Zambia Insurance Industry – Key Trends and Opportunities to 2026

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Zambia Insurance Market Overview

The gross written premium of the Zambia insurance industry was ZMW5.3 billion ($267.7 million) in 2021. The market is expected to achieve a CAGR of more than 14% during the forecast period. The Zambia Insurance industry research report provides in-depth market analysis, information, insights, and a detailed outlook by product category of the industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the economy and demographics of Zambia, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Zambia Insurance Market Outlook

Zambia Insurance Market OutlookFor more insights on the Zambia insurance industry forecast, download a free report sample

Key Zambia Insurance Industry Trends

Many underwriters in Zambia are introducing sustainable insurance products. However, the high loss ratios associated with such insurance are discouraging many insurers from selling these kinds of policies.

With the support of the International Finance Corporation (IFC), underwriters in Zambia and Nigeria will add more than 2 million climate change insurance policies for smallholder farmers and female farmers. This program will provide a significant amount to each country, along with advisory services for the development of new climate insurance products and risk analytics. This advisory program will also help in scaling up the existing climate change insurance products and strengthen the insurers’ business development and underwriting capacity.

Zambia Insurance Industry Segments

The key segments of the Zambia insurance industry are life insurance and general insurance. The general insurance segment dominated the total insurance industry.

General Insurance: Based on lines of business, the Zambia insurance industry is further sub-segmented into property, motor, liability, financial lines, MAT, personal accident and health insurance, and miscellaneous. The growth of the general insurance segment is driven by the property insurance line in 2021.

Life Insurance: Life insurance penetration in the country has consistently been quite low when compared to both emerging and developed markets. This shows a lack of awareness and resources among the public, as well as attempts on the part of insurers to provide personalized and creative solutions. Life personal accident and health insurance LOB is the highest contributor to life insurance in 2021.

Zambia Insurance Industry Analysis, by Segments

Zambia Insurance Industry Analysis, by SegmentsFor more segment insights in the Zambia insurance industry, download a free report sample

Zambia Insurance Industry - Competitive Landscape

Some of the key insurance companies in the Zambia insurance industry are Professional Insurance Corporation Zambia Limited, Nico Insurance, ZSIC General Insurance, Madison General Insurance Company Zambia Limited, Mayfair Insurance Company Zambia Limited, Hollard Insurance Zambia Limited, Sanlam Life Insurance Zambia, Prudential Life Assurance Zambia, Speciality Emergency Services Limited, and Liberty Life Insurance Zambia among others. Professional Insurance Corporation Zambia Limited is the largest general insurer.

Zambia Insurance Industry Analysis, by Companies

Zambia Insurance Industry Analysis, by CompaniesFor more insights on the Zambia insurance industry players, download a free report sample

Zambia Insurance Industry Report Overview

Market Size (2021) ZMW5.3 billion ($267.7 million) (GWP)
CAGR (2021-2026) >14%
Key Segments Life Insurance and General Insurance
Key Companies Professional Insurance Corporation Zambia Limited, Nico Insurance, ZSIC General Insurance, Madison General Insurance Company Zambia Limited, Mayfair Insurance Company Zambia Limited, Hollard Insurance Zambia Limited, Sanlam Life Insurance Zambia, Prudential Life Assurance Zambia, Speciality Emergency Services Limited, and Liberty Life Insurance Zambia

Scope

This report provides a comprehensive analysis of the Zambia insurance industry –

  • It provides historical values for the Zambia insurance industry for the report’s 2017-21 review period, and projected figures for the 2021-26 forecast period.
  • It offers a detailed analysis of the key categories in the Zambia insurance industry, and market forecasts to 2026.
  • It profiles the top life insurance companies in Zambia and outlines the key regulations affecting them.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Zambia insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Zambia insurance industry.
  • Assess the competitive dynamics in the Zambia insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

Professional Insurance Corp. Zambia Ltd.
ZSIC General Insurance Ltd.
Nico Insurance Zambia Ltd.
Prudential Life Assurance Zambia
Sanlam Life Insurance Zambia
Madison General Insurance Co. Zambia Ltd.
Mayfair Insurance Co. Zambia Ltd.
Hollard Insurance Zambia Ltd.

Table of Contents

Table of Contents

Executive Summary

Economy Overview

GlobalData Country Risk Index

Regulatory and Compliance

Key Market Trends

Life Insurance Overview

Penetration and Growth

Premiums and Key Lines of Business

General Insurance Overview

Penetration and Growth

Premiums and Profitability

Lines of Business Breakdown

Competitive Landscape

Competitor Profiles

Reinsurance Overview

Reinsurance Accepted Premiums

Reinsurance Ceded Premiums

Reinsurance: Regulatory and Compliance

Appendix

Frequently asked questions

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