Govt tasks insurance firms to properly invest insured funds, says it will boost confidence in the sector

Finance and National Planning Minister, Situmbeko Musokotwane, is optimistic that proper investment of the insured funds will grow public confidence in the insurance industry.

Musokotwane, however, mentioned that this called for continued strict industry supervision by the Pensions and Insurance Authority (PIA).

He, therefore, urged PIA to continue with its strict supervision of the insurance industry to ensure proper investment of the insured funds.

He said in a speech read for him by Permanent Secretary, Economic Management and Finance, Dainess Chisenda, on Wednesday in Lusaka at the launch of BestLife Insurance’s operations in Zambia.

Musokotwane said this would result in the growth of public confidence in the sector, which could only come about by a strong and efficient regulatory framework

Government, he said , was keen to ensure a strong sector playing a big role in the economy.

“Let me take this opportunity to urge the pensions and insurance authority (pia) to continue to strictly supervise the insurance industry in order to ensure, among other things, the proper investment of the insured funds.

“We want the sector to be a strong player in the economy, creating a larger pool of funds through the premiums you collect to be invested in infrastructure, in the capital markets, in government securities so that we create the much-needed employment in the country,” Musokotwane said.

On BestLife operations, Musokotwane said Government was encouraged by the zeal and the amount of work that had gone in to ensuring that it took off.

“As the sector grows with the coming in of new players such as bestlife, it is my hope that the pensions and insurance’s contribution to the economy will also continue to increase and inspire public confidence,” Musokotwane said.

BestLife Chief Executive Officer, Christabel Michel, said the firm would provide unmatched commitment to meeting customers’ needs in line with its mission to make a difference in the lives of its clients.

“Our goal is to help transform access to life insurance in Zambia through the use of innovative approaches and digital solutions and thereby increasing insurance penetration. Our mission is to help you live your best life,” Michel said.

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