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Overview of Insurance Industry in Zambia

The insurance industry recorded an overall increase of 18% in terms of Gross Written Premium (GWP) turnover during the year ended 31 December 2015. In monetary terms, GWP increased to K2.10billion in 2015 from K1.83billion recorded in 2014. The Insurance Penetration Ratio (GWP to GDP ratio) stood at 0.67% in 2015 compared to 1.5% in 2014. The GWP in general insurance stood at K1.38billion in 2015 from K1.21billion in 2014. Under long term insurance, the GWP turnover as at December 2015, stood at K717million from K650 million in 2014.

 

The industry had the following players as at 31st August 2016:

 

  • 3 Reinsurance Companies
  • 2 Reinsurance Brokers
  • 22 General Insurance Companies
  • 12 Long-term Insurance Companies
  • 45 Brokers
  • 223 Insurance Agents
  • 10 Claims Agents
  • 11 Motor Assessors
  • 8 Loss Adjustors
  • 1 Risk Assessor