BUSINESS

STANBIC HIGHLIGHTS IMPORTANCE OF INSURANCE TO ECONOMIC GROWTH

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Stanbic Insurance Brokers Zambia’s Chief Executive Officer Chilufya Nyirenda

LUSAKA, ZAMBIA – Stanbic Bank Zambia has underscored the important role access to insurance services plays in Zambia’s economic development through the provision of risk management to investors. The bank says increased insurance coverage will not only improve the sector’s ratio to the country’s Gross Domestic Product, but also provide more affordable sources of funds for insurance providers. This will allow insurance providers to improve access to better, more affordable insurance packages for citizens. Stanbic became the first bank in the country to receive an insurance brokers license from the Pensions and Insurance Authority (PIA), after it launched Stanbic Insurance Brokers Zambia Limited,. The license gave it the ability to distribute a competitive range of industry-leading, segment-specific insurance products from multiple underwriters.

Speaking during the recent Insurance Week event, Stanbic Insurance Brokers Zambia’s Chief Executive Officer Chilufya Nyirenda said despite the country having more than 30 licenced insurance companies, the sector contributes less than 3 per cent to Gross Domestic Product.
Stanbic Insurance was one of the key participants at the Insurance Week event, as a “Copper Sponsor”. This year’s event was held under theme “Insecure Today – Secure your Tomorrow”.
“The insurance industry remains one of the most under-developed sectors in the country. Most of the population is still uninsured, despite recording an 18 percent growth in investment income, and a 2 percent increase in the total number of insurance policies in place in Q1 2018, compared to last year,” she said.

Ms Nyirenda said regardless of its low penetration, the insurance sector still plays a vital role in the financial wellbeing of many people, helping to provide them with financial security when it’s needed most. “Stanbic is seeking to support private sector growth by promoting financial inclusion – not only through affordable lending but by also ensuring there is adequate protection cover against the risk of defaulting on payments for Personal Loan Plans.. The establishment of a brokerage company will improve customer engagements and turnaround time in terms of placement of cover and claims settlement,” she explained. Stanbic is committed to providing innovative financial solutions and making making a positive, tangible impact on the economy, society and the environment. It provides solutions to some of the biggest financing challenges that various sectors face in obtaining long-term funding. Ultimately, Stanbic Bank’s products and services are facilitating growth in the development of numerous sectors. She said Zambia’s nda said despite the country having more than 30 licenced insurance companies, the sector contributes less than 3 per cent to Gross Domestic Product.

Stanbic Insurance was one of the key participants at the Insurance Week event, as a “Copper Sponsor”. This year’s event was held under theme “Insecure Today – Secure your Tomorrow”.
“The insurance industry remains one of the most under-developed sectors in the country. Most of the population is still uninsured, despite recording an 18 percent growth in investment income, and a 2 percent increase in the total number of insurance policies in place in Q1 2018, compared to last year,” she said.  Ms Nyirenda said regardless of its low penetration, the insurance sector still plays a vital role in the financial wellbeing of many people, helping to provide them with financial security when it’s needed most. “Stanbic is seeking to support private sector growth by promoting financial inclusion – not only through affordable lending but by also ensuring there is adequate protection cover against the risk of defaulting on payments for Personal Loan Plans.. The establishment of a brokerage company will improve customer engagements and turnaround time in terms of placement of cover and claims settlement,” she explained.

Stanbic is committed to providing innovative financial solutions and making making a positive, tangible impact on the economy, society and the environment. It provides solutions to some of the biggest financing challenges that various sectors face in obtaining long-term funding. Ultimately, Stanbic Bank’s products and services are facilitating growth in the development of numerous sectors. She said Zambia’s conducive investment environment puts it in an advantageous position, and there is great potential for investment and growth. “Stanbic has been a vital part of driving that growth and has financed some of the major projects in the local agriculture, infrastructure, and mining and energy sectors. Agriculture and agri-business have been one of the main focuses for the bank with over US$155 million invested in the sector,” Ms Nyirenda added.

The bank’s investment in other sectors include raising and funding more than US$3billion worth of mining projects – from copper, cobalt, uranium and gold to lime manufacturing; and well over US$150 million and US$385 million in infrastructure development and energy, respectively.
“As a bank that proudly calls Zambia home, our growth strategy is intertwined with our goal to be an indispensable partner in our client’s personal and professional success. Stanbic’s Personal Loan Protection, Home Loan Protection, Personal Loan Protection and Ubuntu Funeral Plans are consistent in demonstrating the bank’s commitment to drive Zambia’s growth,” she said. Stanbic is also part of the National Strategy on Financial Education, which aims to incorporate financial education in the Zambian curriculum, from pre-grades through to tertiary level. This is one way of making the population appreciate the value of saving.

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