Q FM Africa's Modern Radio
Ministry of Finance Permanent Secretary budget and economic affairs Emmanuel Pamu says government wants insurance companies to contribute a lot more to the economic development agenda of the nation with considerable contribution towards the treasury.
Dr. Pamu says now that government has made strides in stabilizing the inflation rate, maintaining a stable exchange regime and reducing interest rates, government sees no reason for low levels of performance from the insurance sector.
He has expressed concerned that most Zambians remain without any form of insurance cover.
Speaking at the launch of the ZISC Life Chikwama savings and the Kwacha plus savings plans, Dr. Pamu praised ZSIC Life for making strides in improving its operational efficiency as enshrined in the strategic business plan for 2018 to 2020.
He notes that the products launched are aimed at encouraging a savings culture in the country which is in line the Vision 2030 and the national financial inclusion strategy.
Speaking earlier, ZSIC Life Managing Director Isabel Banda assured government that the company stands ready to continue providing quality life insurance and pension.
Ms. Banda explains that the Chikwama Savings plan is a pure savings product designed to provide an investment option for both short-term and long-term while the Kwacha plus investment plan offers customers an opportunity to have both investment and life cover in one policy.
And Pensions and Insurance Authority Manager, Policy and Analysis, Namakau Ntini has reaffirmed the authority’s commitment to stepping up its efforts of creating an enabling regulatory framework to facilitate a sustainable growth of the industry while still ensuring that insurance policy holders are protected.