Insurance in Vanuatu

The Reserve Bank of Vanuatu (RBV), through its Financial Regulation Department, licenses and supervises insurers, brokers, agents and loss adjusters. The domestic market is small and concentrated, with Alpha Insurance, formerly QBE Insurance, VanCare Insurance, Federal Pacific Insurance and Capital Insurance identified in the National Financial Inclusion Strategy 2025–2030. The strategy describes general insurance services but does not identify a separate standalone life insurer. Services are mainly arranged through insurer offices, brokers, agents and bank-based channels, with less reach outside urban centres. Private insurance can cover medical treatment, hospitalisation, outpatient care, optical and dental treatment, overseas medical evacuation, personal accidents, term life, funeral costs, mortgage protection, motor vehicles, homes, fire and business or public liability. Compulsory Third Party (CTP) motor insurance covers liability for injury to other people. Comprehensive motor insurance can cover repair or replacement after theft, collision, fire or malicious damage, with optional cover for third-party property damage, towing and windscreens. A microinsurance package may provide up to VT500,000 in combined product limits, including funeral, term life, personal accident and fire benefits, but its limits and age conditions are product-specific. Vanuatu does not have an evidenced comprehensive public social-insurance system. The Vanuatu National Provident Fund (VNPF) is a statutory provident and savings system rather than risk-pooling insurance. Employees aged 14 to 55 who earn at least VT3,000 per month generally fall within compulsory VNPF membership, with an 8% contribution split equally between employee and employer. Retirement, withdrawal, death, medical and disaster access follow VNPF rules. National Insurance Services (Vanuatu) Ltd (NISVL), a wholly owned VNPF subsidiary, administers Members Social Benefits without an additional premium for eligible active members whose employer is registered and contributions are current. Benefits can apply to qualifying events such as death, permanent disability or hospitalisation, but they are not a private policy or a complete replacement for statutory social insurance. The Workmen's Compensation Act [CAP 202] creates employer compensation liability for work injuries. Employers may also arrange workers' compensation insurance. One VanCare product example covers two-thirds of wages for up to 260 weeks, with an aggregate limit of VT3,750,000 per injury, medical expenses up to VT60,000, artificial appliances up to VT30,000 and transport up to VT25,000. These product figures should not be treated as universal statutory limits, because the policy and the applicable legal requirements control the result. Many micro, small and medium-sized enterprises reportedly remain uninsured. To obtain cover, contact a licensed insurer, broker or agent, request a quote and complete the proposal process. Compare the insured events, exclusions, excess, premium, payment terms, limits, renewal conditions and claim requirements. A domestic insurer must provide a written policy summary within 60 days after a policy is concluded or changed; the summary states premiums, benefits and exclusions, and the policy copy can be requested. Policyholders should keep premiums current, disclose relevant information and notify claims within the period set by the policy. There is no evidenced national consumer premium tariff or universal claim deadline. A completed claim commonly requires a claim form and supporting evidence. For example, a VanCare outpatient claim may require insured and claimant details, the VNPF number, date of birth, original receipts or invoices and a diagnosis. Medical evacuation can require a detailed doctor or specialist report, medical records and insurer confirmation or approval. Motor claims use the provider's motor-vehicle claim form and stated documents. A provider may pay within seven working days where documentation is complete under the relevant product terms. Cancellation, lapse, renewal, arrears, exclusions and notice periods remain policy-specific. Cyclone, earthquake and other disaster exposure makes property and business protection particularly relevant. The RBV reported approximately VT1.3 billion in insurable losses from twin cyclones, alongside high reinsurance costs and selective underwriting. Vanuatu also participates in the Pacific Catastrophe Risk Insurance Company (PCRIC), which provides parametric sovereign disaster-risk finance with rapid payouts based on defined triggers and modelled loss; this does not replace household or property insurance. Offshore placement of insurance requires prior written RBV permission and is generally considered only when local cover is unavailable or its terms are unreasonable.