By Mrs Agnes N. Chakonta
Vice-President and Board Vice-Chair of the TAG,
Managing Director at Madison Life Insurance Company
Zambia Limited (MLife)
As Zambia marks the 10th Anniversary of its annual Insurance Week, the urgency to address the
intertwined issues of insurance access, sustainability, and future-proofing could not be greater. This
year’s commemoration theme, “Insure Today for a Sustainable Future,” beckons us to contemplate how
microinsurance can be a powerful lever in this journey, particularly in Zambia.
Insure Today: A Call to Inclusion
Across Zambia, a vast number of citizens remain uninsured. These are predominantly individuals and
families operating within the informal economy who often perceive insurance as either unnecessary or
unaffordable. It is here that microinsurance comes into play as an equitable disruptor. We can make
strides in financial inclusion by offering low-cost policies designed for low-income households. These
insurance products cover health, life, disability, property, and even business-related risks, offering a
financial shield against life’s unpredictabilities. With more Zambians insured, we lay down the first brick
in the edifice of a sustainable future.
The cornerstone of sustainability
How does insuring today relate to sustainability? For one, microinsurance ensures that families do not
fall into poverty when unforeseen adversities strike—be it an illness, accident, or natural disaster. This
underpins social sustainability by reducing inequality and improving quality of life. However, the scope of
insurance’s role in sustainability extends far beyond social metrics.
Take agricultural microinsurance, for instance. In a country where agriculture is a critical sector and
climate change constantly threatens yields, weather-index insurance can play a transformative role. This
insurance product offers farmers compensation based on measurable environmental factors like rainfall
levels. It protects farmers from the financial toll of climate-related yield losses, thus promoting sustainable
agricultural practices. It also reinforces rural communities’ resilience against climate change’s adverse
effects.
Preparing for an Uncertain Future
Uncertainties such as pandemics, geopolitical tensions, and environmental degradation loom large on
the global stage. Yet, even within this landscape of unpredictability, there is one thing we can be certain
of the future belongs to those who prepare. The act of taking out an insurance policy is, in itself, an act
of future preparation. It equips individuals and communities to bounce back from financial shocks more
robustly. Microinsurance , being affordable and accessible, ensures that this financial resilience is
inclusive, extending its benefits down to the grassroots level.
The Path Forward
As we embark on Insurance Week 2023, let’s seize this opportunity to elevate the dialogue on
microinsurance. We must harness the collective power of stakeholders—government agencies, financial
service providers, educational institutions, and NGOs—to champion this cause. The week-long activities,
from community outreach to CEO’s Day, offer ample platforms to disseminate knowledge, identify role
models, and ultimately, drive home the importance of microinsurance in Zambia’s socio-economic fabric.
Conclusion
To insure today for a sustainable future is not just a theme; it’s a call to action. It urges us to use the tools
at our disposal, particularly microinsurance, to build a financially inclusive, socially equitable, and resilient
Zambia against the challenges of tomorrow. So, let’s take this message beyond the halls of Mulungushi
International Conference Center and into the hearts and minds of every Zambian. Only then will we
illuminate Zambia’s path to a more inclusive insurance paradigm.
In the words of the great saying, “If you want to go fast, go alone. If you want to go far, go together.” Let
us go far in making insurance inclusive and our future sustainable.
Mrs Agnes N. Chakonta, CEO and Managing Director of Madison Life Insurance Company Zambia
Limited, is a pioneering force with nearly three decades at the company. Her rise from Management
Trainee to CEO reflects career growth and a mission: to democratise insurance in Zambia. An advocate
for financial inclusion and women’s empowerment, Agnes has launched groundbreaking microinsurance
products that have redefined the industry. Her relentless commitment to social impact and economic
growth makes her a revered leader and an inspiration for aspiring businesswomen.
