The growth rate for Grand Insurance Brokers has reduced from the 30 per cent annual growth recorded in 2013 and 2014 to 20 per cent due to various challenges facing the company, says its managing director Henry Mulambo.
Mr Mulambo said the company intended to re-focus its marketing strategy regarding agriculture insurance.
“Our strategy in 2016 will be focused primarily on sensitization and later on marketing, so that we assist improve awareness regarding agriculture insurance among the small scale farmers,” he said.
He said the company should assist farmers access credit, thereby improve and expand their farming activities and financial capacity.
Mr Mulambo said the company also intended to partner with one of the banks under a joint marketing programme.
He was speaking at the company’s annual dinner 2015 in Lusaka.
He said the year 2015 had its own challenges and as such the growth rate for the company reduced.
“Early this year, we embarked on an agriculture insurance project aimed at meeting the insurance needs of our small scale farmers, and most of the small scale farmers lack the financial capacity to buy insurance,” he said.
He also said the depreciation of the Kwacha and increase in inflation has had a toll on its customers who could not expand on their insurance policy needs or pay premiums promptly.
Mr Mulambo said the number of players in the insurance market has continued to increase every year and as such the market would continue to be competitive.