Latest update January 12th, 2025 12:13 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Local insurance industry capable of arranging any level of insurance for oil and gas contractors

Nov 24, 2021 Letters

Dear Editor,

Kaieteur News – The Insurance Association of Guyana [IAG] and the Guyana Insurance Brokers’ Association [GIBA] are the two representative bodies of the local insurance underwriting and intermediary industries. We have noted with extreme consternation the reported utterances of one, Mr. Arthur Deakin, purportedly an “International Consultant”, on matters pertinent to the latest draft of Guyana’s Local Content Policy [LCP]. (Kaieteur News November 22, 2021).
This gentleman, whose academic background is Political Science, has taken upon himself to pronounce upon the complex issues of “capacity” of the local insurance industry in opining that the latest Draft LCP was unrealistic, inter alia, with respect to Insurance.
The IAG and GIBA which represent virtually 100 percent of the local industry have never been consulted by Mr. Deakin. Nowhere within his reported utterances was it revealed what research was conducted as to the ‘capacity’ of the local insurance industry. Does he care to expand on what he understands to be Insurance Capacity within the complex context of the risk transfer mechanisms of Insurance, Reinsurance, and Retrocession? What did Mr. Deakin compute was the ‘capacity’ of the local industry versus the required ‘capacity’ that guided his conclusions? Maybe, Mr. Deakin would care to expand by directing us to where we may access his research.
It is beyond the scope of this letter to go into more technical detail. However, the IAG and GIBA have articulated to our LCP policymakers and insurance regulators our position as to what extent Guyana’s Oil and Gas [O&G] risks could be handled by the indigenous industry. We have presented to them our model for the best approach to LCP participation for the indigenous insurance industry.
In a nutshell, once our model is established, the local industry is easily capable of arranging any level of insurance our O&G contractors may wish. We may start out as intermediaries and small participants in actual risk retention, but nothing stops us from handling the gamut of insurance needs.
To this end, the IAG and GIBA members have already developed the necessary technical resources and established linkages with the world’s leading players in O&G Insurance, all of whom are ready and willing to work with us. The IAG and GIBA therefore roundly reject what is evidently uninformed and unscholarly opinion making, especially in relation to matters of crucial importance to local industries.
Sincerely,
Insurance Association of Guyana.
Guyana Insurance Brokers Association.

Similar Articles

The Glenn Lall Show | December, 2nd, 2024

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Savory, Persaud show class ahead of Regional C/ships with fifties

Savory, Persaud show class ahead of Regional C/ships with fifties

Jan 12, 2025

Guyana Harpy Eagles 4-Day practice match… Kaieteur Sports – Captain Kemol Savory and Akshaya Persaud stroked identical half-centuries during the 2nd innings of the Savory XI versus...
Read More
Spectators experience and playing standards high on the agenda says Minister Ramson

Spectators experience and playing standards high...

Jan 12, 2025

Archery Guyana’s 2024 Senior Barebow Open Officially Declared Open

Archery Guyana’s 2024 Senior Barebow Open...

Jan 12, 2025

Body of Chinese national who fell from new Demerara River bridge recovered

Body of Chinese national who fell from new...

Jan 11, 2025

Athanaze posts 98 as Windies start positively in tour match against Pakistan Shaheens

Athanaze posts 98 as Windies start positively in...

Jan 11, 2025

Youngsters seize opportunity, rubbing shoulders with Golden Jags star Omar Glasgow

Youngsters seize opportunity, rubbing shoulders...

Jan 11, 2025

Features/Columnists

  • Dem signs need calibrating

    Dem Boys Seh… Kaieteur News- Dem boys bin pass one of dem fancy speed meter signs wah de guvament put up fuh tell drivers... more

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]