IDAI DEVASTATES UNINSURED ESWATINI BUSINESSES

IDAI DEVASTATES UNINSURED ESWATINI BUSINESSES

LOCALS who do not apply for insurance policy cover for their products and services while operating businesses in foreign countries must be bold enough for the challenge. This was the view of the President of the Federation of the Eswatini Business Community (FESBC) Hezekiel Mabuza, who observed that it was unfortunate that there were so many challenges Swati entrepreneurs were faced with in foreign countries. Mabuza said destructive disasters such as the receded tropical storm in Mozambique, dubbed Cyclone Idai that hit the central the region of that country, were a good example of how risk doing business in foreign lands was if they were not covered. Other countries that were affected by the storm are Zimbabwe, Malawi and Madagascar, who experienced high rainfall during the storm’s way
to Mozambique. Mabuza hastened to say his assertion was not intended to poke fun at Mozambique, or the other countries that were affected, but explained that it was imperative for them to warn local businesses to be prepared as the tragedy that befell those countries had greatly affected neighboring states, including Eswatini, in terms of business. Natural disasters like cyclones are grossly damaging when the country’s natural drainage system
is poor, said Mabuza. Most of parts Mozambique are set on flat land and cyclones can be uncontrollable. Mabuza encouraged insurance covering in the event something of the sort of Mozambique happened, saying such would help to recover what would be destroyed. The HM Stationery Director said the cyclone should be a lesson not only for business people, but everyone to seek insurance cover as in life there were occurrences that were unforeseeable
and if there was no planning ahead, one would regret. Mabuza said lack of education was an element that was a let down on the part of some people and unfortunately some insurance companies could take advantage of that. He said for instance the inscription on some parts of insurance company policy forms were super tiny to a point where some people would be ignorant. He said it was unfortunate that some companies would do this on purpose, a strategy
intended to trick customers. He hastened, though, to say that not all companies were bent on such mischief, saying he knew insurance companies whose policies were transparent and comprehensible. Mabuza said it might be a good
idea for people who seek insurance cover, especially those in business, to go through policy forms bit by bit,
inch by inch, carefully examining every phrase, so that they cannot miss out on what is important. Mabuza
said the high risk on catastrophes like the Mozambique storm was that citizens would not recover their lost or damaged properties and he wondered how much, in terms of revenue, had been lost by Swatis operating business in the affected regions. Some of the Kingdom’s citizens do not reside around the affected areas, but are shareholders of companies in the affected areas. And yet, if they are not covered under natural disasters, they have lost, said Mabuza. “As a businessman based here at Eswatini my heart goes out to Emaswati based in Mozambique and the other countries, especially around the affected regions,” said Mabuza, adding that he felt obligated to speak of the importance of seeking insurance cover. The total death toll as a result of the storm in Mozambique to date was placed at 746 while 2,390 people were injured. 2.9 million people countrywide were impacted.

Leave a Reply

Close Menu
×