Don’t shun life, property insurance – DC

LIVINGSTONE district commissioner Omar Munsanje has expressed concern at the 2.9 percent low rate of the Zambian population that has insured their property and lives.
Mr Munsanje noted that in spite of the growth of the insurance sector, only  a few people had insured their businesses and other valuable items.
“Currently, consumption of insurance products by our business community is mainly through compulsory products, and this development is attributed to ignorance,” he said.
Mr Munsanje said this in a speech read for him by district administrative officer Harriet Kawina at the launch of the insurance week in Livingstone.
He further observed that Southern Province and Livingstone in particular were making significant contributions to the country’s economic growth.
“This therefore calls for prudent business planning and insurance of our assets that are involved in the cycle of production processes,” Mr Munsanje said.
He warned that failure to take up this important component would have devastating effects that could lead to total collapse of business entities.
He challenged insurance companies to engage the business community in financial and insurance literacy programmes, as these would secure the future from unforeseen hazards that haunt business activities.
Mr Munsanje said Government will remain committed to providing an enabling environment for both foreign and local insurance companies to grow.
“It is a cost to Government to have both its citizens and the business community not taking up insurance,” he said.
Earlier, Insurance Association of Zambia chairperson for Livingstone, Maureen Manda said it was regrettable that only 2.9 percent of Zambians are enjoying insurance services.
Ms Manda said this means that the majority of Zambians were not enjoying the benefits that insurance has to offer.
“The industry stakeholders are committed to ensuring this figure is increased to enable more Zambians to get the benefits,” she said.

Facebook Feed