20 May 2011
Zambia’s insurance industry has recorded growth of more than K1 trillion written premium this year due to of the favourable investment climate created by the Government.
Pensions and Insurance Authority (PIA) registrar of pensions and insurance Martin Libinga said the liberalisation of the insurance industry had seen the establishment of 14 insurance companies, two reinsurers, 46 insurance brokers and 265 insurance agents among other players.
Mr Libinga said at the micro-insurance sensitisation workshop in Lusaka yesterday, that the growth of the industry had been translated into written premium exceeding K1 trillion in 2011.
“A scrutiny of the investors in the insurance industry discloses a significant degree of foreign direct investment which can be viewed as a yardstick in gauging any jurisdiction’s finance climate,” he said.
Mr Libinga said the good macro-economic policies have not only created capital inflows but have also promoted skills transfer to the market.
PIA had organised the workshop on micro-insurance with the objective of introducing the role of the aggregators in the development of the microinsurance in Zambia.
Finance and National Planning Permanent Secretary in charge of financial management and administration Anthony Undi said PIA should develop regulations which would encourage the development of micro-insurance and other players in the industry.
Mr Undi said it would be necessary to revisit the regulatory environment to have a suitable legislative framework which takes into account the global developments surrounding micro-insurance.
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