Zambia: Significance of Insurance Education
Thursday, 06 23 2016, Category: Insurance and Reinsurance, Country: Africa
IF well understood and wisely utilised, insurance can prove to be handy in time of adversity.
In the case of risk management, prudent use of insurance means that one will spend less when misfortune strikes because of what one has invested in an appropriate insurance cover.
That is why insurance knowledge needs to be spread far and wide in the country to increase penetration.
According to the Finscope survey results of 2015, 42.6 per cent of Zambians have not heard about insurance with only 2.9 per cent of Zambian adults aged 16 and above reported to have insurance.
This means that 97 per cent of Zambians are paying out of pocket for expenses that are clearly insurable. There is need to deepen insurance uptake in the country and this can only be done through insurance education among Zambians.
Source: All Africa