… Companies need to market insurance products better
Many homeowners and businesses in Guyana pay little attention to insuring their assets. They fail to realize the dire consequences they might face in the event of some unfortunate event.
The Senior Minister with responsibility for Finance, Dr Ashni Singh, on Wednesday acknowledged this trend, and urged stakeholders to reevaluate their position to deal with such losses. At a turf-turning event for the new Assuria HQ, he emphasized that most people tend to reconsider their options after standing up for a calamitous experience like death, or fire, which can affect an entire family.
“I want to say in the most emphatic terms possible that insurance is an essential stable in any company’s and any household’s risk management toolkit. You can’t talk about risk management, either from a business or even a home perspective, without considering the importance of insurance, ”he explained.
The minister acknowledged that often, the minimum insurance cover is taken to comply with legal requirements.
“When you have a disaster, you discover the dire strand you are in; in the same way as businesses. This is not just unique to households, it is something that businesses face as well. Sometimes you think you might be saving by taking out the absolute minimum insurance. We take the absolute minimum just to pass, or the law says we have to have some minimum insurance. “
However, a closer look shows that insurance helps mitigate risks that cannot be eliminated at home or business level. Guyanese were advised to get their assets properly secured – a viable decision against any catastrophic event.
“You may not appreciate the importance of insurance until you consider, at home level, what happens to your family if you experience a calamitous experience … I want to encourage all Guyanese businesses and households to pause and look long and hard on the risks you face and how you can mitigate those risks using insurance products, ”Singh shared.