Guyana Insurance Industry – Key Trends and Opportunities to 2026
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The Guyana insurance market size was $73.7 million in 2021. The market is expected to grow at a CAGR of more than 8% from 2021 to 2026.
The Guyana insurance market research report provides a detailed outlook by product category for the Guyanese insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium ceded, profitability ratios, and premium by line of business, during the review period and forecast period. The report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Guyanese economy and demographics. Moreover, it provides detailed information on the competitive landscape in the country and includes details of insurance regulations and recent changes in the regulatory structure.
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Key Guyana Insurtech Deals & Developments
Assuria added a new service of providing health and life claim support through Whatsapp or via calls. Now, customers can send pictures and documents through Whatsapp support, as well as get their queries resolved through calls. Assuria General (GY) Inc. has also introduced a new motor insurance coverage plan, where the premium is reduced based on the customer driving safely. As the number of years the motor vehicle is used without a claim increases, the discount in the deductible will also increase. This applies to both existing and new customers.
Key Segments in The Guyana Insurance Market
The key segments in the Guyana insurance market are life insurance and general insurance.
Life Insurance Market in Guyana: The life insurance segment has invested hugely in advertising campaigns and digitalization, such as online payments and electronic claims settlement to increase the product’s awareness, as well as to tap into the general population in the market.
General Insurance Market in Guyana: The Guyana insurance industry was dominated by the general insurance segment in 2021. Property insurance was the leading line of the general insurance segment followed by motor insurance.
Guyana Insurance Market Analysis by Segments
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Leading Companies in The Guyana Insurance Market
Some of the leading insurance companies in Guyana are Demerara Mutual Life Assurance Society Limited, The Guyana and Trinidad Mutual Life Insurance Company Limited, Hand-in-Hand Mutual Life Assurance Company Limited, North American Life Insurance Company Limited, Assuria Life (GY) Inc., Caricom General Insurance Company Inc., and G.C.I.S. Incorporated. The Guyana and Trinidad Mutual Life Insurance Company Limited was the leading insurance company in Guyana in 2020.
Guyana Insurance Market Analysis by Companies
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Guyana Insurance Market Report Overview
Market Size (2021) | $73.7 million |
CAGR (2021 to 2026) | >8% |
Key Segments | Life Insurance and General Insurance |
Leading Companies | The Guyana and Trinidad Mutual Life Insurance Company Limited, Demerara Mutual Life Assurance Society Limited, Hand-in-Hand Mutual Life Assurance Company Limited, North American Life Insurance Company Limited, Assuria Life (GY) Inc., Caricom General Insurance Company Inc., and G.C.I.S. Incorporated |
Scope
This report provides a comprehensive analysis of the Guyanese insurance industry –
- It provides historical values for the Guyanese insurance industry for the report’s review period, and projected figures for the forecast period.
- It offers a detailed analysis of the key categories in the Guyanese insurance industry, and market forecasts to 2026.
- It profiles the top life 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 the Guyanese insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Guyanese insurance industry.
- Assess the competitive dynamics in the Guyanese insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Demerara Mutual Life Assurance Society Limited
Hand-in-Hand Mutual Life Assurance Company Limited
North American Life Insurance Company Limited Assuria Life (GY) Inc.
Caricom General Insurance Company Inc.
G.C.I.S. Incorporated
Massy United Insurance Ltd
Al - Aqeelah Takaful Insurance Company
Syrian International Insurance Company - Arup Syrian Islamic Company
Table of Contents
Frequently asked questions
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What was the Guyana insurance market size in 2021?
The insurance market size in Guyana was $73.7 million in 2021.
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What is the Guyana insurance market growth rate?
The insurance market in Guyana is expected to grow at a CAGR of more than 8% from 2021 to 2026.
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What are the key segments in the Guyana insurance market?
The key segments in the Guyana insurance market are life insurance and general insurance.
-
Which are the leading companies in the Guyana insurance industry?
Some of the leading companies in the Guyana insurance industry are The Guyana and Trinidad Mutual Life Insurance Company Limited, Demerara Mutual Life Assurance Society Limited, Hand-in-Hand Mutual Life Assurance Company Limited, North American Life Insurance Company Limited, Assuria Life (GY) Inc., Caricom General Insurance Company Inc., and G.C.I.S. Incorporated.
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