–Dr. Singh advises Guyanese, calls on insurers to educate the public

SENIOR Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, has said that it is vital for Guyanese businesses, homes and individuals to be insured.
Insurance is defined as a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. Dr. Singh referred to insurance as an “indispensable staple” during his address at the sod-turning ceremony for the new Assuria General and Life Insurance Company’s headquarters in Georgetown, on Wednesday. “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,” he reasoned. The Minister noted that while some persons may see insurance as unnecessary, or may purchase minimum policies, they should first consider what the untimely death or incapacitation of a breadwinner could mean for a family. “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,” Dr. Singh said. While there are several insurance companies operating in Guyana, Dr. Singh believes the sector needs to do more to educate the public about the importance and necessity of insurance. At the same time, the Minister said the government is firmly committed to creating a robust operating environment through strong regulation and supervision for insurance companies. He said the authorities also intend to stay closely engaged with the industry as it expands. (DPI)