Mubanga urges SMEs to take up insurance

Mary Kachepa-Small and Medium Enterprises Development Minister ELIAS MUBANGA has urged SMEs to take up insurance to mitigate financial shocks that often result in loss of income and savings.

Mr. MUBANGA says SMEs are vulnerable and face higher exposure to threats and disasters while operating with limited funds for emergencies.

He says insurance is a viable solution for SMEs to build resilience through appropriate risk mitigation solutions.

Mr. MUBANGA was speaking during the launch of the 2022 annual insurance week in a speech read on his behalf by Acting Permanent Secretary MANDO PASI.

Meanwhile Pensions and Insurance Authority Acting Registrar NAMAKAU NTINI said the need to plan for unforeseen events cannot be over emphasized.

Ms. NTINI said the industry is broadening insurance covers to the informal sector.

Speaking at the same event Insurance Brokers Association of Zambia Vice President IRENE MUYENGA said risk management is important for small and Medium Enterprises to thrive and create generational wealth.

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