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Int’l insurance giant hosts seminar with local firms
A global multinational risk management, insurance brokerage and insurance advisory firm, Willis Towers Watson (WTW), yesterday conducted a seminar with a series of local and regional insurance firms to build their capacity to provide coverage for the oil and gas sector, at the Marriot Hotel.
The firm has a longstanding relationship with Assuria, of 11 years, an insurance company that has been operating in Guyana for about seven years.
Speaking to Kaieteur News before the seminar, WTW’s Facultative Reinsurance Broker for the Caribbean Region, Luke Reeve-Tucker, explained that his team focuses on providing re-insurance. This type of insurance is purchased by an insurance company to ensure that it protects itself from the risk of major claims events of a significant and overwhelming nature, as would be the case if an oil spill occurs.
WTW already supports Assuria’s re-insurance needs for business in Guyana, Suriname and Trinidad & Tobago, where Assuria has set up shop.
Yesterday’s seminar focused specifically on WTW’s background and the products it offers which could be useful for firms hoping to provide service for businesses in the Petroleum Sector.
“We’re here to support them and their clients with our global expertise in those endeavours.” Reeve-Tucker told Kaieteur News.
Within that company, a department which places exclusive focus on oil and gas insurance needs is hosted.
It boasts industry experience and expertise that could benefit local insurance firms, as insurance within the context of the oil and gas sector is a very niche business.
“We have access to markets worldwide… [including in the US, UK, and South America, so what we bring] to the domestic market here is going to be very important in terms of what they can offer their client base here and in the future for the oil and gas industry.”
Aside from its partnership with Assuria, Reeves-Tucker said that WTW is working with a growing number of local companies.
Providing insurance for the oil sector is a monumental task.
WTW is touted as the third largest insurance broker in the world, with offices in about 140 countries, worldwide.
A representative for another major global insurance firm, Marsh JLT, told Kaieteur News earlier this year 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.
That company also conducted a seminar earlier this year with a serious of Petroleum sector stakeholders where they were educated about how they can navigate the market wisely.
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