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The Local Insurance Industry is More than Capable

Nov 17, 2021 Letters

Dear Editor,

Kaieteur News – I refer to an article in another section of the press where it was stated that a Trinidad Insurance Broker has entered the local market. The article gives the impression that the local insurance industry is bereft of qualified persons and international linkages. Nothing can be further than the truth.

The insurance industry in Guyana is over 150 years old and has produced some of the leading and most qualified insurance personnel in the Caribbean, including former presidents of the Insurance Association of the Caribbean. The insurance broking industry in Guyana is over 50 years old with local brokers having experience of 50 years, 45 years etc. The local insurance broking industry has some of the most qualified people you can find in any insurance broking house anywhere including Fellows of the Chartered Insurance Institute (FCII), which is the leading English insurance qualification, Chartered Property and Casualty Underwriter (CPCU) which is the leading American Insurance Qualification, ARM and AINS – which are Risk Management and Insurance qualifications from the USA.

The local insurance broking industry has also been using, for over 50 years, Lloyds of London Brokers to place cover that the local companies cannot carry. As a matter of fact, the local insurance broking industry has been very proactive in the training and development of the local industry. In 2019, Marsh – the leading insurance broker in the world, in collaboration with its local partner here – ran an oil and gas seminar, not only for the local insurance industry but also for representatives of the EPA, the Bank of Guyana and the Ministry of Natural Resources. Another local broker brought in Arthur J Gallagher to discuss Oil and Gas insurance and to firm up strategic linkages. A local insurance company also brought in Willis to run a seminar.

So, Mr. Editor, the local insurance broking industry has been at the cutting edge with highly qualified and experienced personnel and strategic linkages to top broking houses in London and Houston. These local brokers have served the Guyanese well and I’m sure they are in a position to continue serving them well.

Regards

R. Dias

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