TRYNESS TEMBO
Lusaka
THE Pensions and Insurance Authority (PIA) says there is need to intensify awareness and increase understanding of insurance services to raise the uptake in the country.
The authority has also noted that the media plays an important role in bridging the knowledge gap.
PIA deputy registrar insurance Brian Manchinshi said at the 2024 PIA media workshop yesterday that the insurance penetration rate (IPR) has remained below two percent.
“The insurance industry in the third quarter of 2024 recorded a GWP of K7,094.3 million compared to K6,104 million recorded at the end of the third quarter of 2023.
“The industry growth rate was attributed to increased fire, life and health insurance uptake,” Dr Manchinshi said.
He also said there is need for collaborative effort among all stakeholders to drive awareness and improve access to insurance solutions.
Dr Manchinshi, however, said despite the low penetration rate in the last years, the industry remained resilient, recording a 16.2 percent growth rate in terms of gross written premium (GWP) compared to the third quarter of 2023…https://enews.daily-mail.co.zm/
