WHY ACCESS TO INSURANCE IS IMPORTANT

In many parts of Namibia, people and businesses live and operate without the security of insurance. When loss strikes, it does not discriminate between the rich and poor or developed or developing country.

Insurance providers may not see a compelling business opportunity to offer products to the low-income population. There is a lack of understanding of the benefits of insurance to individuals and companies.

What insurance provides

Safeguard against unexpected loss and minimize risk for the well being of a household, operation of a business or the health of a community.

The power of insurance

Without insurance, Namibia’s most vulnerable

people may remain in poverty and businesses may be unable to overcome unexpected difficulties.
Should a problem strike, even those who are in a security position may find themselves dragged into difficult circumstances, the past effort may be destroyed. People may be set back generations in their attempt to escape poverty.

Insurance is therefore just as important as healthcare, education, agriculture and basic infrastructure to improve lives.

Advocacy for insurance as a vital tool is an essential part of our effort to improve access to insurance.

Role of Insurance Supervisor

Insurance supervisors and partners on the ground identify areas where the need for

insurance protection is not being met and to identify the reasons why, which may include a lack of awareness and understanding by consumers as well as a weak industry.

We deliver these services by working with a series of partners using their strength while providing input to their agenda.

How do we do this?

• Ensure an understanding of insurance to mitigate risk and minimize loss.

• Create a conducive or supportive environment for the consumers and the service providers.
• Refine strategies and structure to continually improve access.

Leave a Reply

WP2Social Auto Publish Powered By : XYZScripts.com