MORE CLAIMS PAYS OUT,

By Daily News Reporter

The 2024 Insurance Week in Zambia is scheduled to take place from September 23rd to 28th. This annual event aims to raise public awareness about the importance and benefits of insurance services. It’s a great opportunity for people to learn more about how insurance can protect them and their assets.

To this vein the Pensions and Insurance Authority (PIA) has disclosed that over K2.2 billion was paid out in insurance claims in 2023, up from K1.8 billion in 2022.

And speaking during the official opening of the 2024 insurance week in Lusaka, PIA Registrar and Chief Executive Officer Namakau Ntini stated that K891 million was paid by general insurers, while long-term insurers was disbursed K1.4 billion in claims.

Mrs Ntini also highlighted the resilience of the insurance industry, and revealed that the gross written premiums reached K7.8 billion, a 29.48% growth from K6 billion in 2022, compared to a 12.89% growth rate in the previous year.

She says regarding industry participation, the PIA licensed 550 insurance entities this year, up from 382 in 2022, enabling more Zambians to enter the insurance business and contributing to job creation.

And meanwhile Insurers Association of Zambia (IAZ) president, Irene Muyenga, added that this year's insurance week, under the theme "Insurance: a solution in uncertain times," that it plays a big a role in the insurance sector which will mitigate the risks, such as climate change-related challenges currently affecting the country.

Mrs. Muyenga, noted that the Agriculture sector was impacted due to drought which led the insurance sector to be affected.