THE New India Assurance Company (Trinidad and Tobago) Limited, a renowned global insurance firm, has re-established operations in Guyana.The company has re-entered the Guyana market after exiting sometime in the 1970s due to the economic constraints of the country at that time.The New India Assurance Company (T&T) Limited is a subsidiary of the New India Assurance Company of Mumbai, India, which is a multi-national, state -owned non-life insurer founded in 1919. The company has a global premium of US$2.3B; net assets of US$7.7B and net worth of US$1.4B as at the end of the 2013 financial year.

The operations in India extend across a network comprising 28 regional offices; five large corporate offices; 400 divisional offices; 614 branch offices and 555 micro offices. The employee head count stands at around 19,000. Its global presence spans 22 countries in five continents; they have been present in the United Kingdom since 1920, in Japan in 1950, in Australia in 1955 and in most other countries for over 50 years.
At the inaugural ceremony at the Marriott Hotel on Thursday, the insurance firm announced its intention of re-entering the market and the opening of its new branch office at 58 B Brickdam, Georgetown, where they will offer the Guyanese public accident and liability insurance, motor vehicle insurance, fire insurance and general insurance.
Managing Director of the New India Assurance Company (T&T) Limited, Jyoti Kumar Garg, explained that since taking leave of the Guyana market they have seen significant economic development take place over the years. “We must admit that significant economic developments have taken place over the years and we are happy to become part of that growth trajectory in the years ahead,” he stated.
Garg continued noting that business growth appears to have been stimulated as the company witnessed the increase in the number of vehicles, both new and foreign used, entering the market. “We are also seeing quite a number of new buildings and housing communities in urban districts and along the city boundaries of Georgetown.”
He concluded that the company assures the country of its commitment and confidence in the Guyana market and “as we continue to seek your business support, we shall certainly make our contributions to the economic growth and development of Guyana.”
Governor of the Bank of Guyana, Dr Gobind Ganga during his remarks outlined the tedious process the international firm had to endure to obtain a licence to operate in Guyana. “During the course of last year, management of the company approached the Bank of Guyana and indicated their interest to enter the Guyanese market. It declared its intention to provide services that will further enhance the capacity of the insurance sector towards the financial security, investors’ confidence and economic growth of the country. The company subsequently applied to the Bank of Guyana on December 10, 2014 for a licence to operate a branch office in Guyana,” Ganga stated.
He explained taking into consideration the need for such a company on the local market and its benefits for the economy, the Bank of Guyana granted permission for the company to operate a branch in Guyana with effect from April 27.
Finance Minister DrAshni Singh in welcoming the company to Guyana reflected on the downfall the insurance industry in Guyana experienced with the CLICO incident in 2008. “The insurance industry… has taken something of a body blow; the names of CLICO and BICO are perhaps bad words in the Caribbean. As a result of that experience, the industry as a whole…did suffer a considerable shock,” he related.Dr Singh expressed his satisfaction that over the years, the industry has grown rapidly in spite of the damage caused.
Dr Singh, while very cognisant that the General and Regional Elections are imminent, assured the company that the Government under which he serves being the People’s Progressive Party/Civic (PPP/C), will maintain an environment that is conducive for the company’s viability on the market. “I am confident that you will grow and prosper in Guyana and that they will be provided with the necessary environment to grow and expand under the current Administration.
“I hope with the benefit of your global experience, with the vastness of products you already offer elsewhere, with the benefit of your access to more sophisticated tools of the industry and markets, I expect that New India Assurance will bring to the insurance industry in Guyana significant innovation, whether it’s the introduction of new products or indeed more competition…” he stated.
The New India Assurance Company (T&T) Limited as part of their company’s policy and mission donated a sum of $150,000 to the Ptolemy Reid Rehabilitation Centre.