President of PNG Core Warns of Insurance Gaps Amidst Riot Damage in Port Moresby

 In the wake of the recent riots causing substantial damage to some of Papua New Guinea's prominent businesses, President of PNG Core, Anthony Smare, addressed a prevalent misconception regarding insurance coverage through a social media commentary. Contrary to assumptions, Smare highlighted that most insurance policies do not extend coverage for losses incurred during riots or political insurrections.

"This misconception could spell disaster for many of our largest and most iconic businesses," emphasized Smare via social media. These enterprises, integral to the livelihoods of thousands of Papua New Guineans and their families, face an imminent threat of financial collapse without adequate coverage for the damages suffered.

Expressing concern over the potential fallout, Smare underscored the gravity of the situation, stating, "This is a tragic day for Papua New Guinea." He reflected on the extensive efforts undertaken over the past decade to bolster the country's image in the international investment arena, aiming to attract investors, create jobs, and foster economic growth. The recent events represent a significant setback, potentially derailing progress made thus far.

The repercussions of the riots are far-reaching, with Smare suggesting a possible decade-long recovery period to mitigate the aftermath. "We have all lost," lamented the President, drawing attention to the severe impact on the aspirations of thousands of young individuals seeking opportunities in a burgeoning economy.

"The biggest loser will be thousands of young people who are looking to come into a burgeoning economy to provide them jobs and sustenance for their livelihoods. A very sad day," concluded Smare somberly.

As Papua New Guinea grapples with the aftermath of the recent unrest, the President's cautionary message sheds light on the stark realities faced by businesses and the populace in the absence of comprehensive insurance protection during such tumultuous times.

For further updates and developments, stay tuned.

next : Port Moresby Governor Appeals for Peace Amidst City Unrest