By JUDITH NAMUTOWE –
ZAMBIA’S insurance industry posted more than K1.7 billion written premium in 2014 up from K1.5 billion recorded in 2013.
This represents growth of 13 per cent.
The Pension and Insurance Authority (PIA) registrar Martin Libinga told journalists in Lusaka that the growth was mainly due to the increase in the number of new products and the uptake of insurance products.
Mr Libinga said the insurance sector had recorded significant growth in numbers and in proceeds and premiums.
This is an indication that the companies were working hard to ensure that many people accessed insurance products in the country.
He noted that the sector had about 27 licensed insurance companies which include life and non-life as at December 31, 2014.
Mr Libinga noted that in the last two to three years, the authority recorded new companies coming on board mainly from South Africa or supported by South African companies with new products which were not being offered in the sector.
“Of course many people focus on motor, but now we have seen a number of new products coming.
“The other area we are focusing on as PIA is the low income growth in our country and that is the group that is not covered by insurance,” he said.
Mr Libinga expressed hope that the industry would stabilise in terms of competition with increased growth in terms of premiums once the Government issues the new minimum capital requirement for the industry.
He said currently the capital requirement was low and hoped that the new capital levels could be increased.
The new minimum capital is intended to bring security on policy holders.