Saturday, July 13, 2024

Slow growth of insurance sector in Zambia worries Government


 Minister of Local Government Vincent Mwale
Minister of Local Government Vincent Mwale

Government says it will support legislation meant to support the insurance sector in Zambia.

Local government Minister Vincent Mwale says this is aimed at boosting the insurance sector which he said has remained slow in the country.

Mr Mwale bemoaned the low levels of insurance use in Zambia , saying it is only becomes a necessity only in times of calamity.

ZANIS reports that Mr Mwale was speaking at new Soweto Market in Lusaka yesterday during the launch of Tontozo, an insurance life cover for marketeers and small scale farmers initiated by the Zambia National Marketeers and Credit Association (ZANAMACA), Liberty Life Insurance and Uniturtle Industries.

The Minister cited the loss uninsured marketeers suffer whenever infernos are recorded at trading places that makes it difficult for them to restart their businesses.

Mr Mwale, who was represented by Justice Minister Given Lubinda said government is committed in supporting entrepreneurship and welcomes all initiatives meant to help improve the welfare of marketeers.

In its quest to help traders to development their businesses, government has come up with programmes such as the Presidential marketeers initiative and the construction of shelters on high way roadside markets among others.

Mr Mwale observed that government’s concern for marketeers springs from the fact that many Zambian families depend on income from markets for their livelihoods and personal development.

He urged marketeers to take up the life insurance cover to enable them continue with their normal business when faced with circumstances that require expenses such as funerals.

The minister has urged other insurance companies to extend insurance services to marketeers across the country.

At the same event, (ZANAMACA) President Mupila Kameya said the Tontozo insurance Scheme will help many people in the informal sector to meet funeral expenses each time they have a bereavement.

Mr Kameya appealed to all market committees in the country to encourage traders and small scale farmers to take up life insurance.

The Tontozo funeral cover whose monthly premier is K24 includes eight members of the family caters for coffin, funeral logistics and cash for incidentals the bereaved.


  1. I thought it was a total package insurance since the marketeers goods are always going up in flames in markets, always getting stolen but it’s another funeral thing. Why wasn’t this insurance a total package so that it works as a safety net. Let’s give ideas to this government, we all know they are totally lost

  2. PF only think of your better life after death. Reason, most christians hope for a better life after desth. We must think of a good ,quality and joyful life in your lungs now. Give progressive ideas ,unlike above ,where people are always in death mode!

  3. Hon. Minister, do you REALLY expect policy holders to wait two – three years before Insurance Companies honor their part of the contract?
    Instead of blabbing, why not amending Insurance Act by giving PIA some meaningful tools to discipline errant insurance companies?
    After all, you are part of the majority in Parliament.

  4. The problem why insurance penetration levels are low is because all insurance companies are looking at reaping huge profits at the expense of generating policies that ideally cover the underprivileged in society….Funeral insurance cover is one of them but doesn’t give a full solutions.How can we have all doing the same thing? Lack of initiative by insurance player’s….We cant just all be concentrating on insurance that only give you benefits when youre no more!! In short insurance companies are not innovative in Zambia and our PIA should also up their game….they should see what is happening around us!

  5. How How can you expect people to pay for insurance when they cannot afford to feed themselves under your failed pf leadership. Don’t be a penis Mr man. Please if your boss lungu grew some balls and had a penis maybe he would do something for a change apart from national prayers kikiki

  6. My K5000 policy with ZSIC matured more than a year ago and still this firm hasn’t paid me and you expect the sector to grow with such frustration?

  7. “Get rich or die trying”. Give it shot man. The sky is the limit. don’t be pessimistic like UPN.Dead remain forecast.

  8. Get rich or die trying”. Give it a shot man. The sky is the limit. don’t be pessimistic like UPN.Dead remain forecast.

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