Tower to aid insurance awareness drive in Pacific nations

Only 22% of businesses in the region have insurance protection

Tower to aid insurance awareness drive in Pacific nations

Insurance News

By Gabriel Olano

Tower Insurance and Business Link Pacific (BLP) have partnered for a programme that seeks to improve insurance awareness, understanding and penetration across the South Pacific region.

BLP is a private sector development programme funded by the New Zealand Ministry of Foreign Affairs and Trade that aims to lift businesses in the Pacific countries of Fiji, Papua New Guinea, Vanuatu, Samoa, Solomon Islands and Cook Islands.

Paula ter Brake, managing director – Pacific at Tower, said the COVID-19 pandemic has had a huge impact on small businesses across the Pacific.

“We have seen the impact of slowing economies first-hand, with businesses downscaling their operations and minimising costs. Despite this, insurance needs to remain an important aspect of any business’ operations because natural disasters and other accidents can still happen,” said ter Brake. “Our partnership with BLP will enable us to engage more closely with businesses across the Pacific and offer free, comprehensive insurance reviews and specialised pricing for small businesses to help them protect their key assets.”

Tower will co-host education sessions with BLP, as well as engage in other initiatives to help lift the awareness and understanding of insurance in South Pacific nations.

“Through our work, we have identified that only 22% of businesses hold insurance to protect their assets, a worrying trend in a region that is at high risk of natural disasters and vulnerable to external threats,” said BLP director Steve Knapp. “Our partnership with Tower will see us work to raise the profile and importance of insurance more broadly with our networks.”

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