Insurance for individuals, how about some more for the nation?

Jun 11, 2022 Editorial

Kaieteur News – Not for nothing is the PPP/C Government and its leaders viewed by Guyanese from many walks of life, including their own loyal supporters, as a smart bunch of cookies. In this context, ‘smart’ has little to do with brightness with schoolwork that Guyanese parents have long looked for and pushed for in their children and the record of their works that they bring home from school. No! ‘smart’ takes on that meaning associated with someone who is less than open, less than honest, less than credible, and one who is always seeking opportunities to pull a fast one, a dirty costly trick, on peers and neighbours. It is this kind of ‘smart’ that Guyanese are privy to observe in an area of the recent budget presentation for 2022 by the government, and it has to do with insurance.
In our usual blunt manner, we looked at the bigger picture, and then go to the heart of the matter: “Govt. talks up insurance in budget, but ignores coverage for ‘oil spill’ ” (KN January 28). There is no question that individuals and families in this country need life and medical insurance, which can be costly, and any provisions that offer incentive(s) for them to obtain such, with a lesser financial impact, would be most welcomed. This is one of the things that the government has in mind, and it has tabled some proposals in the current budget which does just that, meaning, give a helping hand to cushion the cost of expensive life and medical insurance. We are told by Finance Chief, Dr. Ashni Singh, that what his government has in mind is “to allow taxpayers a deduction from their chargeable income for premiums paid for life and medical insurance up to a maximum of 10 percent of their income or $30,000 monthly whichever is lower.”
We think that that is a meaningful incentive, which helps to reduce the taxable income of working citizens resulting in more money in their pockets to either spend or save, as their circumstances permit. Further, it puts some confidence enhancing insurance coverage and a needed security blanket in the hands of Guyanese that they don’t have to be afraid to visit a medical facility or practitioner, because of the charges. It helps them to defray expenses for health reasons that can be so costly, that it is out of reach for too many Guyanese. It is a good proposal, and one for which we have no hesitation in supporting.
Having made our position crystal clear on where we stand on budgetary proposals for life and medical insurance tax deductions for citizens, we question why the PPPC Government is so silent, so indifferent and distant, on something that could have potentially catastrophic consequences for wide sections of Guyana, if not the country as a whole. It is meaningful insurance coverage in the event of a disastrous oil spill in Exxon’s offshore operations in our seas, which could spread to other countries, and negatively impact their way of life. While the government is loud and proud and unstoppable with what is important to it, and what is dear to its own self-serving visions and interests, it leaders have been “deafeningly silent on insurance being demanded” from the parent of Exxon’s Guyana subsidiary.
It does not require an astronaut or an actuary to enlighten us Guyanese that we urgently need insurance coverage for any accidental oil spill that could really hurt us and our neighbours. It is not an exaggeration to think and say that any oil spill of significant proportions could undo all the oil income anticipated and, worse yet, leave us in the deepest of financial hole, from liabilities not covered. That is, being the target and ultimately responsible for unthinkable cleanup costs, and untold damages to some of those other societies that share this region with us.
We at this paper have led the local charge that calls on leaders of the PPPC Government to work tirelessly, honestly, and fearlessly to obtain comforting oil spill insurance for this nation from ExxonMobil. The President has ignored us and our calls. The Vice President, Guyana’s only oilman, has ignored us and dismissed us. Both are playing with disaster.

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