Govt is committed to improving lives of people – Mwanakatwe
Minister of Finance Margaret Mwanakatwe says government is committed to improving the lives of the average Zambian citizen with financial inclusion as its major concern.
In a speech read on her behalf by Ministry of Finance Accountant General Dr Chellah Sichembe at the launch of the 6th annual Insurance Week, Mrs Mwanakatwe says government wants to make Zambians understand and access financial services be it banking, securities or insurance.
She says she is happy to see the insurance industry reaching out to give the general public a better understanding of the financial protection they offer.
Mrs Mwanakatwe says currently less than 3 percent of Zambians are insured a situation says must not be allowed.
She notes that this means that when misfortune strikes, many businesses are unable to recover and many families and individuals are subjected to a reduction in their standard of living.
The Minister has since called upon all insurance companies to take time to meet people from all walks of life and explain insurance in simple terms that everyone will understand.
Speaking at the same event, Insurance Association of Zambia (IAZ) President Paul Nkhoma says securing one’s future either individually or as an entity requires that one plans for any unexpected events that would have financial impact on the person or business.
Mr Nkhoma says insurance is one of the forms of risk management that can be used as a financial protection mechanism and thus securing people’s future.
And Pensions and Insurance Registrar Martin Lubinga says insurance is an important way to transfer the burden of a possible financial loss to a risk carrier and therefore ensure financial recovery whenever there is loss.
The Annual Insurance Week will run from the 24th to 28th September under the theme “Insure today secure your tomorrow”.