Multi-billion T&T Insurance Company opens in Guyana

[www.inewsguyana.com] – Investors’ confidence continues to be reflected in Guyana’s economy as yet another multi-billion dollar company opens shop. The Guyana branch of the Trinidad and Tobago (T&T) based company – New India Assurance – officially opened its door on April 30, with a grand ceremony at the Guyana Marriott Hotel.

The insurance company’s vision is “to be an industry leader that provides world-class general insurance services.” Among the classes of business offered by the company are motor (private and commercial), fire and special perils, business interruption, homeowners/householders comprehensive, contractors’ all risk, plate/glass, all risk (valuables and equipment), burglary, public liability, product liability, travel insurance and personal accident.

Speaking at the ceremony, Company Managing Director, Jyoti Kumar Garg pointed out that it is of utmost pleasure for the company to re-enter Guyana.

He said, “it is indeed a great pleasure to be in Guyana on this very auspicious occasion, which marks the re-entry of the New India Assurance Company Limited in this beautiful land.”

Further, he recognised the significant developments that have taken place over the years. “We must admit that significant economic developments have taken place over the years, and we are happy to become part of that growth trajectory in the years ahead,” he added.

In lauding the progress of the country, Garg reiterated that, “business growth appears to have been stimulated as we witness what appears to be an increased number of vehicles, both new and foreign used, entering the market. We are also seeing quite a number of new buildings and housing communities in urban districts and along the city boundaries of Georgetown.”

Turning his attention to the company’s office which will be located at 58 Brickdam, Georgetown, the Director pointed out that since the company believes in providing “world-class general insurance services,” it is working on the implementation of new information technology software that will provide real time benefits to the clients.

In addition, he pleaded the company’s commitment to and confidence in the local market, and to make contributions to the economic growth and development of Guyana.

Meanwhile, Minister of Finance Dr. Ashni Singh, in brief remarks, welcomed the company back to Guyana.

He added that if the growth that the country has seen over the past decade continues the same way, then it is only natural that the company will see its decision to re-enter the economy as a most appropriate and worthwhile one.

The company is hoping to have its first set of clients before the end of the month. New India Assurance came into the Caribbean more than 60 years ago, beginning with its agency model, and in 1966, was incorporated and began operations as a branch office in T&T.

This company is a subsidiary of the New India Assurance Company Limited, in Mumbai India, a multi-national state owned non-life insurer that was founded in 1919.

It is one of the largest insurance companies in the Afro-Asian region. It had a global premium of US$2.3 billion, net assets of US$7.7 billion and net worth of US$1.4 billion at the end of 2013.

It is also rated A-, by the AM Best (A.M. Best Company provides news, credit ratings and financial data products and services for the insurance industry). The operations in India extend across a network comprising 28 regional offices, 5 large corporate offices, 400 divisional offices, 614 branch offices and 555 micro offices with an employment head count of 19,000. [Extracted and modified from GINA]