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Zambia

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Zambia

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Zambia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Zambia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Zambia can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Insight Risk Manager Axco API Clinical Trials Compliance Point

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +2
Lusaka
ZMK
18.68 mn
3.10 (2020)
6.78%
291.45 (mn)
1.25

Zambia's economy continues to remain dependent on mining and, to a lesser extent, agriculture. The country is the second-largest producer of copper in Africa, and the production of cobalt and other minerals are also significant.

In 2019 non-life premiums amounted to ZMW 2.29bn (USD 177.82mn), an increase of 20.15% over 2018.

In December 2020, 20 non-life insurance companies were operating in the country. No additional insurers have been licensed since the regulator (PIA) announced a substantial increase in minimum capital requirements in late 2014.

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