-PM commends investment, says gov’t will continue to support insurance sector

ASSURIA General and Life Insurance Company, on Saturday, formally unveiled its new state-of-the-art $1 billion head office which will be offering Guyanese cutting-edge products that are of an international standard.

The five-storey building is located at the corner of Church and Carmichael Streets.

What started as humble beginnings in March 2012 with no clients and only a dream of winning the public’s heart with innovative products and first-class customer service, has developed into one of Guyana’s top insurance companies which now has more than 20,000 clients.

Prime Minister, Brigadier (Ret’d) Mark Phillips, Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh and Suriname’s Ambassador to Guyana, Liselle Blankendal, were among the dignitaries in attendance.

During his feature address, the PM commended the insurance company for not only investing in Guyana’s economy, but for also catering to the needs of citizens.

Labelling Guyana’s financial sector as “solid, stable and secure,” the PM asserted that this security is connected to the government’s unwavering commitment to implementing policies to regulate the sector.

He highlighted the value of insurance and the part it plays in Guyana’s financial industry, before emphasising the need for solid management so that the sector can continue to grow.

Speaking on Guyana’s economy, he said: “We anticipate financial sector growth of around 7 per cent this year. With a growing economy, the prospects are bright for our local insurance companies.”

Owing to key role insurance companies are playing, the PM said: “In recognition of this important role of our country’s financial development, government has taken steps, through local content legislation, to support the local industry capitalising on the expanding economy, especially the oil and gas sector.”
On the human side of things, Phillips said: “Insurance is not some abstract financial concept. It is rooted in circumstances of human existence, and specifically the risks which we all face.”

He further said that more education is needed for persons to understand the importance of insurance.

“Too many of our citizens’ lives are not insured and only a fraction of our population benefits from pension schemes and health insurance,” he added.

Meanwhile, Managing Director of Assuria, Yogindra Arjune, said: “This building represents the accomplishment of a dream.”

The “Assuria Way,” as Arjune dubbed it, defines the path for them to become “a family of innovators and market leaders in every aspect.”

He disclosed that the company will continue its strict focus on the clients and the adoption of global standards to exceed all expectations.

He continued by praising the government for its ongoing assistance in creating a favourable climate for direct investment under the leadership of President, Dr. Irfaan Ali.

According to him, the actions taken so far have greatly increased investor confidence.

“The ones who are very close to me can attest to my support and admiration of a President who have created the ‘One Guyana’ concept.” he affirmed.

Following the ribbon-cutting ceremony, the PM and other officials toured the edifice. (Trina Williams)