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2011 09 13 Zambia Microinsurance Review

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2011 09 13 Zambia Microinsurance Review Authors: Christine Hougaard, Doubell Chamberlain and Yoseph Aseffa Date: 31 July 2009 v2 The Centre for Financial Regulation and Inclusion University of Stellenbosch Business School Bellville Park Campus, Carl Cronje Drive, Bellville, 7530, South Africa +27 21 918 4390 www.cenfri.org ii Foreword This study forms part of a series of country studies commissioned by the ILO/UNCDF looking to support country-level microinsurance strategies and to develop cross-cutting insights on designing and implementing such strategies. In the case of Zambia the study is conducted in partnership with FinMark Trust Zambia and the FinMark Trust South Africa. It considers the scope for, opportunities and challenges to microinsurance expansion in Zambia in order to develop a comprehensive information base that provides the basis for dialogue amongst the key stakeholder categories, including potential clients, providers, intermediaries, government and donor/multilateral agencies, and on which strategies for the development of microinsurance in Zambia can be based. The first step towards such a strategy process was a Stakeholder Workshop held on 11 June 2009 in Lusaka to present the preliminary findings of this study and to engage on the issues raised. It was attended by more than 60 participants from a range of stakeholder groups (see Appendix 5 for the full attendance list). Introductory presentations were made by the ILO and the Pensions and Insurance Authority (PIA), followed by a presentation of the study results by Cenfri. Participants were encouraged to debate the picture put on the table and to take it on board in a strategy process that they are the owners of. Foremost in the discussion were the challenges relating to the distribution of insurance, most notably the issues around bancassurance and aggregator distribution. Agreement on strategy process . The workshop participants agreed on the need to take the process further to keep the momentum going, resolve key issues and implement programmes. Following the workshop, the consultants and representatives from the ILO and UNCDF met with the PIA to discuss the way forward. It was agreed that a representative platform should be created to define the strategy and action plan for both (i) a regulatory review of key issues and (ii) implementation of market development initiatives, including the need for capacity building, dialogue and critical analysis of industry performance and the scope for effective distribution to the informal market. The UNCDF, through the local UNDP office, the ILO and FinMark Trust indicated their willingness to act as “sponsors” of the process. The importance of the development of a workable strategy enjoying broad buy-in was emphasised. Suggested way forward . The recommended way forward is to set up two committees and to appoint a local coordinator to act as secretariat: • It was agreed that there is a need for broad participation of a range of stakeholders to ensure ownership of the strategy and specific programmes flowing from that. To do that, a Technical Advisory Group (TAG) is to be created from representatives of the various spheres. It will debate issues, suggest projects and critically assess feasibility. • To ensure that the process remains independent and to represent the interests of the sponsors, a Steering Committee is then needed to filter and prioritise the suggestions of the TAG and to focus their work into specific, actionable projects. The steering committee will be smaller than the TAG and will comprise a member from each sponsor, as well as the Registrar from the PIA and one or two additional members currently being identified. The steering committee will therefore exercise functional control over the strategy process. To ensure consistency, the steering committee members will also participate in and provide support to the TAG process. Likewise, to iii ensure that the market does not feel that the process is captured by the donors and regulator, the TAG will be requested to nominate one member to serve on the steering committee. That person should be selected based on capability/competence and commitment to microinsurance development. • To be realistic about the time allocation priorities of the participants to the TAG and to, hence, ensure that the momentum of the strategy process is not lost, it was agreed that an independent coordinator /secretariat should be appointed to drive the process. This person will be a part-time, paid consultant, preferably with an in depth knowledge of the Zambian financial sector and the need for financial inclusion. One of the first tasks of the steering committee will be to identify and appoint a suitable candidate who can then coordinate the activities of the TAG and steering committee going forward. A separate Action Plan for the Promotion of Microinsurance in Zambia has been developed by the sponsors and consultants. It sets out the rationale for, suggested composition and roles of each committee, as well as the terms of reference for the secretariat function. It also contains a matrix of potential strategic interventions to consider, out of which the two committees are to select between two and four actionable projects to implement in the first year of operation. iv Acknowledgements We would like to thank the clients, Craig Churchill of the ILO and Juliet Munro from FinMark Trust Zambia for their guidance and inputs, as well as the ILO Lusaka Office for their cooperation. The contributions of our Zambian consultant team member, Nathan de Assis, in facilitating our in-country consultations and providing the necessary financial sector context have been essential. We also thank Lemmy Manje for his advice and inputs. Most importantly, we wish to thank all persons from various spheres who took the time to meet with us. Without the insights gained through consultations, this report would not have been possible. Any mistakes and omissions are entirely that of the authors. v Table of Contents Acknowledgements .............................................................................................................................. ii List of tables ........................................................................................................................................... vii List of figures .......................................................................................................................................... vii List of abbreviations ............................................................................................................................ ix Foreword .............................................................................................................................................. ii Executive Summary .............................................................................................................................. x 1. Introduction ...................................................................................................................................... 1 2. Defining microinsurance ................................................................................................................... 2 3. Context ............................................................................................................................................. 4 3.1. Macro and socio-economic indicators ..................................................................................... 4 3.2. The role of the informal sector in the Zambian economy ........................................................ 8 3.3. Financial sector trends ........................................................................................................... 12 3.3.1. Banking sector ................................................................................................................ 12 3.3.2. The rise in the low-income credit market ...................................................................... 15 3.4. Overview of the agricultural sector ........................................................................................ 18 3.5. Overview of the health sector ................................................................................................ 23 4. Regulatory framework .................................................................................................................... 27 4.1. Financial inclusion policy ........................................................................................................ 29 4.2. Insurance regulation ............................................................................................................... 30 4.3. Other regulation of relevance to the insurance sector .......................................................... 38 5. The insurance market in Zambia .................................................................................................... 44 5.1. Players, size and performance................................................................................................ 44 5.2. Usage and products ................................................................................................................ 51 5.3. The medical insurance and medical aid market in Zambia .................................................... 59 5.4. Distribution ............................................................................................................................. 64 6. Demand-side evidence ..................................................................................................................
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