Micro insurance taking shape - PIA
THE insurance industry has started to record positive and successful stories regarding micro insurance which is targeted at low income earners such as marketeers.
This is testament that the targeted audience is getting more aware of the micro insurance products, according to the Pensions and Insurance Authority (PIA) acting Registrar Namakau Ntini.
Ms Ntini stated that some insurance entities has so far recorded successful stories on rolling out of micro insurance products to the intended beneficiaries.
She said this at the just ended 2022 insurance week which was held under the theme “Strengthening resilience in a changing economic landscape – the case of insurance.”
“Yes we are yet to get to the scale and reach that we intend to but our target market are already aware if what it is and certain entities have already gone into the market and were able to sale some of those products,” Ms Ntini said.
She pointed out that the coming in of the new insurance act would provide a more robust regulatory platform which would enhance the rolling out of the micro insurance products as well as other products in the industry.
Ms Ntini however quickly mentioned that the industry had been piloting activities to find way of how insurance products as well as micro insurance could be rolled out on the market.
“When you talk about uptake of micro insurance from a policy point of view we have a national strategy on financial inclusion and within there is where the authority has been drawing mandate to undertake the various campaigns events over the years
“This year we did have the insurance week and one of the activities we did in Lusaka and the Copperbelt is that we did what we call market activation activities where we literally get into the market,” she said.