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Government is ramping up efforts to use insurance as a key tool for building resilience against climate change, with plans underway to expand parametric insurance solutions for farmers and vulnerable communities.
Speaking at the opening of the 12th Insurance Conference in Livingstone on Wednesday, Secretary to the Treasury, Felix Nkulukusa, said government, working with development partners, was exploring insurance products that will cover crop and livestock losses and provide rapid financial support when disasters occur.
In a speech read on his behalf by Accountant General Nsandi Manza, Nkulukusa said the initiative formed part of a broader strategy to strengthen Zambia’s disaster risk financing framework in response to increasing climate-related shocks.
“Government remains committed to promoting affordable and inclusive insurance products while participating in regional and international risk financing programmes aimed at protecting households, farmers and small businesses,” he said.
The conference, hosted by the Insurers Association of Zambia (IAZ) under the theme “Bridging Nations, Unlocking Africa’s Growth Potential,” also heard calls for greater regional cooperation within the insurance sector.
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IAZ Executive Director, Nkaka Mwashika, urged industry players to forge stronger partnerships and embrace innovation to unlock Africa’s economic potential.
Meanwhile, IAZ president, Webster Twaambo, challenged local insurers to expand into regional markets and transform Zambia into a competitive insurance hub capable of earning foreign exchange.
Pensions and Insurance Authority Chief Executive Officer Namakau Ntini called for greater adoption of digital platforms and stronger regulatory compliance, noting that insurance penetration remains below two percent.
She said ongoing reforms were aimed at improving customer protection, promoting innovation and increasing public confidence in the insurance industry.
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