MAKE INSURANCE MORE AFFORDABLE - STATE

OV ERNMENT has challenged players in the insurance industry to develop and roll out more products on the market to address the needs of the people in the country.

And Zambia State Insurance Corporation (ZSIC) Life Limited has launched two products meant to increase insurance uptake.

0inistry of finance permanent Secretary in charge of budget, Emmanuel Pamu, regretted that insurance penetration levels remained below five percent despite the country having more than 30 licenced insurance entities.

Dr Pamu said Government expected players in the insurance industry develop affordable products meant to create a strong, vibrant and a well-recapitalised sector.

“We would like to see the sector making available products which are affordable and easily accessible especially in terms of claims settlement. Government wants to see an insurance sector that is vibrant and well capitalised,” he said.

He was speaking yesterday in Lusaka during the launch of two products, Chikwama Savings Plan and Kwacha Plus Investment Plan by ZSIC Life limited.

Dr Pamu said Government also expected parastatals such as ZSIC /ife /imited to fulfil their mandate and contribute positively to the Treasury.

He emphasised that there was nothing that stopped parastatals from competing with the private sector.

He also commended ZSIC Life Limited for improving the operational efficiency as enshrined in its strategic business plan 20182020.

And ZSIC Life Limited managing director, Christabel Banda, announced that the entity had established a unit focusing on consumer education as lack of knowledge had been cited as the key reason for the low uptake of insurance in Zambia.

“We will continue to leverage on our Life reach across the country to ensure that we take insurance products to all parts of the country,” she said.

Ms Banda said the entity in the Must ended financial year

posted a profit be for tax of K13.8million.

She also announced that the company contribution to the Treasury in corporate tax was K5.2 million and that it paid claims to the tune of K83 million.

Meanwhile, Pensions and Insurance Authority representative, Namakau Ntini, called for more innovations to increase insurance uptake in Zambia.