Pacific Reinsurance Corporation (Pacific RE) has celebrated its continued growth, strengthened partnerships and expanding role in the Pacific insurance market during its third annual cocktail evening held in Port Moresby last evening.
Pacific RE Chairman Joe Krammer welcomed stakeholders, partners, board members and guests at the event, acknowledging their support in helping the company grow into the region’s only homegrown reinsurer.
Krammer said Pacific RE had come a long way, crediting long-serving directors and management for their contribution in revitalising the organisation.
He also announced the renewal of Chief Executive Officer (CEO) Lolesh Sharma’s contract for another three years, describing him as an important part of Pacific RE’s ongoing success.
“We are very fortunate to have him, and he is going to remain with us for the next three years,”
Pacific RE CEO Lolesh Sharma said the annual cocktail evening had grown from a small gathering between the company’s board, management and local stakeholders into a major networking event for the Pacific insurance and reinsurance sector.
This year’s event recorded around 120 attendees, almost double the number from Pacific RE’s first year.
Sharma welcomed global reinsurance brokers Guy Carpenter and Aon Re from Sydney, along with long-term retrocession partners Korean Re and Odyssey Re, who have supported Pacific RE for more than two decades.
He said Pacific RE’s unique position brought together underwriters, insurers, brokers and regulators, creating opportunities for greater collaboration and knowledge sharing across the industry.
Sharma highlighted Pacific RE’s commitment to innovation, particularly in parametric insurance products designed to support communities affected by climate-related risks.
He said Pacific RE, in partnership with the United Nations Capital Development Fund and the Development Bank of Tuvalu, launched its first tide-based parametric insurance product for fishermen in Tuvalu earlier this year.
He also revealed that under the PNG Parametric Program, in partnership with Women’s Micro Bank and PMMI, payments had recently been made to 4,800 beneficiaries affected by drought conditions across Central, Gulf, Morobe and Milne Bay provinces.
Sharma said there was significant potential for parametric insurance products to support Papua New Guinea’s informal sector in the future.
He also emphasized the company’s growing confidence among insurers, noting a major increase in business placements.
“Five years ago, we would receive three to four Facultative reinsurance (FAC) offers per week, or sometimes per month. Now, we receive three to four FAC offers per day.”
Sharma said the growth reflected increasing trust and confidence in Pacific RE as the Pacific’s only 100 percent Papua New Guinea-owned and operated reinsurer.
He encouraged stakeholders to continue working together to strengthen the region’s insurance sector.
The evening concluded with networking, food and cultural showcases featuring Pacific cuisine, celebrating Pacific RE’s journey and its vision for the future.
