Whether you are a foreign company entering Guyana for the first time or a diaspora investor establishing a local operation — this guide covers every insurance requirement, AML/CFT obligation, and coverage recommendation you need to know.
Guyana is a completely English-speaking country and all insurance law is English-based. As a result, virtually all insurance treaties are structured with London, and most insurance contracts use British wording rather than US wording.
The local market is comprised of eleven (11) registered insurance companies, of which three (3) are AM Best rated. Local net retention is relatively low — generally around 20% of most policies — with the remaining 80% placed by treaty to London markets.
Abdool & Abdool Inc. pays very close attention to prompt service and settlement of claims, and refers only competent, service-oriented, claim-friendly insurers to our clients.
The local Guyanese insurance market consists of eleven registered and licensed insurance companies.
Three of the eleven local insurers carry AM Best ratings — a key consideration when placing significant risks.
Local insurers typically retain approximately 20% of most policies, with 80% placed by treaty to London.
A 9% premium tax applies to coverage placed internationally via Special Broker's Licence. No tax applies to local placements.
The Guyana Insurance Act legally forbids direct placement of insurance with carriers not registered and licensed in Guyana — known as non-admitted carriers. Sections 40, 41, and 42 of the Act provide that no insurer not registered and licensed by the Office of the Commissioner of Insurance in Guyana may carry on business in Guyana.
This means that effectively all insurance must be placed with companies registered and licensed in Guyana — not directly with a foreign insurer, regardless of their size or reputation.
Sections 232–234 of the Insurance Act make allowance for cases where local insurers are unable to accept a risk due to lack of capacity or appetite. A local brokerage holding a Special Broker's Licence is empowered to place directly to London and other international markets in such cases.
Abdool & Abdool Inc. holds this Special Broker's Licence — one of the few brokerages in Guyana with this authority. We can place directly to global insurers when local capacity is insufficient.
There are only three types of insurance currently required by Guyanese statute:
Note: Legislation is under consideration for mandatory Pollution Liability and Professional Indemnity for accountants and attorneys.
Before any insurance coverage can be placed in Guyana, clients must satisfy the following AML/CFT due diligence requirements. These are legal obligations — not optional — under Guyanese law.
Information on the identity of all Directors, Beneficial Owners, Trustees (where applicable), and Shareholders holding more than 10% of paid-up share capital. Required documentation: a copy of one (1) National Identification Card or Passport for each relevant individual.
A utility bill issued within the last three (3) months from GPL (Guyana Power & Light), GWI (Guyana Water Inc.), or GTT (Guyana Telephone & Telegraph). The bill must be in the name of the individual or entity being verified.
A certified copy of the Certificate of Incorporation, Certificate of Continuance, and/or Business Registration. Articles of Incorporation must also be provided where applicable.
A copy of the company's Tax Identification Certificate (TIC) issued by the Guyana Revenue Authority (GRA). This confirms the entity's registered tax status in Guyana.
Completion and signing of the Customer Verification Form (CVF) as prescribed by the relevant regulations. This form must be signed by an authorised representative of the entity.
These requirements exist under Guyana's AML/CFT legislation to verify the identity and legitimacy of all insurance clients. Non-compliance means insurance coverage cannot legally be placed. We guide every client through this process to ensure smooth and timely coverage.
All AML/CFT documentation can be submitted digitally. For diaspora clients and foreign companies, we accept certified copies of international documents. Contact us to confirm acceptable formats for your specific situation.
Workers' compensation in Guyana operates through a compulsory government scheme called the National Insurance Scheme (NIS). All employed persons between ages 16 and 60 in insurable employment are covered on a compulsory basis.
Total NIS contributions are 14% of actual wages: 5.6% deducted from the employee's pay, and 8.4% paid by the employer. The wage ceiling is currently GYD $280,000/month or GYD $64,615/week.
NIS provides disability income for workplace injury, a small pension benefit, and long and short-term disability benefits. However, NIS does not cover the employer's legal liability for bodily injury, death, or property damage suffered by an employee arising from employer negligence.
Critical gap for foreign companies: Guyana's litigation environment is increasingly active, and foreign-based companies are generally perceived by litigants and attorneys as having deeper pockets. Employer's Liability cover is strongly recommended — and considered imperative by most corporate attorneys — even though it is not legally required.
Covers employees 24 hours a day, on and off the job. Benefits include:
Note: GPA does not cover medical expenses arising from illness.
Operates 24 hours and can be extended to cover employees' dependents. Includes:
Group life sums assured typically around 2× salary (ordinary death) and 4× salary (accidental death/dismemberment). NIS website →
Based on our experience placing coverage for new and foreign businesses entering Guyana, the following programme is recommended as a baseline. Individual requirements will vary by industry and operation.
On all property, equipment, machinery, tenant improvements, stock, and goods in care, custody, and control of the insured (including vehicles being repaired, etc.).
Covers loss of revenue and additional costs when your business cannot operate normally following an insured property damage event.
Minimum USD $1M any one loss/incident and in the aggregate. Covers legal liability for injury to third parties or damage to their property arising from business activities.
Minimum USD $1M any one loss/incident and in the aggregate. Not legally required but considered imperative, particularly for foreign companies, given Guyana's increasingly litigious employment environment.
For all company-owned vehicles. Third party liability limits of no less than GYD $3M per accident and GYD $5M in the aggregate. An Excess Motor Liability Policy of USD $1M+ is recommended alongside.
Required terms depend on shipping conditions (FOB, CIF, etc.). Marine cargo cover should be structured to reflect the specific terms of shipment.
Particularly important for stock moving between bonded warehouses and business premises — a high-risk phase of the supply chain in Guyana.
A high exposure in Guyana. Cover for cash on premises and in transit is strongly recommended for any business handling significant cash volumes.
A high exposure in Guyana. Protects against employee dishonesty, theft, and fraud — a real and significant risk in any business with staff handling assets or finances.
Group life and health coverage for all staff. Five local insurers provide group life and health coverage, each with their own medical network. Benchmarking across the full market ensures the best rates and conditions.
For businesses offering financed purchases, discounted rates may be negotiated with a preferred insurer to ensure consistency of coverage and appropriate loss payable clauses.
Companies bringing expatriate staff to Guyana should specifically address how expats are covered while resident in-country, as this is a separate and distinct exposure not covered by standard local policies.
Once your business is established in Guyana, a Group Pension Scheme is one of the most powerful employee retention tools available. Guyana's competitive labour market — particularly in the energy sector — makes a pension scheme a significant differentiator as an employer.
Pension schemes in Guyana follow specific regulatory rules. Abdool & Abdool Inc. writes pension schemes from scratch, structuring the programme to meet your organisation's specific objectives and workforce profile.
Discuss a Pension SchemeFor businesses offering financed products, we can negotiate discounted insurance rates with preferred insurers to accommodate consumer credit facilities — ensuring consistency of coverage and appropriate loss payable clauses in favour of your business.
From AML/CFT documentation through to a full insurance programme — we handle the entire process. Book a free New Business Consultation.