Saturday, April 17, 2010

Diamond Insurance chief calls for long-term solution to floods

Diamond Insurance chief calls for long-term solution to floods
By Joseph Mwenda and Agnes Changala
Sat 17 Apr. 2010, 04:20 CAT

THE Zambian government should partner with the private sector in order to rebuild the lives of flood victims, Diamond Insurance chief executive officer Tobias Milambo has advised.

And acting Lusaka district commissioner Patrick Phiri has said a total of 177 families are now being accommodated at Independence Stadium following the relocation exercise.

In an interview, Milambo observed that the flood victims would still suffer even after the water levels recede because their houses would no longer be habitable.

“The government has to find-long term solutions for these floods especially with the change in climate and take the floods crisis as its priority agenda. That will not only benefit the victims but it will also help the government protect its revenue,” Milambo said.

He said the government through the ministries of finance and local government and housing should set up a mechanism that would see the introduction of a national disaster insurance policy which would help victims rebuild their lives.

“If the government partners with insurance companies, it will be compelled to put up proper drainage in areas where floods are an annual crisis in order to meet the insurance requirements. That way, the insurance companies will come in and cover the water damage comprehensively,” Milambo proposed.

And the number of people relocating to the temporary campsite in Lusaka has stabilised following the reduction in rainfall levels.

Phiri, who is also district demonstrative officer at the district commissioner’s office, said the relevant authorities would have to make a decision on the families whose homes would still be flooded when the time to leave the camps comes on July 1, 2010.

Early last month, the government temporarily moved flood victims from Chawama and Misisi to Lusaka's Independence Stadium with Vice-President George Kunda promising to take victims’ plight before Cabinet in order to find a lasting solution to their, now annual, problem.

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Friday, August 28, 2009

Milambo bemoans low level insurance market

Milambo bemoans low level insurance market
Written by Chiwoyu Sinyangwe
Friday, August 28, 2009 2:53:49 PM

THE insurance sector has only penetrated fourper cent of the country’s population, newly-branded Diamond General Insurance Limited chief executive officer Tobias Milambo has said.

And Diamond General Insurance has spent K2 billion to boost its balance sheet to achieve operational competence after rebranding from Cavmont Capital Insurance Corporation which was majority-owned by Zimre Holding, as a consortium of Zambian entrepreneurs acquired a majority 57 per cent shareholding.

During a press briefing yesterday, Milambo observed that the insurance sector had continued to contribute insignificantly to the country’s economic output when regional average contribution was about 10 per cent.

And board chairman Arthur Ndhlovu said the rebranding process would help the exclusive general insurance provider to reposition itself in the market and contribute to economic growth.

He also stressed that there was no link between Cavmont Capital Group and Diamond General Insurance.

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