Growth of the Zambian insurance market in 2019

calculatorThe Zambian insurance market recorded an 18.75% turnover increase in 2019. The latter went from 3.2 billion ZMW (266.48 million USD) in 2018 to 3.8 billion ZMW (272.16 million USD) one year later. This increase is driven by an insurance penetration rate of 2.63% against 2.29% in 2018.

The non-life premiums amounted to 2.3 billion ZMW (164.73 million USD) against 1.5 billion ZMW (107.43 million USD) in the life activity.

The Zambian market includes 30 insurers: 9 of which operate in life insurance and 21 in non-life activity. The market also involves four reinsurers.

Read also | The Zambian regulator to impose a code of good practice on insurers

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