Q FM Africa's Modern Radio
The Insurance industry has welcomed the enactment of the Business Regulatory Act No. 3 of 2014 and has called for its speedy operationalization.
Speaking during the January 2015 IAZ breakfast meeting in Lusaka, Ministry of Commerce Trade and Industry Director of Planning and Information Mateyo Kaluba informed the Insurers and Brokers that a Business Regulatory Agency will be formed that will be tasked with ensuring that there is an efficient and effective business licensing system.
Mr. Kaluba says the formation of the Business Regulatory Agency will address a lot of the concerns that businesses have had regarding licensing and other regulatory issues affecting them in their sector.
Speaking at the same event, IAZ President Shipango Muteto notes that the preliminary industry figures as compiled by the IAZ Secretariat indicate that the Insurance industry in 2014 grew by 15% which was an improvement from the market growth of 7% recorded in 2013.
He has however expressed concern that there is need for the industry to improve their service delivery so that the competition is based on service as opposed to price.
He adds that the General insurance side grew by 13% in 2014 while the life Assurance side grew by 21%.
Mr. Muteto says the professional Insurance Limited emerged as the market leader for 2014 contributing a total of 15% to the total market premiums written in the country and with a 23% share of the General Insurance market.
At the same meeting, the industry also raised concern that insurance was not taking its rightful place in the various government policy pronouncements, and did not get any mention in government policy documents, a situation which has also contributed to the low insurance levels in the country.