GUYANA is experiencing the rise of an emerging economy, and has recovered from the CLICO debacle which caused the insurance sector in the Caribbean region to contract.This sentiment was expressed by Finance Minister, Dr. Ashni Singh when he addressed the launching of three new insurance coverage packages offered by the Guyana and Trinidad Mutual Group of Insurance Companies (GTM).
On Friday last, The GTM launched the Medical Professionals Club, the Special Motor Package, and the Homeowners Comprehensive Policy which, according to Company Managing Director Roger Yee, would allow policy holders to realise real value for their money. The Homeowners Comprehensive Policy covers the widest range of events covered by a policy in Guyana.
Dr. Singh congratulated the 135-year-old company for its longevity in the Guyana market, and declared that GTM has shown that it has the energy, vibrancy, and initiative to innovate.
He said introduction of the new products is an example of the initiative taken by the company to innovate and take advantage of niche markets. Pointing to the collaboration for the development of the new products, Minister Dr. Singh said that that is the way Guyana needs to go for continued development.
Pointing to establishment of Call Centres, he said they now employ about 2500 persons, and are expected to employ another 3500 over the next ten years. Shopping Malls, he said, are new to the Guyana market, but they bring international franchises to Guyana.
Minister Dr. Singh said these types of business create new jobs, some of which did not exist about 15 years ago.
Dr. Singh encouraged GTM and other businesses to seek new partners to enter into other niche markets, as he said more can be done to deliver coverage to other areas which need risk management.
Pointing to the agriculture and health sectors as possible areas in need of risk management, Dr. Singh opined that people tend to take out policies that are minimal in value, and only when faced with misfortune do they realise the real value of insurance. He told the gathering that insurance is an invaluable risk management product, and he urged the company to never underestimate or undervalue the tool of risk management.
GTM Managing Director pointed out that the Medical Professional Club is limited to persons working in the medical field, and covers insurance for their private vehicles. That policy alone, with the Special Motor Package — which is open to persons who purchase new vehicles from Rudisa Motor Company and Beharry Automotive Limited — will include benefits such as accident forgiveness, authorisation of repairs, free alternative transportation after an accident, and the optional “Full Value” coverage for vehicles purchased with duty free concessions.
Additionally, he said, special discounts on premiums will be offered to policy holders who purchase new vehicles from Automotive Arts, and they will also receive special discounts when purchasing Car Care products.
Fire Manager, Mrs. Romona Singh told the gathering of the coverage offered by the Homeowner Comprehensive package. She pointed out that, in addition to the usual coverage, a number of other benefits representing perils faced by home owners — including accidental damage to the home, interior and exterior furnishing, personal effects and valuables in the home, and while travelling overseas.
Health Minister, Dr. Bheri Ramsaran, who also gave brief remarks, congratulated the company for the initiative offered to the young professionals. He said such offers would assist in creating the conditions wherein young professionals, trained by Government at great expense to taxpayers, would want to remain and serve the citizens.
Speaking about the alternative transportation benefit, Minister Dr. Ramsaran said that would relieve the worry from medical professionals should they be involved in an accident, allowing them to continue caring for their patients. He said this is especially welcome at this time, with the large influx of medical personnel in the system.
The policies went on sale from Friday January 23.
