By JUDITH NAMUTOWE –

INSURANCE companies last year paid out more than K400 million in claims to various businesses and individuals throughout the country.

Insurers Association of Zambia (IAZ) chairperson Shipango Muteto said during a briefing on insurance week in Lusaka yesterday that the insurance companies under the association paid out a total of K427.8 million in claims in 2013 to businesses and individuals.

Mr Muteto said of this amount, K159 million was paid by the life insurance companies, while K268 million was paid by the general insurance companies, registering a growth of 21 per cent compared to the previous year’s K354 million.

Mr Muteto said all insurance companies were committed to paying out all genuine claims in the shortest possible time.

Mr Muteto said that insurance paid a combine amount of K560 million as at December 31, 2013 in various investment vehicles, representing an increase of 28 per cent.

He noted that a number of IAZ members have taken steps to list on the local stock exchange, which he said was a good development.

He said that the association wanted to ensure that it engaged the public as much as possible.

“Much more as an association we take a common position as we speak on behalf of our members , so that we can listen attentively to what the people out there who are our insuring public think about appreciate the service that insurance companies provide and of course the challenges that they do face,” Mr Muteto said.

Officiating at the briefing, Pensions and Insurance Authority (PIA) registrar Martin Libinga said the authority would continue leading in promoting fairness in the market for products and services.

Mr Libinga encouraged insurers to look beyond the insurance week and actively engage in consumer education.

He note that 67 per cent of the population as revealed by the Finscope Survey was financially excluded and one of the causes was lack of awareness on financial products , services and benefits.