The Insurance Association of Zambia has lamented the continued low levels of insurance in the country and has called for interventions so as to improve the culture.
Speaking at a press briefing this morning IAZ president Shepango Muteto said the Association laments the current insurance culture in the country and his association will continue to come with interventions that will help improve the situation.
He noted the need for the public to be educated on the importance of taking up insurance policies so as to protect themselves in case of a disaster.
“We have continued to lament over the low insurance culture in this country. We believe that through interventions such as the insurance week, we will help sensitize the public on the importance of this service.
“We want to ensure that we engage the public as much as possible especially through our association, which is a neutral and common body speaking on behalf of the insurers and reinsurers so that we listen to the challenges that our people have when it comes to taking out insurance.” Mr. Muteto said.
He added that the association cherishes the role they play in society through shielding and protecting consumers from financial loses which he said, was the cornerstone of the insurance industry.
And Mr. Muteto has lauded government for its open door policy saying, “all our line ministries have been receptive to our massage on increasing insurance penetration in the country.
Meanwhile Mr. Muteto has challenged government to consider some of their submissions in the budget so as to increase insurance up take in the country.
The submissions include; tax incentives for Zambians who want to take out various life policies which the association says helps country as it protects the family when an individual takes life policy, removal of value added tax as it makes insurance expensive for ordinary citizens as well as introduction of compulsory group insurance for companies employing more 25 workers among others.
And speaking at the same function Pensions and Insurance Authority registrar Martin Libinga said access to services such as affordable insurance helps the development of the country as it contributes to inclusive growth, forster domestic resource mobilization and reduce vulnerability.
The association is this week holding the insurance week under theme “Insurance for All”.
The problem is the insurance house in Zambia it is almost imposible to get a claiem from them………………so peaple usually decide not to insure at all
I hate to agree with people, but you are probably right
Thanks
Zambians never plan for the future, period!
For market sustainability and risk management insurance is a law requirement that gives confidence to players and decision makers complimenting the pure derivative initiatives
In some countries insurance like AIG funds a lot of initiatives and is a rich cheap bulk source of money for other sectorial development through bonds equities alternatives currencies and human capital development like the ZIBIC including the well being and healthy care systems funding offering a cheap source of capital within the sovereign
Almost all activity is insurable providing massive funds for investments and reinvestments
Rewrite and develop the insurance sector complementing NAPSA and other Funding entities
There’s no point to insure if you cannot be paid the claim when you need it. Insurance companies make it impossible to claim.
Also the cost of insurance is ridiculously high. Car comprehensive insurance rates are at 6% while in other southern African countries they are at half that rate.
Also there’s no innovation. No individual life policies? Everything has to be scheme. For any large sum you need HIV tests etc etc.
INSURANCE IS A RIPOFF. ONLY MANDATORY THIRD PARTY IS DONE FOR STATUTORY REASONS.
They must be one of the most liquid and deep in cash flow entities especially that premiums are not claimed always until an eventuality.
And looking at the low rate of reports on incidents claimed to police reports and claims made one will think ,in case of accidents , most of it is retained .
I am sure the figures from PIA will be good to look at analyse
Well said,they have beeen answered
Ba Lusaka Times you need to take you half baked journalists for refresher courses in spelling and grammar. Honestly how do your Editors even clear stories for publication with spellings such as ”massage” for ” message” and ”freedon” for freedom. Come on you must be serious and this development has been going on for a long time and if left unchecked the public will continue pouring scorn on you for this incompetence. Please lets pull up our socks.