PIA backs unique innovations

THE insurance sector welcomes industry players who are always finding unique clientcentric ways to expand the economy, the Pensions and Insurance Authority (PIA) has said.

PIA registrar, Martin Libinga, said the authority was prepared to partner with industry players whose agenda among others, is to contribute positively to the economy and the sector.

Mr Libinga said in an interview in Lusaka recently that the industry had recorded growth year-on-year despite the challenges faced by the economy.

“In the last few years, we have seen an increase in the number of

Pan-African players entering the market. Although the economy has seen challenges, the pension and insurance industry has recorded growth year-onyear.

“This is significant as it means this industry is adding economic growth in our economy. We welcome players always finding unique client-centric ways of expanding our economy; and as the authority, we have recorded some good signals around this area,” he said.

Meanwhile, Mr Libinga said the raising of the minimum capital requirement for insurance firms was meant to solidify the industry.

“Together with the Ministry of Finance, we announced the issuing of the Statutory Instrument that raised the minimum capital requirements for insurance companies. This revision is meant to create a robust financial base for insurer and solidify our industry in a sustainable manner,” he said.