The Pensions and Insurance Authority (PIA) has challenged insurance companies in the country to be producing annual financial reports.
The authority has also urged insurance companies in the country to ensure that they increase the number of people to take up insurance covers.
Speaking at the launch of the 2018 annual report for Professional insurance, PIA Registrar Martin Libinga says publishing of the reports will spur confidence in the people to take up insurance as they will be able to know how insurance companies are performing.
Mr. Libinga laments that a number of people in the country have still remained behind in taking up insurance covers.
He says there is need for insurance companies in the country to come up with various strategies that will help people in the country to appreciate insurance.
He says every industry is set up in every economy in order to contribute to the Gross Domestic Product (GDP) and make the country’s economy better.
And Professional Insurance Managing Director Moses Siame says in the year under review professional insurance leveraged and refined process to adapt to the fast charging needs of customers.
Mr Siame says his company has also continued to invest in the development of its staff in an effort to sustain and strengthen technical excellence.