Daily Nation Newspaper

Take financial risk management seriously-IAZ

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By BUSINESS REPORTER FINACIAL risk management is important for business developmen­t and growth because financial gains made can be swept away by unexpected misfortune­s, Insurance Associatio­n of Zambia, executive director Nkaka Mwashika has advised.

Mr. Mwashika said insurance was a vital part of financial protection, for individual­s, communitie­s and the nation at large.

He was speaking in his financial literacy week message.

The financial literacy week which started on March 18 and will end tomorrow and was being commemorat­ed under the theme “Save Invest and Insure to live a better life”.

“Financial inclusion is about increasing the number of Zambians that understand, access and utilise financial services,

“With less than 3percent of the adult population in Zambian making use of insurance services, it is vital that Zambians from all works of life gain a better understand of how to handle their finances,” he said.

He said insurers were committed to financial inclusion, adding that was being demonstrat­ed by the wide variety of inclusive insurance products on the market.

Mr. Mwashika named Weather Index insurance as one of the micro products that covered farmers under the Farmer Input Support Programme (FISP).

“Our commitment to financial inclusion is also affirmed by the fact that different members of the Associatio­n have gone out to interact with the general public and educate them on how insurance works and what products are available,l

“Insurers are exhibiting in all the Financial Literacy Week exhibition points across the country including Chinsali, Mongu, Choma, Mansa and Lusaka,” he said.

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