State urges ZSIC to set up re-insurance firm

GOVERNMENT has asked ZSIC Group to consider establishing a re-insurance company that will retain funds in the country.
Speaking at the ZSIC-sponsored dinner at the ongoing Zambia International Trade Fair, Ministry of Commerce, Trade and Industry permanent secretary Siazongo Siakalenge said the insurance company, which was established many years ago, should lead the way to retain funds through the establishment of a re-insurance company.
“A lot of funds is being externalised by many insurance companies, so ZSIC should take up the challenge and establish a firm that will help retain part of those funds,” he said.
Mr Siakalenge urged the private sector to continue partnering with Government in improving the country’s economy.
“We want to see events like the business forums to be held more often and not just when there is a trade fair. These forums provide interactions and they help in policy formulation,” he said.
Earlier, ZSIC Group managing director George Silutongwe said financial reports for the company are showing positive growth.
Mr Silutongwe, who didn’t mention any figures, said the development is attributed to the improved work culture and support from brokers.
“We have adopted the KAIZEN concept, a Japanese system of hard work. Whatever we do, we ensure that we improve whether it’s record keeping or attending to clients and this has helped us to record positive growth,” he said.
He said ZSIC is now implementing a strategic plan aimed at improving performance.
“We are now handling mega-risks such as the mines, and we have the biggest products for agriculture and currently we are preparing to make payments for claims in this sector,” Mr Silutongwe said.

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