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Overview of Insurance Industry in Zambia

The insurance industry registered a steady growth in 2018. The industry had a total of 342 players licensed by the Authority in 2018.

The Gross Written Premium (GWP) for the industry as at 30th September 2018, stood at K739.36 million compared to K696.09million recorded in 2017 during the same period.  

In terms of general insurance market share based on GWP, PICZ had the highest with 26%, followed by Madison General with 16%, ZSIC General and Hollard General at 10% each. NICO insurance was at 9% while Goldman was at 5% with Mayfair and Advantage at 4%. Diamond insurance market share was at 3% with Meanwood, Phoenix and African Grey at 2% each. The rest of the players accounted for an aggregated share of 4%.

In terms of long term insurance market share, Sanlam had the largest share in terms of GWP with 24%, followed by ZSIC Life with 16%, SES with 15%, Madison Life and Prudential Life with 14% each. Liberty Life and Barclays Life had 6% each