Guyana

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.

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.

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

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 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 ....

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 ....

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 ....