A General Insurance Company says insurance is vital for general economic growth and national development by providing security of investment.

SAVENDA Chief Executive Officer Irene Muyenga says investment cannot thrive without insurance.

Ms Muyenga says insurance is important for any business because it is a tool that provides financial protection when investment encounters a loss.

She laments that in Africa, insurance is not a priority adding that it’s only those in middle and upper class that engage in insurance because they have access money.

Ms Muyenga says insurance acts as a stimulus for an enterprise through the release of funds for investment in the productive asset of business.

“Insurance enhances credit as insurance policy can be used as collateral and for mortgage for the institution. Insurance secures investment for an individual beyond death,” she said.

Ms Muyenga states that insurance also provides funds for investment adding that most of the money received through premium in injected back into the economy to be reinvested either by the banks or individuals.

She was speaking during a presentation at the Central Province Investment and Expo that is coming to an end this Saturday.