The deal means that the firm will cover insurance needs for the organisation up to 2020.

This will include athletes as well as staff at the governing body. 

"The PNG Olympic Committee relies heavily on the support of our corporate sponsors, we consider them as important partners in our work," said PNGOC President Sir John Dawanincura.

"We are privileged to have Capital Insurance Group join our family of sponsors and we welcome them on board.

"We deeply value the relationship with our partners and we are looking forward to a strong and fruitful working relationship with Capital Insurance.

"Insurance coverage both domestically for our operations and internationally when Team PNG travels is extremely important from a risk management perspective. 

"Having Capital Insurance covering PNGOC and Team PNG gives us piece of mind and allows our focus to be on performing at our best."

Papua New Guinea sent a team of eight athletes to the Rio 2016 Olympics in August, competing across six sports.

Swimmer Ryan Pini, the Commonwealth Games champion in 2006 in the 100 metres butterfly, served as flagbearer at the Opening Ceremony.

"Our aim is to be the leading Pacific-owned insurer, which shares a similarity with the PNG Olympic Committee's mission of being the best performing National Olympic Committee in the Pacific," said Capital Insurance's chairman Michael Koisen.

"This shows that we have the common interest of doing the best for our clients and those that depend on our services."

The deal between the two parties includes the option to extend it further.