— company capable of insuring an oil rig, plans to offer wide range of services
PREMIER Insurance Company Inc. has positioned itself in the local market with the aim of providing comprehensive financial protection services to suit the needs of every individual and company, including those in Guyana’s nascent oil-and- gas sector.
As Guyana’s fledging petroleum sector and its general economy continue to progress and grow, the need for financial protection will become even more critical, because companies and individuals will be looking to minimise financial risks and make accidental losses manageable.
In recognising this potential need, Premier Insurance Company Inc, a subsidiary of Trinidad and Tobago’s TRINRE Insurance Company Limited, has established a local office at Lot 68 High Street, to begin satisfying the demands of the Guyana market.
Guyana’s insurance industry is considered competitive, but the “new kids on the block” will be looking to ride on the back of its parent company, which has, in its over 45 years of business, established the capability of providing comprehensive insurance services which cater for individuals right up to large companies.
General Manager of Premier Insurance Company Inc, Anil Singh said TRINRE’s strong business relationships, experienced team of underwriters, and internationally- recognised ‘A’ rated re-insurers underpin the company’s strength and stability, and enable Premier Insurance to offer a comprehensive range of general insurance products and services in auto, property, accident and liability, bonds, marine, and oil and gas, among other things.
The company plans on leveraging its expertise in oil and gas to differentiate its services from those already offered by the existing insurance companies.
“In terms of what is different is our contribution in terms of capacity and products to oil and gas. Every contract that comes out of the oil-and-gas market must be accompanied by insurance; there is no way around that,” Singh said during an exclusive interview with the Guyana Chronicle on Tuesday.
Oil-and-gas insurance is defined as an insurance policy that covers human life, the environment and property from any accidents and oil-and-gas organisation activities.
The oil-and-gas industry consists of a series of procedures, chemical reactions and harsh and difficult working conditions which tend to increase the risk to cost-intensive property, human life and environment. So, the industry needs to be insured to cover a certain proportion of the liability in case of any accidents.
Based on information from Commercial Global Insurance, general liability insurance enhanced with customised umbrella policies is very important to the protection of businesses in the energy industry. Oil-and- gas liability insurance provides liability coverage for catastrophic events such as explosions, collapses and accidents resulting in personal injury and or death.
TRINRE, and by extension Premier’s relationships with ‘A’ rated re-insurers enable the company to offer an increasing range of insurance products and services, including packaged business insurances and specialty services for liability and bonds, as well as offshore liability.
Speaking further about the company’s strength in this area, Singh said: “The strength of Premier is that we have an oil and gas re-insurers treaty, so we can do oil and gas business… We have a large treaty which allows us to have a range of oil and gas products.”
This A-rated re-insurers treaty has equipped the company with the capacity to insure even an oil rig offshore Guyana.
“It is, however, not a case where we will say we are strong in oil and gas, so we are going to neglect the other areas in the market. No! We are here as a company to serve the market comprehensively; Premier is here to offer good services, and to reach the insuring public, from the ordinary man to an oil rig,” Singh related.
The company, he said, also offers motor, fire, burglary, personal accident, and machinery insurance, and every other policy that falls within the definition of accident and liability products.
“Our short-term vision is to reach out to the market and identify areas where there are deficiencies… We want to bring to the market a new flare of insurance services. We want to sell the name to the public, and make it a household name, because it is not just about making money; we want to help in the development of Guyana,” Singh said.
One of the company’s primary goals is to change the Guyanese mindset towards insurance by eliminating the fallacy that insurance companies do not pay.
“We want to instill confidence that when you buy insurance, you will be paid. We have a well-established claims department with a documented claim manual and claims procedures that we have to follow. We have claims we want to settle in 48 hours, and those we want to deal with as soon as customers satisfy claims requirement,” Singh reasoned.
He assured customers that the company will find prudent ways to offer services, and provide same in a cost-effective way.
As it is now, the company has four employees, but Singh said expansion will happen incrementally, as the company continues to establish its name locally.
The insurance company, after meeting the Bank of Guyana’s capital requirement of $400 million and other pre-requisites, was granted a licence to operate in February last year. But, the novel coronavirus (COVID-19) pandemic and the political climate caused the company to hold off on its commencement until January 4, 2021.
“I’m really looking forward to Premier serving the Guyanese people, as well as collaborating with and contributing to the Guyanese insurance industry as a whole, and by extension, its citizens,” Singh said.
For further information about Premier Insurance Company Inc., contact email@example.com