How would you describe the current state of Suriname's insurance industry? What trends, opportunities, and challenges are shaping its future?
I think that insurance penetration in the country is still relatively low, similar to other territories in the Caribbean and Latin America. So to that extent, there is enough room to grow, but there is also a link with disposable income and the state of the economy. The current state of the insurance industry is a reflection of the economy and the country as a whole. Suriname is a developing nation, and our insurance sector is also developing. We have four active players in the industry, mostly offering general insurances and health insurances. Out of those, two companies also provide life insurance and pensions.
Assuria is the leading company in the industry. Overall, we hold about 40% of the market share, but that varies depending on the line of business. For instance, in life insurance and pensions, our market share is closer to 70%, possibly even 80%. This is because we are a major provider of group pension insurance, as well as life insurance for individuals securing their future, bank mortgages, and other financial coverage needs.
The insurance products we offer are comparable to those in the rest of the Caribbean and the world. This includes general insurance, life insurance, pensions, and investment-linked products.
Trends in Suriname follow global trends as well. For example, our regulator is actively developing new frameworks to align with international standards. One key recent development is the adoption of IFRS 17, which became law in Suriname in 2020. While the official global deadline for compliance was 2023, the regulator has given insurance companies here an additional two years to become fully compliant due to the scale of our local businesses. Assuria, however, has already implemented and reported under IFRS 17.
In terms of technological advancements, we see increasing digital transformation in the industry. Companies are integrating modern technology to make insurance more accessible to the public. There are also sustainability initiatives aimed at financial inclusivity and supporting the government's sustainability goals.
A major development is the proposed new insurance act currently under discussion in Parliament. This act will bring significant changes to the sector. For instance, right now, brokers and agents operate in a non-regulated market, but under the new law, they will be regulated. Foreign insurance companies will also be required to obtain a license before selling products in Suriname. Consumer behavior is also evolving, with younger generations preferring digital channels over traditional agents. While we see a shift towards virtual interactions via email, phone, and WhatsApp, in-person visits to insurance offices remain common.
What percentage of the population is insured?
That’s a hard one because we don’t have solid statistics. It depends on the type of insurance.
For health insurance, coverage is high because it is legally mandated. Civil servants are automatically covered through a state health fund, while private insurance companies provide additional coverage.
Motor vehicle third-party insurance is also mandatory, so penetration is high. There are around 250,000 vehicles in a population of about 500,000, meaning those vehicles must have insurance.
Pension insurance is another area with high coverage because employers are legally required to insure their employees for old age.
However, for non-mandatory insurance products, penetration is much lower. Fire and liability insurance, for example, have much lower uptake, likely around 5% or even less.
And what percentage of insurance purchases are done online versus in-person?
Online sales are still very low. Most insurance is purchased in person, either through agents, brokers, or direct walk-ins at our offices. While some customers prefer using email, phone calls, or WhatsApp, direct online purchases remain uncommon. However, we are adapting to the shift towards virtual communication.
Can you tell us more about Assuria’s international expansion? You mentioned operations in Guyana and Trinidad & Tobago.
Our international expansion started in 2012. By 2010, we had already recognized that to achieve our growth ambitions, we needed to expand beyond Suriname. The local economy was growing at a slow pace, and we saw future challenges that would limit our expansion if we stayed only in Suriname.Guyana was our first choice because its insurance industry was underdeveloped in terms of scale and capacity. Our company was financially stronger than many of the local players there. Additionally, Guyana’s government was open to foreign investors, and the country was beginning to experience an oil boom. These factors made it an ideal market for our first international venture.
We went through the licensing process, launched a greenfield operation, and over the past decade, we have grown into one of the top players in the Guyanese insurance market.
Following that success, in 2013, we expanded to Trinidad & Tobago. This was a more mature market, with a larger and more stable economy. There, we acquired Gulf Insurance, a company that had some financial challenges at the time. We successfully turned it around, and it now operates profitably.
One of the key advantages of acquiring Gulf Insurance was that it gave us access to multiple Caribbean territories, including St. Maarten and other islands in the East Caribbean.
Two years later, we acquired a life insurance company in Trinidad & Tobago, Assuria Life T&T. Most recently, in 2024, we took over the assets and liabilities of an insurance company in Curaçao, integrating them into Assuria Life Curaçao.
Do you have further plans for international expansion?
We have an aggressive growth strategy. While we aim to continue growing in Suriname, especially given the expected economic growth—we are also looking to expand our presence in more international markets. Our strategy includes both organic growth and acquisitions.
Geographical diversification is important to us, not just for growth but also for risk management. We believe expanding internationally strengthens our resilience and provides long-term stability.
What are the biggest climate risks in Suriname? Is flooding the main concern?
Climate change is a real concern. Suriname experiences both dry and wet seasons, but we don’t have hurricanes, major earthquakes, or significant seismic activity. Our biggest climate risk is flooding. For example, two years ago, in the interior near the hydro dam, excessive rainfall led to dangerously high water levels in the lake. The dam operator had to release water, which flooded a nearby river resort that we had insured. Drought is another issue during extreme dry periods, which can sometimes lead to wildfires. However, flooding remains the primary climate-related risk we face.
Suriname has some of the most iconic office buildings. Do you have real estate plans for the future?
Insurance and investments go hand in hand. Our investment strategy includes a dedicated allocation to real estate, specifically commercial office space. We have already built two major office buildings, and we are planning a third one, which we expect to complete by 2028. Our goal is to provide world-class office space, particularly for the growing expat community in Suriname.
What is your vision for Suriname’s economic development over the next five to ten years?
I’m optimistic. Suriname went through a deep economic crisis from 2020 to 2025, requiring IMF assistance. It was a painful period, but necessary for recovery. Now, with the development of the oil and gas industry, I expect significant economic growth. If managed well, this could create lasting opportunities for both local businesses and foreign investors. The key will be ensuring that the increased income is used wisely to drive sustainable development.
Finally, what message would you like to share with Newsweek readers considering Suriname for investment or tourism?
Suriname is an undiscovered gem. There is so much potential here, whether in tourism, natural resources, agriculture, or business investment. I invite the world to explore the opportunities we offer.
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