South Pacific Oceania insurance tenders

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Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. Policyholder and insured are often used as but are not necessarily synonyms, as coverage can sometimes extend to additional insureds who did not buy the insurance. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.

Oceania has a diverse mix of economies from the highly developed and globally competitive financial markets of Australia, New Caledonia, New Zealand, French Polynesia and Hawaii, which rank high in quality of life and human development index, to the much less developed economies such as Papua New Guinea, Indonesian New Guinea, Kiribati, Vanuatu and Tuvalu, while also including medium-sized economies of Pacific islands such as Palau, Fiji and Tonga. The largest and most populous country in Oceania is Australia, and the largest city is Sydney. The South Pacific has 14 countries including Australia, Papua New Guinea, New Zealand, Fiji, the Solomon Islands, Federated States Of Micronesia, Vanuatu, Samoa, Kiribati, Tonga, the Marshall Islands, Palau, Tuvalu, and Nauru.