Insurance

Comprehensive insurance regulation and supervision to protect policyholders and ensure a stable, competitive insurance market in Zambia.

Insurance Sector in Zambia

The Zambian insurance industry provides essential risk management solutions for individuals and businesses. Our role is to regulate and supervise insurance companies, brokers, and agents to ensure market stability and consumer protection.

Life Insurance

Protection and savings products for individuals and families.

General Insurance

Property, casualty, and liability coverage for risks.

Health Insurance

Medical expense coverage and health protection plans.

Reinsurance

Risk transfer solutions for insurance companies.

Insurance Consultation

Insurance Licensing

All insurance entities must obtain appropriate licenses to operate in Zambia, ensuring they meet minimum standards for financial stability and professional competence.

Insurance Companies

Life, general, and composite insurance companies requiring comprehensive licensing.

Insurance Brokers

Professional intermediaries facilitating insurance transactions for clients.

Insurance Agents

Individual and corporate agents representing insurance companies.

Reinsurance Brokers

Specialized intermediaries for reinsurance market transactions.

Licensing Requirements

Comprehensive requirements ensure that insurance entities maintain high standards of financial stability and professional conduct.

Financial Requirements

  • • Minimum paid-up capital (K50M for life, K30M for general)
  • • Solvency margin requirements
  • • Technical provisions and reserves
  • • Investment diversification limits

Professional Standards

  • • Qualified management and key personnel
  • • Professional indemnity insurance
  • • Continuing professional development
  • • Ethical conduct requirements

Governance & Risk

  • • Board composition and independence
  • • Risk management framework
  • • Internal control systems
  • • Business continuity planning

Market Conduct

  • • Fair treatment of customers
  • • Transparent product information
  • • Complaint handling procedures
  • • Anti-money laundering compliance

Reporting & Disclosure

  • • Regular financial reporting
  • • Statistical returns to PIA
  • • Public disclosure requirements
  • • Actuarial valuations

Ongoing Compliance

  • • Annual license renewals
  • • Regulatory examinations
  • • Continuous monitoring
  • • License condition compliance

Licensed Insurance Entities

Comprehensive list of licensed insurance companies, brokers, and agents operating in Zambia.

ZM

Zambia State Insurance Corporation

Composite Insurance

License No: IC/001/2019

Effective Date: 01/01/2019

Status: Active

MA

Madison General Insurance

General Insurance

License No: IC/002/2020

Effective Date: 15/03/2020

Status: Active

HL

Hollard Insurance Zambia

Composite Insurance

License No: IC/003/2019

Effective Date: 01/07/2019

Status: Active

PR

Professional Insurance Brokers

Insurance Broker

License No: IB/001/2021

Effective Date: 10/06/2021

Status: Active

CU

CIC General Insurance

General Insurance

License No: IC/004/2020

Effective Date: 22/09/2020

Status: Active

NI

NICO Insurance Zambia

Composite Insurance

License No: IC/005/2018

Effective Date: 05/11/2018

Status: Active

Insurance Sector Statistics

Key performance indicators for the Zambian insurance market.

K32B
Total Premiums
18
Insurance Companies
95%
Claims Settlement
2.8%
Penetration Rate