The total gross written premium of the insurance market in Guyana was valued at $416.1 million in 2020. The insurance market has grown rapidly in the country over the review period and is further projected to grow at a CAGR of more than 7% during the period 2021-2025. The insurance penetration of life segment has remained much higher than developed countries. The life insurance segment is expected to grow at faster pace during the forecast period, with the pension category leading the segment.
Overview of the insurance market in Guyana
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What are the market dynamics in the insurance market in Guyana?
Guyana, traditionally an agriculture-based economy, registered a real GDP growth rate of more than 40% in 2020, supported by the country’s energy sector and the vast amounts of offshore oil discovery. Due to the outbreak of the COVID-19 pandemic, in 2020 the Bank of Guyana’s initial regulatory measures were extended until June 2021. Despite fluctuations in the global financial environment and potential risks due to the pandemic crisis, the industry sustained without any negative impact.
Digitalization is still at a nascent stage in the country. However, the challenges posed by the COVID-19 pandemic has led insurers to focus on reengineering the obsolete processes and maximizing the use of electronic channels to provide products and services.
Oil and rig insurance
Guyana has been pinpointed as the oil and gas industry’s next hotspot, following numerous offshore oil discoveries. According to the International Trade Administration (ITA), Guyana attracted several international oil and gas companies, including ExxonMobil, Ess, Hess, Repsol, Anadarko and Eco-Atlantic in 2021. Guyana’s Ministry of Natural Resources continues to process the company’s exploration applications.
Telemedicine has gained prominence in the Guyanese insurance industry, mainly due to the outbreak of the COVID-19 pandemic and the socio-economic restrictive measures imposed by the government. The implementation of Information System for Health (IS4H) project, promoted by Pan American Health Organization (PAHO), was one of the key reasons for the expansion of telemedicine in the country. The project was announced in February 2018, to initiate e-healthcare in the country and cover areas of the operations of the center from patient registration, triage, consultations and examination and prescription orders.
What are the segment classifications in Guyanese insurance market?
In the life insurance, pension was the largest segment sfollowed by other life insurance.
In 2020, early pension withdrawals increased to 42% due to the prolonged vesting period, including a lack of portability provisions and locking-in period in pension schemes, which in turn leads to the limited coverage of the insurance class. The pension fund investments were highly vulnerable to the market risk due to low returns and decreased local investment opportunities in 2020, according to the Bank of Guyana. Given the uncertainty of the pandemic, and its impact on developed markets, the industry was expected to grow moderately in 2021, according to the Bank of Guyana.
Who are the major market players in the insurance market in Guyana?
In 2020, Caricom General Insurance was the leading market player in the life insurance market in Guyana followed by Demerara Mutual, and Assuria.
Life insurance market in Guyana, by key players
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Market report scope
|Market size (Year – 2020) -Insurance||$416.10 million (Gross Written Premiums)|
|Growth rate – Insurance||CAGR of more than 7% from 2021 to 2025|
|Base year for estimation||2020|
|Market Segments||Pension and other life insurance|
|Key players||Caricom General Insurance, Demerara Mutual, Assuria and others.|
This report provides a comprehensive analysis of the insurance market in Guyana.
- Provides historical values for Guyana’s insurance segment for the report’s 2016-2020 review period, and projected figures for the 2021-2025 forecast period.
- Offers a detailed analysis of the key categories in Guyana’s insurance segment and market forecasts to 2025.
- Profiles the top insurance companies in Guyana and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to Guyana’s insurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Guyana’s insurance segment.
- Assess the competitive dynamics in the insurance segment.
- Identify growth opportunities and market dynamics in the insurance segment.
Caricom General Insurance Company
Demerara Mutual Life Insurance Society Ltd.
Table of Contents
Table of Contents
Regulatory and Compliance
Key Market Trends
Life Insurance Overview
Penetration and Growth
Premium and Density Trends
Regulatory and Compliance
Frequently Asked Questions
The total gross written premium of the insurance market in Guyana was valued at $416.10 billion in 2020.
The insurance market in Guyana is projected to grow at a CAGR of more than 7% during the period 2021-2025
Key segments in Guyana’s insurance market include pension and other life insurance.
Key players in the insurance market include Caricom General Insurance, Demerara Mutual, and Assuria.