The Insurance Industry in Zambia, Key Trends and Opportunities to 2018, New Report Launched

Zambia ranks among the top 15 fastest-growing economies globally, and its economy continues to be strong, with the country having achieved middle income status in 2011. Zambia’s economy grew at a CAGR of 14.9% during the review period, and is estimated to grow by 7.1% in 2014. Led by relatively stable economic growth and a progressive regulatory environment, the country’s insurance industry registered strong growth during the review period, driven primarily by the non-life segment, which accounted for 63.7% of the industry’s gross written premium value in 2013. Gross written premium grew at a review-period CAGR of 15.6%, and is projected to grow at a CAGR of 13.9% over the forecast period. A number of insurance companies entered the industry, attracted by the positive growth potential and low penetration rate, which stood at 1.37% in 2012, compared with the African average of 3.65%.

Key Highlights

• The Zambian economy grew at a CAGR of 14.9% during the review period, and is estimated to grow by 7.1% in 2014.
• Zambian regulatory authorities were active in promoting microinsurance during the review period, which contributed further to the growth of the life segment.
• Despite impressive economic growth, Zambia has failed to reduce poverty, and was among one of the poorest nations globally at the end of 2012.
• There were 25 insurance companies operating in the Zambian insurance industry as of January 31, 2014.
• The insurance penetration rate stood at 1.37% in 2012, significantly lower than the African average of 3.65%.
• A high combined ratio has been a major concern for non-life insurers in Zambia.

Spanning over 145 pages, 103 Tables and 93 Figures “The Insurance Industry in Zambia, Key Trends and Opportunities to 2018” report covering Executive Summary, Introduction, Zambian Insurance Industry Overview, Industry Segmentation, Governance, Risk and Compliance, Competitive Landscape, Economic Indicators, Appendix. This report Covered 6 Companies - ZSIC Ltd, Professional Insurance Corporation Zambia Ltd, Madison General Insurance Company Zambia Ltd, Goldman Insurance Ltd, African Life Assurance Zambia, NICO Insurance Zambia Ltd.

Know more about this report at : http://mrr.cm/Znv