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BSP Life PNG, a subsidiary of the BSP Financial Group Limited has inaugurated a new sales office in Kokopo this week opening its fourth Sales Office in the country.

The insurance business arm of BSP has been operating in the country since 2018, offering various Life Insurance products since its inception.

BSP Group Chief Financial Officer Ronesh Dayal in congratulating BSP Life on its fourth sales office said the new office in Kokopo will continue to reinforce BSP Group’s vision to expand its financial services across the country, and make it more accessible and affordable to its customers – in this instance for Kokopo customers’ Life Insurance needs.

BSP Life PNG Country Manager Nilson Singh thanked the BSP Life PNG Board for supporting the setup in Kokopo, and said this new office located on Level 1 of Agmark Haus will give access to both Corporate and Individual Customers.

“Kokopo is the capital of the New Guinea Islands Region; hence it was always part of our expansion strategy. Post this launch in Kokopo, BSP Life PNG has a sales office in each of the four regions in PNG.” the manager said.

Singh expressed that the key challenge in increasing uptake of life Insurance in PNG is that Insurance penetration has been generally very low due to lack of market awareness and understanding the benefits of being insured.

“By opening our doors in Kokopo, we are committed to ensure that we also invest in awareness and educational programs on life insurance, which supports Bank of PNG’s financial inclusion programs.” he said.

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