By JUDITH NAMUTOWE –

PROFESSIONAL Insurance Corporation Zambia (PICZ) Plc recorded the country’s highest gross written premium of more than K300 million in 2015.
PICZ board chairperson Susan Wambulawae-Msoni said this when she presented the corporation’s financial results for the year 2015 in Lusaka yesterday.
“Our gross written premium was the highest in the market at K313 million. This is an improvement of 11 per cent from the K283 million which was recorded in 2014.
“Further the profit before tax at K40 million is an improvement of 18 per cent compared to K34 million realised in 2014,” Ms Msoni said.
She said despite the challenges, the corporation’s strategy, highly skilled personnel and the positive support from the board made it possible for the PICZ to maintain and reinforce its position as first in the market.
“We made good progress with our product diversification initiatives, stream-lined our service-oriented infrastructure and extended our reach to the low income segment of the population.
“This was through the introduction of ‘Muyende Bwino’ a personal accident micro insurance product, the first of its kind in the general insurance sector,” she said.
During the fourth quarter of the year under review, Global Credit Rating Company reviewed the corporation’s credit rating and reaffirmed its A+ rating for the sixth year running.
PICZ managing director Geoffrey Chirwa projected that the corporation would grow the gross premium to over K350 million up from K313 million which was managed in 2015.
Mr Chirwa expressed hope that the new product “Muyende Bwino” accident scheme would be one of the products that would contribute significantly to PICZ income stream.
“Secondly as you may be aware there is a Statutory Instrument (SI) that was signed by Minister of Transport Yamfwa Mukanga compelling motorists to display insurance discs on their motor vehicles.
“We think that this will also be an additional in terms of income stream,” Mr Chirwa said.
PICZ had insured 6,000 people in terms of Muyende Bwino, saying that the policies would grow to over 100,000 before the end of the year.