(MENAFN- Caribbean News Global) GEORGETOWN, Guyana, (DPI) – Guyana offers a promising outlook for local insurance companies, especially since the country continues to experience rapid development nationwide, as prime minister, Brigadier Mark Phillips made it clear that the insurance sector is poised to capitalise on the many opportunities ahead.

Delivering the keynote address Saturday evening, at the official opening of the Assuria Life and General Insurance Companies’ headquarters, Church Street, Georgetown, prime minister Phillips said the development signals the investors’ confidence in the nation’s financial sector, which has remained stable, and secure.

“In recognition of this important role in our country’s financial development, the government has taken steps through the Local Content Legislation to support the local industry in capitalising on the expanding economy, especially in the oil and gas sector,” he added.

Prime minister Phillips pointed out that the insurance industry is an integral part of Guyana’s economy, which has in the last five years accounted for 9.5 percent of the total assets of Guyana’s financial sector. He noted that insurance companies protect properties, lives, health, and even income.

“Yet the reality is that too many of our property owners do not have insurance. Too many of our citizens’ lives are not insured and only a fraction of our population benefits from pension schemes and health insurance,” prime minister Phillips highlighted.

To this end, he urged stakeholders in the insurance industry to educate the public on the benefits of being insured.

“I believe that there is a need for greater public education on this issue. The insurance companies and the Insurance Association of Guyana (IAG) should be encouraged to raise awareness about the necessity of having insurance,” the prime minister asserted.

Managing director, Yogindra Arjune; head of department for life/health/pension, Erwin Daniels, and chairman of