Guyana Insurance Industry – Key Trends and Opportunities to 2026

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

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.

Guyana Insurance Industry

To gain more information on the Guyana insurance market forecast,  download a free report sample

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

 Guyana Insurance Market Analysis by Segments

For more segment insights, download a free report sample

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

 Guyana Insurance Market Analysis by Companies

To know more about the leading companies, download a free report sample

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.

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.
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

Table of Contents

Executive Summary

Economy Overview Regulatory and Compliance

Key Market Trends

Life Insurance Overview

Penetration and Growth

Premiums and Trends General Insurance Overview

Penetration and Growth

Premiums and Profitability

Lines of Business Breakdown

Competitive Landscape Competitors Profile Reinsurance Overview

Reinsurance Ceded Premiums

Reinsurance Regulatory and Compliance

Appendix

Frequently asked questions

Guyana Insurance Industry – Key Trends and Opportunities to 2026 thematic reports
Currency USD
$1,450

Can be used by individual purchaser only

$2,900

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Guyana Insurance Industry – Key Trends and Opportunities to 2026 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS

Related reports

View more Insurance reports
Financial Services
New
Augmented Reality (AR) in Banking - Thematic Intelligence
$995 | March 2024
Financial Services
New
Belgium Cards and Payments - Opportunities and Risks to 2028
$2,750 | March 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Guyana Insurance Industry – Key Trends and Opportunities to 2026 in real time.

  • Access a live Guyana Insurance Industry – Key Trends and Opportunities to 2026 dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.