Zambia successfully hosted the 14th International Microinsurance Conference in Lusaka, Zambia from 6th -8th November 2018.
Speaking at the Official Opening of the 14th IMC in Lusaka on 6th November 2018, the Minister of Finance Honourable Margaret Mwanakatwe in a speech read for her by Permanent Secretary Dr Emmanuel Pamu said insurance was a powerful tool for effective risk management.
“When a risk event occurs, it does not only come with a loss but also financial demands to recover from the loss. Indeed, insurance is an intangible financial service that is characterised with a promise that the insurer will pay for covered losses at the occurrence of the insured event. In most developed markets, insurance penetration is high and millions of people rely on insurance for risk management purposes. At national level, high insurance penetration translates into economic growth through the contribution of insurance to Gross Domestic Product,” said Hon Mwanakatwe.
However, she regretted that insurance was not achieving its full potential in most developing countries.
“Millions of poor households still lack access to good-value products. The regulation, policy and supervision experts need to provide a legal framework that facilitates the development of sustainable microinsurance products.”
The conference was attended by over 400 delegates from 57 countries.