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Guyana

Life Report

Product Insurance Market Reports Life Rev Guyana

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Guyana's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Guyana's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Guyana

The Guyana life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Guyana.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Guyana and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Guyana’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Guyana is available.

Axco’s report describes the regulatory framework that applies to Guyana's domestic life insurance sector, including whether non-admitted insurance is permitted in Guyana; as well as the legislation necessary to know regarding Guyana’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Guyana with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Guyanan market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Guyana, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Guyanan pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Guyana report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Guyana Life and Benefits Report Extract

Below are brief extracts of information from the Guyana Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Guyana is one of the poorest countries in South America: there is a significant informal economy and little awareness as to the benefits of life insurance. Many families do not have sufficient resources to afford it. According Axco Global Statistics life written premiums represented USD 9.08 per capita in 2019.

Life market participants include both domestic insurers and local subsidiaries of insurers based in other countries. During June 2021 there were 17 registered insurance companies authorised to operate ....

Pensions

In Guyana the provision of state social security benefits, including an old age pension, is guaranteed by legislation for all people aged 16 to 60, gainfully employed in any profession. Other welfare benefits are provided for those in need and facing severe financial difficulties.

The state pension benefit is periodically reviewed by the government, although levels are acknowledged to be low by both the recipients and authorities ....

Healthcare

In Guyana the right to healthcare is guaranteed by Chapter II, Article 24 of the Constitution of the Co-operative Republic of Guyana which states that: "Every citizen has the right to free medical attention and also to social care in case of old age and disability".

There is a commitment to maintain universal public healthcare although there is an acknowledgement that the current system is deficient and lacking appropriate resources. State healthcare suffers with a shortage of facilities, equipment and trained personnel ....

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