Surinamese general and life insurance company, Assuria is now expanding its operations in Guyana.

The move comes nine years after the company invested in Guyana. The Surinamese general and life insurance company has just decided to move ahead with the construction of its G$800 million headquarters on Church and Carmichael Streets in in the capital, Georgetown.

The company hosted a ceremony on Wednesday for the five-storey modern building. Local construction company, Nabi Construction Inc has been assigned the contract to construct the facility, which is expected to be completed within 14 months.

New branch to be opened

So far, there are eight Assuria branches countrywide with a new branch to be opened in Essequibo, Region Two (Pomeroon-Supenaam) soon. Assuria’s Managing Director, Yogindra Arjune was elated at the expansion in Guyana.

According to Arjune, “This is indeed a high point in our Assuria Guyana’s history. This modern building is being constructed to highlight that we are here to stay and contribute to the development of Guyana.”

The managing director emphasised that Assuria is ISO certified and provides international best quality services and products. He promised that the company will continue to deliver exceptional products and services to Guyana.

“…With this building, we can continue to provide that service in a better and more comfortable environment to all stakeholders,” Arjune noted in his brief remarks at the ceremony.

Delivering the keynote address at the ceremony was Finance Minister, Dr Ashni Singh, who stated that Assuria’s entry into Guyana continues to be viewed as a very positive thing for the insurance sector. He said the construction of its headquarters in Guyana is a significant and tangible investment.

Assuria demonstrating confidence in Guyana

“Once again by Assuria’s decision to construct its own headquarters in Guyana, you are demonstrating as you did in 2012, your confidence and optimism as it relates to the Guyanese market and Guyanese economy,” Dr Singh said.

According to Singh, insurance is vital to any company and household risk management tool kit.

Dr Singh urged citizens to think about the risks they face and what insurance services are available to help mitigate those risks.

“There are a lot of people in Guyana who believe perhaps that insurance is a thing you can do without or you take the absolute minimum insurance that is required because you must have insurance,” said the minister.

As such, he called on the insurance sector to do more to educate people about the importance of insurance. The insurance sector was encouraged to focus on innovation and introducing new insurance products for businesses and households.

Meanwhile, Dr Singh lauded Assuria for expanding its operation at the regional level and urged domestic companies in Guyana to look beyond the local domestic market space.

He stated that, “there is nothing to stop, just as Assuria spotted an opportunity in Guyana, there is nothing to stop Guyanese companies looking beyond Guyana.”

“There are good business opportunities outside of our domestic economic space outside of the confines of our domestic economy,” Singh continued.

With the booming oil and gas industry, Guyana remains a hotspot for international and regional business and investment interests.

According to Dr Singh, the country will remain a welcoming environment for international and regional companies. He concluded by urging the international business and investor community to look at the business opportunities and investment opportunities that are in Guyana.