Insurance industry intent on financial education


PLAYERS in the insurance industry are committed to promoting financial inclusion in Zambia through financial education.
This is according to the Insurers Association of Zambia (IAZ) Executive Director, Nkaka Mwashika.

In a statement, Dr Mwashika observed the need for other stakeholders to ensure that financial education got the attention it deserved, as it was a tool for development.
Insurance, he explained, was a financial service that needed to be better understood and utilised fully, for the financial protection of all.
As the country observes the 8th Insurance Week under the theme: Creating A Confident Future With Insurance that was kicked off yesterday, various insurance providers will conduct a series of events with the main focus online in light of Covid-19.
“Insurance provides financial protection against the cost of unexpected misfortunes, and also provides for future financial needs. There is insurance that protects us against the cost of losses arising from natural calamity such as floods, fire, drought and other natural phenomena.
“There is also the cost of medical treatment, loss of income, bereavements and financial needs at ret22irement,” Dr Mwashika said.
He said insurance could help bear the cost of losses such as robbery, malicious damage or infidelity of employees, and the cost of legal liability.
Dr Mwashika said financial protection was important so that consumers could have peace of mind, even in the face of financial loss.
There are currently 30 insurance companies. 9 life insurance companies, 21 general insurance firms and 4 Re-Insurance companies operating in Zambia.
The Insurance week launch event was streamed on the IAZ Facebook page which will also show various educational programmes in the course of the week. “We will hold a number of consumer education sessions using media and online platforms in line with the new normal.
“The different insurance providers will also carry out various activities, in order to ensure that the message reaches many more Zambians,” he said.


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