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“Hon. Mwanakatwe bemoans low insurance uptake”

The 2016 Insurance Week running under the theme “Insurance for all: for your peace of mind” was commemorated from 10th-14th October 2016 with various activities taking place around the country. The week was launched on ZNBC on 9th October 2016 by the acting Minister of Finance Hon. Margaret Mwanakatwe who bemoaned the low uptake of insurance.

“Insurance as a risk management tool is currently underutilized in the country both at individual and corporate level… this situation cannot be allowed to continue as we all have a responsibility to ensure that we secure our assets and the welfare of those around us. In these challenging times we need to ensure that we guard our assets jealously and employ maximum risk management strategies to secure our assets,” said Hon. Mwanakatwe.

She also challenged the insurance sector to be more innovative and come up with products that meet the needs of Zambians.

“We need the industry to provide practical solutions to the risk management challenges that our small businesses are facing, from the young family man who is driving a taxi on contract in Chilanga to a small scale farmer in Kalabo trying to send her seven children through school. These are the hard working men and women that are driving the growth of our economy as the informal sector currently employs more than 80% of or people. We need to see products that respond to the real issues of our time, that is the only way insurance will take its rightful place in our economy”, said Hon. Mwanakatwe.

Some of the activities taking place include exhibitions in all the provinces, radio and television programmes, school debates, sensitisation programmes in secondary schools, job shadows and roadshows at markets in Lusaka.