A local insurance company, African Grey says there is need to market Microinsurance in Zambia and make people understand it.
Company Business Development and marketing manager Elvin Nasilele says implementing microinsurance is one of the major challenges the insurance sector has faced this year.
He however says that the industry is making strides to ensure that all sectors of the economy are embraced in the insurance products being offered.
According to a study on the growth of inclusive insurance conducted in 2016, the insurers Association of Zambia IAZ reports that the low-income insurance market is increasingly recognised as being commercially viable.
The Study says of the 33 registered insurance companies, nine, predominantly the large life insurers, are now engaged in microinsurance.