The Pensions and Insurance Authority says the regulator and the insurance sector have the role to play in resolving challenges faced by the insurance industry in the country.
Addressing an Insurance Consultative Workshop aimed at addressing the various challenges affecting the industry, Pensions and Insurance Authority Registrar Christopher Mapani said the insurance industry will only develop if the regulator and insurance players adhere to their respective roles.
“We have to acknowledge that both the regulator and the industry have a role to play, sometimes there is a tendency that the regulator will resolve the problem and on the other hand the regulator thinks the sector will resolve the problem” Mr Mapani said.
He emphasized that the Authority will endeavor to create a conducive environment for the insurance industry to thrive.
Mr Mapani encouraged the players in the industry to explore the opportunities and grow the sector.
“For us as the regulator our role is to ensure that we create a conducive environment in which you can thrive, for you your role is to explore the opportunities that are available to ensure that the industry grows” He said.
He has since urged the insurance players in the country to price their products appropriately other than being in unhealthy competition.