurance.
Dr Forau said people in Solomon Islands hope and look forward to TPAL putting out more products.
“The market is small but Solomon Islands has a developing economy and Solomon Islands has resources and we can develop them.
“So, stay a bit longer in the Solomon Islands because good things will come,” he added.
Dr Forau also took the opportunity to encourage other foreign investors to come and invest in Solomon Islands.
TPAL was established only 10 years ago in PNG.
TPAL Chairman Michael Sullivan said TPAL is now PNG’s largest general insurer and is a genuine PNG success story.
“Trans Pacific’s annual premiums now exceed the equivalent of SBD225 million.
“The Intelligent Insurer in PNG, our broker partners consistently rank Trans Pacific as the best in the market for product knowledge, service and claims paying appetite.
“We are the PNG market leader in motor, marine, workers compensation, public liability and commercial / domestic property insurance,” Mr Sullivan stated.
He said following TPAL’s acquisition of Tower Insurance on Monday, it became the third largest insurer in Solomon Islands and he believes the company is well on track to become the largest insurer in this important regional market in a relatively short timeframe.
Turn to pages 8 and 9 for more on the company and the launch.
By LACHLAN EDDIE
Solomon Star, Honiara
