Further, he recognised the significant developments that have taken place over the years. “We must admit that significant economic developments have taken place over the years, and we are happy to become part of that growth trajectory in the years ahead,” he added.

In lauding the progress of the country, Garg reiterated that, “business growth appears to have been stimulated as we witness what appears to be an increased number of vehicles, both new and foreign used, entering the market. We are also seeing quite a number of new buildings and housing communities in urban districts and along the city boundaries of Georgetown.”

Turning his attention to the company’s office which will be located at 58 B Brickdam, Georgetown, the director pointed out that since the company believes in providing “world-class general insurance services,” it is working on the implementation of new information technology software that will provide real time benefits to the clients.

In addition, he pleaded the company’s commitment to and confidence in the local market, and to make contributions to the economic growth and development of Guyana.

Meanwhile, Minister of Finance Dr. Ashni Singh, in brief remarks, welcomed the company back to Guyana. He said that “it is a pleasure to welcome back the New India Assurance Company given that New India is by no means new to Guyana … having been in Guyana for a number of years, until the Guyanese economy encountered some of its most difficult years.”

He added that if the growth that the country has seen over the past decade continues the same way, then it is only natural that the company will see its decision to re-enter the economy as a most appropriate and worthwhile one.

New India Assurance Company Ltd’s Managing Director, Jyoti Kumar Garg addressing the gathering at the company’s inauguration ceremony

The minister further assured the company on behalf his government, the People’s Progressive Party Civic (PPP/C) administration, they will all continue to work to maintain and further enhance the conditions that they have created, to build and further enhance the conditions that are appropriate to businesses.

He also pointed out that his administration has worked to move the country from a state where almost all the state financial institutions were state owned, to a place where they are all privatised.

Minister Singh also spoke of the strength of the economy due to the hard work of the PPP/C administration.  He pointed out that the growth in the country’s economy has accelerated significantly, irrespective of the effects of the recent global financial crisis.

While most economies in the region contracted during the 2008-2009 crises, the Guyanese economy recorded an average growth rate of four percent.

The company is hoping to have its first set of clients before the end of the month.

Minister of Finance Dr. Ashni Singh delivering his remarks at the New India Assurance Company’s inauguration ceremony at the Marriott Hotel

Company background

New India Assurance came into the Caribbean more than 60 years ago, beginning with its agency model, and in 1966, was incorporated and began operations as a branch office in T&T.

This company is a subsidiary of the New India Assurance Company Limited, in Mumbai India, a multi-national state owned non-life insurer that was founded in 1919.

It is one of the largest insurance companies in the Afro-Asian region. It had a global premium of US$2.3 billion, net assets of US$7.7 billion and net worth of US$1.4 billion at the end of 2013.

It is also rated A-, by the AM Best (A.M. Best Company provides news, credit ratings and financial data products and services for the insurance industry). The operations in India extend across a network comprising 28 regional offices, 5 large corporate offices, 400 divisional offices, 614 branch offices and 555 micro offices with an employment head count of 19,000.