Prospects bright for insurance companies in Guyana – Prime Minister

– Assuria’s new high-rise building officially opened

Guyana offers a promising outlook for local insurance companies, especially since the country continues to experience rapid development nationwide.

Prime Minister, Brigadier Mark Phillips has made it clear that the insurance sector is poised to capitalise on the many opportunities ahead.

He was delivering the keynote address Saturday evening, at the official opening of the Assuria Life and General Insurance Companies’ headquarters, Church Street, Georgetown.

Assuria’s new high-rise building on Church Street

The prime minister said the development signals the investors’ confidence in the nation’s financial sector, which has remained stable, and secure.

“In recognition of this important role in our country’s financial development, government has taken steps through the Local Content Legislation to support the local industry in capitalising on the expanding economy, especially in the oil and gas sector,” he added.

Prime Minister, Brigadier Retired Mark Phillips delivering remarks during the opening ceremony

PM Phillips pointed out that the insurance industry is an integral part of Guyana’s economy, which has in the last five years accounted for 9.5 per cent of the total assets of Guyana’s financial sector.

He noted that insurance companies protect properties, lives, health, and even income.
“Yet the reality is that too many of our property owners do not have insurance. Too many of our citizens’ lives are not insured and only a fraction of our population benefits from pension schemes and health insurance,” PM Phillips highlighted.

Prime Minister Brigadier Retired Mark Phillips and Senior Minster in the Office of the President with Responsibility for Finance, Dr Ashni Singh touring the newly commissioned building

To this end, he urged stakeholders in the insurance industry to educate the public on the benefits of being insured.

“I believe that there is a need for greater public education on this issue. The insurance companies and the Insurance Association of Guyana (IAG) should be encroached to raise awareness about the necessity of having insurance,” the prime minister asserted.

Managing Director, Yogindra Arjune; Head of Department for Life/Health/Pension, Erwin Daniels, and Chairman of the Supervisory Board, Mario Merhai also delivered remarks. Present at the opening were Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, Governor of the Bank of Guyana, Dr Gobin  Ganga, Speaker of the National Assembly, Manzoor Nadir, and members of the diplomatic corps.

The multi-million-dollar headquarters will be opened to the public from Tuesday, May 2, 2023.

Prime Minister, Brigadier Retired Mark Phillips participating in the ribbon cutting of the Assuria Life & General Insurance Companies’ Georgetown headquarters, Church Street