By BUUMBA CHIMBULU
A CURRENT boom in the construction industry has resulted into an increased uptake of fire insurance in Zambia, overtaking motor insurance which has mostly been undertaken by consumers.
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The statistics for 2022, according to the Pensions and Insurance Authority (PIA), indicated an increased uptake of fire insurance by customers.
Namakau Ntini, PIA acting registrar, attributed the increased fire insurance uptake to the expansion of the construction industry in the country.
She said this yesterday in Lusaka at the launch of the 2023 insurance week held under the theme: “Insure today for a sustainable future.”
“Motor insurance in the past accounted for the highest share in terms of gross written premium under general insurance business.
“However, we saw a shift in statistics in 2022 with fire insurance, which covers property, accounting for 39.70 percent and motor accounting for 33.60 percent of the general insurance gross written premium,” Ms. Ntini stated.
She also spoke directly to the pupils and students that attended the launch, urging them to consider looking beyond traditional careers as the job market was becoming more competitive.
Ms. Ntini pointed out that the insurance industry had been growing over the years, currently with 33 insurance companies, 23 general insurers and 10 long term insurers.
“The industry also has brokers with a number of other intermediaries. With the implementation of the new insurance act we expect the expansion of the existing players and see more insurance players entering the market.
“This growth naturally comes with employment opportunities, which you can take up. You therefore, need to position yourselves strategically to seize these opportunities,” she said.
Speaking earlier, Insurers Association of Zambia (IAZ) vice president, Ireen Muyenga, stressed that insurance products were not only the privilege for rich people.
Ms. Muyenga explained that there were products designed to meet needs at every level of society.
She cited microinsurance products being one of the services designed to be accessible at low cost, to cover most basic needs.
She was speaking on behalf of the IAZ president, Moses Siame.
“Products like weather index insurance, domestic travel insurance, hospital cash back insurance and funeral insurance have been tailored for every level of society,” Ms. Muyenga said.
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