With the aim of expanding its footprint in the Guyanese economy, Surinamese insurance company, Assuria formally opened its modern $1b head office yesterday.
Situated at the corner of Church and Carmichael streets, towering five stories tall over nearby wooden structures, the concrete and steel edifice was highlighted as the company’s long-term commitment to the country.
In attendance at the opening ceremony last evening were Prime Minister Mark Phillips; Dr Ashni Singh, Senior Minister in the Office of the President with responsibility for Finance; Ambassador of Suriname to Guyana, Liselle Blankendal and Assuria business executives, among others.
Filling the gap left by the collapse of Clico, Assuria entered the Guyanese market in 2012 with a staff of four.
With the number of staff climbing to over a hundred now and with some nine branches across Guyana, Assuria according its forecast, listed itself as one of the top three insurance companies here with some 20,000 clients.
Speaking at the ceremony, Chairman of the Assuria Company, Mario Merhai said that by now they have filled the gap which Clico left and have expanded.
“With our investment into Guyana looking back, with the local Assuria we successfully filled that gap and increasingly continue to provide security to the Guyanese society. To date we grew a healthy balance sheet, we invested into the local economy and attracted and grow local talents”, he said.
Merhai said that added to the investment and talent, the building when it was thought of, focused on the future of Guyana and presents a modern outlook.
The building he said is also testimony to the company’s confidence in the economy.
Prime Minister Phillips stressed the need for such confidence in the economy and said that Guyanese need to learn the value of being insured.
Phillips said that from time to time, tragedy may strike with fire or some other disaster and later it would be found out most of the time that insurance would have never been a conversation in the head of the majority of Guyanese.
As a result, PM Phillips stated that in most cases persons are left to seek support from the public or from the Government.
Phillips said this practice much be stopped and if not all Guyanese, the majority must be insured since there is a likelihood of a serious misfortune at least once in a person’s life.
Phillips posited that Government will be enacting legislation to ensure that most or all Guyanese are insured.
“Our Government is going to address this issue. Persons are spending millions of dollars to purchase motor vehicles but are only prepared to spend the bare minimum on insurance premiums to cover any liabilities which their negligence would have incurred. Person using the roads must have adequate insurance coverage. Legislation will be passed to ensure that this happens”, Phillips asserted.
The Prime Minister explained that there must be a situation in which all Guyanese can see themselves having insurance and there is a likelihood that the legislation will address such.
“We cannot afford to be ambivalent towards insurance. Every property owner in Guyana should have adequate insurance to cover the value of the property. Premiums should not serve as a disincentive to take out insurance because the more persons purchase insurance the wider the spread of risk and therefore rates should decline”, Phillips said.
The PM said that the onus is on the insurance companies and related bodies to inform the public of the importance of having insurance.
“I believe that there is a need for greater public education on this issue. The insurance companies and insurance association should be encouraged to raise awareness of the necessity of having insurance”, Phillips said.
