Senior minister in the Office of the President with responsibility for finance Dr Ashni Singh has emphasised the importance of insurance for Guyanese businesses, homes and individuals , noting it is an “indispensable staple”
Dr Singh, in his address at the sod-turning ceremony for the new Assuria General and Life Insurance Companies headquarters in Georgetown on Wednesday, said while some people may see insurance as unnecessary, and others may purchase minimum policies, they should first consider what the untimely death or incapacitation of a breadwinner could mean for a family.
“You might not appreciate the importance of insurance until you consider, perhaps, at a household level, what happens to your family if you suffer a calamity,” the minister explained.
“I feel very strongly that insurance is not discretionary or optional expenditure. Insurance is an indispensable staple in any company’s and any household’s risk management toolkit,” he added.
While there are several insurance companies operating in Guyana, Dr Singh said the sector needs to do more to educate the public about the importance and necessity of insurance. At the same time, he said the Government has committed to providing a robust operating environment of strong regulation and supervision for insurance companies.
He said the Dr Irfaan Ali Administration also intends to closely engage with the industry as it expands.