Insurers encouraged to be innovative, respond to risks faced by vulnerable communities

Insurers have been implored to continue innovating and responding to the risks being faced by the vulnerable communities such as small scale farmers who remain key to the stability of Zambia’s food basket.

This call was made by the Pensions and Insurance Authority (PIA) acting Registrar and Chief Executive Officer, Namakau Ntini, in an interview on Friday at the 2023 Insurance Conference.

The conference was held under the theme: “insurance as a catalyst for economic resilience and positive social transformation.”

Ntini underscored the crucial role that insurers played in the face of the natural disasters that were becoming more frequent.

“It is crucial for insurers to continue to innovate and respond to the risks being faced by the vulnerable communities. Small scale farmers who remain key to the stability of our food basket have in recent times been adversely affected by climate change,” she said.

Ntini stated that while it was acknowledged that PIA had seen an increase in index-based product offerings in the market, the value proposition of these products still remained a challenge.

As such, she observed, the market must responsibly correct itself to stem the counter effect that poor customer experience had on the overall disposition of the insurance market.

Ntini, therefore, announced the key strategies that government was developing for the insurance industry to contribute to economic resilience.
She mentioned that a number of insurers had been called upon to give input in developing these strategies.

“The government is currently developing its adaptation financing strategy and climate and disaster risk financing and insurance (CDRFI) strategy, which are risk-financing component of the agrica project.

“Initiatives such as this are but a few that the government is embarking on to ensure that we are economically resilient. It is against this background that I call on insurance players to collaborate with government in addressing various societal challenges,” Ntini concluded.

WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.