Finance Minister, Hon. Dr. Ashni Singh said it is essential  for Guyanese businesses, homes and individuals to be insured.

Dr. Singh said insurance is an “indispensable staple” in his address at the sod-turning ceremony for the new Assuria General and Life Insurance Companies headquarters in Georgetown on Thursday.

“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 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,” the Minister added.


Dr. Singh believes the insurance 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 providing a robust operating environment of strong regulation and supervision for insurance companies. He said the Administration also intends to stay closely engaged with the industry as it expands.

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