The Kiribati Insurance Corporation was established on the 1st of June 1981 under Cap45A of the laws of Kiribati to carry out the business of insurance services to the people of Kiribati on an exclusive basis (section 3(1) and (2) of Cap 45A. The Corporation has no paid up Capital. Its operations are based on a repayable start-up capital of AUD$20,000.00 from the Government of Kiribati. The loan is not repayable until 31 of May 1986. Its initial location was situated at Bairiki beside the AG's Office but now occupied by the PSC Office. In 1994 it moved to KPF Office complex building. In 2003, it moved again to Betio opposite the BTC JSS. Establishment of Kiribati Insurance Corporation
The Kiribati Insurance Corporation (KIC) is set up under the Insurance Act -Cap 45A (Revision in June 1981).
Nature of business, description of operations and location of activities.
KIC core business stipulated under the Insurance Act, Cap 45A is to carry on insurance business. The headquater is located in Betio and there is a branch in Kiritimati island. The nature of the KIC business involves:-
· Offering contacts of insurance whereby the client accepts the offer (as in the terms and conditions) and is prepared to pay a consideration called premium on acceptance of the offer.
· Pooling risks together and compensates those unfortunate clients that sustain loss by repairing damages caused or replacing total loss items.
· Indemnification - the idea to put the customer back to his original situation just prior to the incident that caused the loss. Due to multi-disciplinary risks, these risks are categorized according to their broad types and further to their respective sub-classes in each category. The two main categories are as follows:-
o General (Non-Life) insurance
o Life Insurance
· The five major classes in the Non-life are as follows:-
o Motor (vehicles and Motor cycles)
o Marine & Aviation
o General (Miscellaneous- Those that do not fit in the above four classes)
· The only life insurance services offered is Life endowment with profits.
"Everybody in Kiribati feeling financially safe and secure"
"To provide appropriate and affordable insurance cover and security to everyone in Kiribati"
KIC is dedicated to the following values:
· Responsiveness and professionalism toward our clients and agents/brokers.
· Demonstrated expertise in the management and underwriting of risks, financial planning and preparedness in claims handling.
· Continual improvement in our financial and operational performance.
· Maintaining and enhancing the confidence of all KIC stakeholders including our clients/insured's, agents/brokers, employees, investors, re-insurers and regulator.