PREMIER Insurance Company Inc. has extended its “comprehensive financial protection” services to Berbice by establishing a branch at Lot 20 ‘G’ Nigg, Corentyne.

According to a press statement from the company, since Premier began operations in January 2021, the company delivered on its commitments by providing top quality service and diverse products with the largest underwriting capacity at competitive prices.

Underwriting is defined as a process through which an individual or institution takes on financial risk for a fee.

“Further and most importantly, Premier has delivered on its promise to aid in the development of Guyana by being able to help small businesses and individuals grow, especially the construction industry through the facilitation of bonds and liability insurances to developing contractors,” Premier said.

The company’s General Manager, Anil Singh, was quoted in the statement as saying: “We are very pleased with what we have done so far and that goes beyond our financial performance. We are pleased that we were able to deliver on our promise of good service to all our customers and the brokers.

“We are also pleased that we have so far helped in fast-tracking the growth of small contractors and businesses, and most of all we are pleased that we are now able to extend our service and capabilities to one of the fastest growing regions in Guyana.”

Further, he said: “We recognise Berbice for its strength in agriculture and with the success made so far in oil and gas exploration, the region is positioned for immense growth. Premier would like to help in the development and growth of Berbice.”

Premier’s Berbice branch will be managed by Alvin Hema and is fully equipped with the latest technology to deliver the company’s full suite of products and services.

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, had established a local office at Lot 68 High Street, to begin satisfying the demands of the Guyana market.

Singh had said in January that 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.

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.