Diamond Insurance contributed significantly to Guyana’s economic landscape, insurance industry over last 25 years – Min. Singh

Diamond Fire and General Insurance Inc. is being lauded for its significant contribution to Guyana’s economic landscape and the advancement of the local insurance industry over the past 25 years.  The local insurance company celebrated its 25th anniversary with a reception on Saturday evening at the World Trade Center, Georgetown.

Delivering feature remarks at the event, Finance Minister Dr Ashni Singh “…underscored that Diamond Insurance emerged 25 years ago in response to prevailing economic and market circumstances at the time, and has contributed significantly to the economic landscape and the insurance industry in particular over the years.”

In much the same matter, Dr Singh reiterated that as Guyana traverses the current period of economic transformation, the conditions are ripe for Diamond Insurance to be very much a part of and continue to contribute significantly to the country’s economic story for the next 25 years and beyond.

The Finance Minister further noted that extraordinary rates of economic growth, anticipated to be sustained well through the end of this decade, alongside the Government’s aggressive policy posture to ensure a widely diversified non-oil economy, are driving the emergence of a new private sector and household sector.

This expansion, he added, is generating demand for insurance products at a size, scale, and level of sophistication that simply did not exist a decade or two ago.

Minister Singh further highlighted that as the economy expands rapidly and investor confidence surges, more people are doing business than at any other point in Guyana’s history.

“With more citizens actively employed, earning more, saving more, and investing more, there remain significant opportunities for expansion in the use of insurance products as a key element in the risk management armoury available to both businesses and households, and encouraged the industry to pursue these opportunities more aggressively,” he stated.

Nevertheless, the minister, on behalf of His Excellency President Dr Irfaan Ali and the Government of Guyana, extended congratulations to the Chairman, directors, management, and staff of Diamond Insurance on the proud attainment of their 25th year of operation. He also commended the company for its outstanding service to the nation and conveyed best wishes for continued success over the next 25 years and beyond.

Moreover, Dr Singh also took the opportunity to salute the visionary role played by the founding Chairman of Diamond Insurance, the late Dr Yesu Persaud. Also delivering remarks at Saturday’s event was the current Chairman, Komal Samaroo.