By JUDITH NAMUTOWE –
PROFESSIONAL Insurance Corporation Zambia (PICZ) has launched a new micro insurance product in which the travelling public will have personal accident insurance cover at a monthly premium of K5 per person.
Under the product dubbed “Mwende Bwino”, for K5 per month or 17 ngwee per day, the insured will enjoy the cover with a maximum payout of K5, 000 per coupon in the event of injury, disability or death.
The cover also provides for medical expenses in the case of injuries and generally provides the travelling public with a safety net against some of the consequences.
PICZ managing director Geoffrey Chirwa said the corporation decided to come up with an affordable cushion to compliment the efforts Government was making in alleviating the suffering of accident victims particularly those that could not affordable quality health care.
He said this during the launch of the product in Lusaka.
“The product you are about to launch guest of honour, was triggered, among others, by the increasing incidences and levels of accidents in Zambia and how they particularly impact on the low income but economically productive segment of our population,” Mr  Chirwa said.
Mr Chirwa said statistics from the Road Transport and Safety Agency (RTSA) indicated an increase of 15 per cent in the incidence of road traffic accidents in Zambia in the past three years.
RTSA chief executive officer Zindaba Soko praised PICZ for the initiative which he said would help complement efforts the agency was making in ensuring that the citizenry was protected.
“The micro insurance market is growing everyday in Zambia and providing insurance through different distribution channels such as this one we are launching today, should be commended,” Mr Soko said.
He said  RTSA would continue providing support to such initiatives as that was the way of providing protection to the travelling public.
Mr Soko said road deaths in Zambia had increased by 85 per cent between 2012 and 2014 from 1,000 to 1,858, with the number of traffic accidents increasing by 48 per cent from 19,727 to 29,118 from 2008 to 2013.