Latest update December 16th, 2024 9:00 AM
Marsh, P&P wrap up major insurance seminar for oil sector
Marsh, a global leader in insurance broking and risk management solutions, recently concluded a three-day seminar at the Pegasus Hotel, Georgetown, with a series of stakeholders of the local insurance industry, from July 11to July13, 2019.
Marsh’s representatives [from left]: Aditya Khanna, Jack Swift, Denzel Mensah and Guy Cowan
Cowan, the Senior Vice President of Marsh JLT Specialty (a merger of Marsh and JLT), said that the purpose of the seminar was to inform the local insurance community and relevant stakeholders i.e. officials from Bank of Guyana, Environmental Protection Agency and Energy Department of how insurance can protect the assets of the developing oil and gas industry.
Cowan said that local insurance companies have typically not had to deal with the magnitude of revenue that will hit Guyana when oil starts pumping, and so it is necessary for them to develop their capacities to operate.
P&P Principal, Bishwa Panday, told Kaieteur News that he, cautious of the budding sector, asked Marsh to conduct a seminar with local companies.
The seminar, led by senior executives from Marsh’s London energy practice covered Risk Identification and Evaluation, Drilling Risks and Control of Wells, Upstream and Downstream Liabilities, Offshore Construction, Upstream Operational Insurance Offshore Business Interruption, Energy Policy Wordings and Claims, FPSO Insurance, Risk Management, and Downstream Operational Insurance.
The seminar was based on the Marsh/Chartered Insurance Institute accredited formal training programme for the oil and gas sector.
Cowan explained that Guyana is facing a high risk industry.
“The potential for catastrophic disasters is quite high. One of the things that insurance does is that it transfers risk away from the owners of the assets away, and to protect them. So that, in the event there’s an accident, people can be compensated.
“The Government of Guyana will be expecting revenues to flow from these activities and those, in turn, can also be protected.”
Asked whether Marsh intends to enter the local market, Cowan said, “We have clients coming in to the country, very shortly, both involved directly with the oil and gas industry and also with the service industry, [but] Marsh is not directly setting up…We have an association and affiliation with P&P Insurance Brokers.”
Panday explained that it has been affiliated with Marsh for 22 years. Hence, Marsh’s clients will be conducting business with P&P. Kaieteur News understands that Marsh is conducting business with major players in the oil sector.
Marsh JLT is a specialty business that was formed last year when Marsh acquired Jardine Lloyd Thompson (JLT).
“The energy and power practice places about 2000 policies a year and premiums paid to underwriters of around about $3B.”
But as Marsh McLennan Companies, “we have revenues of just under $17B.” Cowan said.
Marsh & McLennan Companies, Inc. is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting.
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