Two insurance companies have exited Vanuatu, impacting beneficiaries and the burgeoning parametric insurance industry.
Noeline W. Viro of the Insurance Supervision Unit of the Reserve Bank of Vanuatu, says that while Tower Insurance Vanuatu is exiting the market, Capital Insurance (PNG) group will take over its operations.
Viro says the decision is due to Tower Insurance’s “change of business strategy in offering its products and services via its online portal rather than face-to-face”.
The company has also suffered Please Subscribe to view full content...