By Yiep Joseph
Minister of Gender, Child, and Social Welfare, Aya Benjamin Warille, has urged traders in South Sudan to embrace insuring their businesses against unforeseen risks, such as fire outbreaks.
In her Christmas message to citizens, Minister Warille expressed sadness over the recent fire incident at Konyokonyo market, which resulted in destruction of over 50 shops.
She stated that insurance provides a safety net during such unfortunate events.
“We have to look at insurance; it is very important. Insurance is what protects you if something happens, like the fire; you are able to be compensated,” she said.
“I know most of the people (traders) there do not want insurance; traders need to embark on insurance in order to get a response during losses,” she added.
On Thursday, several stalls occupied by traders dealing in clothes, bags, and electronics, as well as food items, were ravaged by fire in Konkonyo Main market.
Central Equatoria state (CES) reported that over 56 shops well-equipped with goods for Christmas were razed to ashes. CES also formed a seven-member committee to investigate the cause of the fire while eyewitnesses blamed poor electricity connection in one of the shops.
In a separate statement, the traders affected by the Konyokonyo fire outbreak that left over 56 well-stocked shops burnt called on the government and well-wishers to extend a hand of help.
Minister Warille consoled the traders affected by the fire and called on them to remain strong and hope to flourish in business.
The minister said that most of the people affected by the fire are women who were struggling on a daily basis to put food on their tables; she called for help for those affected.
The minister, however, expressed that it has been yearly that markets caught fire, adding that there is a need for traders to learn and embark on embarkation in order to get financial protection.
She said that with insurance, the trader will be able to be compensated and sure to restart the business and flourish again without difficulty.
She added that most of the vulnerable people have been affected by the fire, adding that the government stay in solidarity with them and their families.
We are concerned whether indirectly it affects the most vulnerable people in the society.
With a core function of developing policies and programs for the promotion of gender equality, women’s empowerment, child protection, as well as social protection and social welfare of other vulnerable groups, Minister Warille appreciated women for their commitment in nation building.
She added that the ministry has several plans for the year 2025 to ensure that women and children are empowered and protected.
On his part, during a separate interview with this outlet, Robert Pitia, the chairperson of the Central Equatoria Chamber of Commerce, called on the traders to register with insurance companies in order to get reimbursement when risks occurred.
He also urged the traders to join the Savings and Credit Co-operatives Society (SACCO), adding that this would give more strength when disaster occurred.
Pitia expressed that the chamber of commerce and business community would continue to support those affected by the Konyokonyo fire outbreak.
Benefits of Insurance
Insurance is defined as a contract, which is called a policy, in which an individual or organization receives financial protection and reimbursement of damages from the insurer or the insurance company. At a very basic level, it is some form of protection from any possible financial losses.
The main function of insurance is that it eliminates the uncertainty of an unexpected and sudden financial loss.
This is one of the biggest worries of a business. Instead of this uncertainty, it provides the certainty of regular payment, i.e., the premium to be paid.
In 2022, a fire outbreak at Custom Market in Juba destroyed goods worth millions of South Sudanese pounds; however, there was no immediate help.
In 2015, an extensive fire ripped through part of Custom Market and destroyed at least 15 shops.
In 2019, a fire outbreak at the same market burnt down some shops, with traders estimating hundreds of millions of South Sudanese Pounds in losses.
In December 2021, traders at Custom Market counted losses of goods worth millions of South Sudanese pounds after a fire gutted 62 shops.