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Guyana, South America

LIST OF INSURANCE COMPANIES IN GUYANA

Guyana, Caribbean​​ – World Insurance Companies Logos​. By clicking on the logo of each Guyanese insurance company can obtain a set of update information that each insurer offers via the Internet.

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Guyana press

INSURANCE 

This section of the website is intended to provide information on various aspects relating to insurance supervision and for use by industry participants in familiarizing themselves with the most recent developments regarding supervision and guidance.

The primary function of the Insurance Act is the protection of insurance policyholders. This manifests itself in various forms, covering the operations of insurance companies including financial security companies and proper management and conduct, e.g., requiring timely claims settlements and meeting reasonable expectations. The Act also covers other insurance intermediaries.

Financial security for policyholder protection is reinforced by requirements for companies to hold sufficient assets in trust on behalf of their policyholders and for trustees of these funds to report on a regular basis to the Commissioner. Off-site supervision of companies is done primarily through comprehensive reporting requirements on the company’s business activities.

The principles of good corporate governance are reinforced under the provisions of the Act which also provides the regulator with the power to intervene and if necessary, cause the windup of an insurance Firm for policyholder protection.

Insurance brokers, individual and corporate agents and all forms of insurance intermediaries also fall under the supervision of the Commissioner.

In summary, the Act provides the OCI with a mandate to regulate all forms of insurance participation, including on-going financial well-being and market conduct as well as the handling of complaints.

ECONOMY OF GUYANA

​The main economic activities in Guyana are agriculture (production of rice and Demerara sugar), bauxite mining, gold mining, timber, shrimp fishing and minerals. Chronic problems include a shortage of skilled labor and a deficient infrastructure. In 2008, the economy witnessed a 3% increase in growth amid the global economic crisis, grew an impressive 5.4% in 2011 and 3.7% in 2012.

Until recently, the government was juggling a sizable external debt against the urgent need for expanded public investment. Low prices for key mining and agricultural commodities combined with troubles in the bauxite and sugar industries, had threatened the government’s tenuous fiscal position and dimmed prospects for the future. However, the Guyanese economy has rebounded slightly and exhibited moderate economic growth since 1999, thanks to an expansion in the agricultural and mining sectors, a more favorable atmosphere for business initiatives, a more realistic exchange rate, fairly low inflation, and the continued support of international organizations.

The sugar industry, which accounts for 28% of all export earnings, is largely run by the Co. Guysuco, which employs more people than any other industry. Many industries have a large foreign investment. For example, the mineral industry is heavily invested in by the American Co. Reynolds Metals and the British-Australian Rio Tinto’s Rio Tinto Alcan subsidiary; the Korean/Malaysian Barama Co., has a large stake in the logging industry.

The production of balatá (natural, latex) was once big business in Guyana. Most of the Balata bleeding in Guyana took place in the foothills of the Kanuku Mountains in the Rupununi. Early exploitation also took place in the North West District, but most of the trees in the area were destroyed by illicit bleeding methods that involved cutting down the trees rather than making incisions in them. Uses of balatá included the making of cricket balls, the temporary filling of troublesome tooth cavities, and the crafting of figurines and other decorative items (particularly by the Macushi people of the Kanuku mountains).
​From Wikipedia

Guyana, South America​​ – World Insurance Companies Logos