At the 22nd Annual Insurance Education Conference hosted by the Insurance Institute of Guyana, Finance Minister Dr. Ashni Singh emphasized the favorable economic climate in Guyana, urging local and regional insurance companies to capitalize on emerging prospects.
Dr. Singh underscored the need for insurance professionals to extend coverage to new services that are emerging in Guyana amidst the country’s significant economic transformation.
He particularly pointed to the expanding oil and gas sector, highlighting the demand for comprehensive insurance coverage for various services, businesses, and equipment.
The Finance Minister encouraged innovation within the industry to adapt to the evolving landscape, while he also acknowledged the rise in disposable income and the increasing number of foreign nationals in the country, suggesting a growing need for life insurance at higher premium rates.
Melissa Gallego, President of the Association of Insurance Institutes of the Caribbean, emphasized the importance of continuous education for insurance professionals.
She stressed that amidst global challenges, customers will have higher expectations, and only through ongoing education can the industry meet those demands effectively.
The Annual Caribbean Insurance Conference serves as a collaborative platform for various stakeholders in the Caribbean insurance industry, including regulatory authorities, educational institutes, and actuaries.
This year’s event, held under the theme “Insurance and the Economy: Overcoming Emerging Challenges,” provided a valuable forum for knowledge exchange and strategic discussions.
Seizing the opportunities presented by Guyana’s flourishing economy remains a focal point for the insurance sector, and the insights shared at the conference will likely play a pivotal role in shaping the industry’s future trajectory.
Reported by Josiah Williams for NCN News