STATISTICS show that out of every 24 people only one person has a form of insurance in Zambia.
Although the penetration levels are still low the 2013 insurance premiums soared to K1.5 billion yet contributing less than two per cent to our Gross Domestic Product.
Further, despite industry growth averaging 20 per cent yearly there still remains huge potential especially if the low awareness levels challenge is overcome.
Imagine how much premiums we would record if penetration levels increased from four to 15 per cent!
Well, our school curriculum has not helped much in the sense that insurance is not given much coverage resulting into producing graduates without insurance knowledge.
To help address this gap the industry has initiated various activities such as the insurance week that started last year.
This year’s insurance week was held from September 15 to 19 under the theme, “My Life, My Well being, My Insurance”.
A number of activities were lined up across the nation and one can only thank the groups that put resources together under the umbrella of the Pensions and Insurance Authority (PIA) in collaboration with Insurers Association of Zambia (IAZ), the Insurance Brokers
Association of Zambia (IBAZ), Financial Sector Deepening Zambia (FSDZ), Financial Sector Development Plan (FSDP) and the Technical Advisory Group on Insurance (TAG).
Of the many activities that took place this article will focus on the inter-schools debate.
Taking place for the very first time the inter-schools debate was a contest for three prizes by six schools namely, Fatima Girls Secondary School (eventual winners), Kansenshi Secondary School (second prize winner),  Ndola Girls Technical High School (host and third prize
winners), and Chiwala Boys, Chifubu and Masala Secondary Schools all getting consolation prizes.
There were five judges comprising veterans of the industry namely Mr John Mwango (Leadway Insurance Brokers), Mr Michael Chiti (Guardian Insurance Brokers), Mr Kelvin Mutale (Meanwood General Insurance) and also Mrs Mutinta Namafente and Mrs Febby Miti both of Dominican
Convent School.
The sponsors bought each participating school copies of Basics of Insurance, The Zambian Experience book which was recommended by the Ministry of Education as a supplementary resource book at secondary school
The industry also splashed some complementary items such as bags, pens, armbands, T-shirts etc to all those who took part and at the end the pupils were spoiled with some Hungry Lion packs and drinks.
The event which was graced by Copperbelt Province Minister, Musa Mwenye, was also attended by IAZ President, IBAZ Vice President and IAZ Executive Director, among others.
Well, after all the formalities were done the debate was underway with the first two schools squaring off each other under the motion ‘Are the Zambian Youths aware of the benefits of insurance’.
The two schools were Kansenshi and Ndola girls proposing and opposing the
motion respectively.
The second motion was ‘Is insurance adequately covered in the Zambian Curriculum?’ and this was debated by Chifubu and Masala proposing and opposing respectively.
The final motion of the day was ‘Microinsurance is a type of insurance aimed at lower income earners; can Microinsurance help reduce poverty in Zambia?’ This was between Fatima and Chiwala proposing and opposing the motion respectively.
The mouthwatering debate was so sparkling with participants proving they were equal to the challenge and provided some points that fascinated even the industry gurus.
One issue that stood out was the research evidence produced during the debate
Surely, those industry players who attended or watched the debate on video realised the importance of positively using the media especially newspapers which dominated quotations.
The participants also got some brochures from industry players through their research.
Considering that insurance is only captured in commerce as a topic such initiatives have benefits to the industry and the nation at large.
Firstly, such debates will stimulate interest among young people and may consider pursuing insurance as a career.
Further chances are that as these young people graduate into society they will make conscious decisions to take up insurance.
This is one way of guaranteeing penetration levels in the long-run as observed by IAZ president,
Mr Shipango Muteto.
Some of the ideas that came out of such debate were so intriguing. For example one girl suggested of forming insurance clubs in schools.
If it was not for such a forum who would have thought of such an idea and take ownership?
The other benefit is that pupils are good messengers. When they go back home they will be able to communicate to their parents and guardians on the importance of insurance in turn prompting parents to buy insurance.
Well, there were complaints from schools that were not selected since this was understandably a pilot project with limited resources.
Looking at the impact of the debate the industry should consider taking inter-schools insurance debate from district to provincial, through to national level and surely the industry will stand to benefit especially in the long-term.
Thumps up to the insurance industry!
Comments:webster@picz.co.zm or webster_tj@hotmail.com or Face book search for Insuarance Talk-Zambia page or call 0977857055
(The author is a Chartered Insurer with ten years industry experience)