Increase in the share capital of insurance companies

The Zambian ministry of finance has approved the amendment introducing new minimum capital required for insurers and reinsurers. This measure is designed to help companies retain a more substantial premium volume.

The new thresholds will grow from 1 million to 10 million ZMW (91 000 to    900 000 USD) for non life insurers and from 1 million to 12 million ZMW (91 000 to 1 million USD) for life insurers. For reinsurers, the new thresholds will rise from 1 million ZMW (91 000 USD) to 20 million ZMW (1.8 million USD).

Insurance and reinsurance companies are required to comply with the new provisions no later than October 2, 2017.