PIA to address challenges affecting insurance industry

The pensions and Insurance authority PIA has said that it will hold seminars with insurance companies and intensify supervision efforts to address challenges and ensure insurance company’s play by the rules.

“We have a mandate to see to it that insurance companies play by the rules and are functioning well. AS PIA we will be doing everything possible to help insurance companies run well and not disadvantage customers. In this vein we will be having seminars to learn the challenges insurance companies are facing and how we can help them”. He expressed.

PIA Registrar Christopher Mapani says overall the industry is responding positively.

He has said that it is only a few companies that are falling short in paying back claims that are tarnishing the image of the industry.

“The insurance industry is responding positively, there are only a few companies that fail to pay back claims and these are tarnishing the image of the industry when actually most insurance companies are financially sound”. He stated.

By: Mumba Tailashi

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