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PIA to engage govt on matters affecting the sector

The Pensions and Insurance Authority disclosed Plans of Engaging the Ministry of Finance on Various economic matters affecting the performance of the industry.
Authority Registrar Christopher Mapani cited the High public debt and the poor performing local currency as some of the issues having a bearing on the industry.
Mr. Mapani said they are in discussions with Insurers Association of Zambia to see how best the industry can survive amid the challenges.
Insurers Association of Zambia President Paul Nkoma noted the need for industry players to enhance their corporate decision making process by using accurate and timely information.
And Price Waterhouse Director Martin Bamukunde said players felt that the National Health Insurance Act is negatively impacting on insurance companies in the country.
Mr Bamukunde also disclosed that that credit risk in the insurance industry in Zambia has led to reduced liquidity among companies in the industry as most insurance companies struggle to collect premium debtors.
Speaking during a presentation at the 2019 Zambia Insurance Survey Launch, Mr. Bamukunde said there was need to implement a cash and carry business model to curb the risks.
The Cash and Carry Business Model is a practice that requires all premiums to be written on a cash basis.

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