Losses caused by fire – The insurance perspective:


Many Zambians received the news of the fire tragedy in Kamwala trading area with heavy hearts. The Insurance Sector is no exception, as we fully understand that many Zambians depended on the businesses there for their livelihood, to support their families, educate their children and generally to make ends meet. 120 shops is a huge loss, and our hearts go out to the affected communities.
As the Kamwala community seeks to rebuild and restore the businesses in the near future, it is important to take the lessons from this tragedy, and those in other trading areas to take these lessons to heart as well. Fire equipment and safety is essential for every business, as such tragedies are unpredictable.
We also wish to remind the public how insurance can help alleviate the cost of replacing or repairing losses that arise from unforeseen disasters like fire, ensuring quick economic recovery and returning to business as soon as possible. If traders feel they cannot easily qualify for insurance products, this can be overcome by forming or using Associations to seek insurance products on behalf of members, and the Associations can obtain good terms and conditions on behalf of their members. There is strength in numbers, and it is for everyone’s benefit to ensure that an entire premises or trading community is adequately protected.
For the Muslim community, Takaful insurance is available, a form of financial protection based on cooperation that is in line with Islamic principles. We urge all communities to make use of different financial protection mechanisms so that you will not have to bear the cost of recovering from the loss from your own resources.
We cannot remove risk from daily life completely, but we can make full use of every means available to prepare for risk and respond to it appropriately.