By JUDITH NAMUTOWE –
ZAMBIA’s insurance sector recorded a 67 per cent growth in premiums in the third quarter of 2015.
The gross written premium for the industry stood at K 776.89 million compared to K464.63 million in the same period in 2014.
The growth representing a 67 per cent is being attributed to increased number of players that came on stream
during the period under review.
Pension and Insurance Authority (PIA) registrar Martin Libinga said this in response to a press query.
“We have also seen these players coming up with new products which have contributed to the growth in premiums,” Mr Libinga said.
Some of the products that were approved in 2015 are AAR generation plan introduced by African Life, Alpha health insurance by A plus Life, embedded retrenchment policy, liberty health insurance enter Prize Life and embedded retrenchment policy among many others.
Mr Libinga noted that the net written premiums grew by 82 per cent to K497.50 million from K273.88 million in the same period the previous year.
Under general insurance, utilisation of premium income, the net claims increased to K197.42 million in 2015 up from K109.01 million in 2014.
He said management expenses stood at K193.98 million in 2015 compared to K73.18 million which was recorded in 2014, while commissions stood at K37. 45 million compared to K23.59 million in 2014.
Profit before tax was K 57.55 million, representing a 266 per cent from K15.71 million recorded in the same period of 2014.