Country Dashboards

19 mn
US$21 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 49 mn
Non-life premium volume (USD) 175 mn
Total premium volume 223 mn
Total premium volume (ZMK) 1 bn
Insurance penetration: Premiums in % of GDP 1.10%
Insurance density: Premium / capita USD 16
Local currency ZMK
Market Composition
Domestic life insurers 3
Domestic non-life insurers 14
Domestic composite insurers 0
Foreign life insurers 7
Foreign non-life insurers 7
Foreign composite insurers 0
Domestic reinsurers 1
Foreign reinsurers 3
State-owned insurers 1
State-owned reinsurers 1
Insurance intermediaries 61
Reinsurance intermediaries 5
Insurance Regulatory Authority
Stand No. 4618 Lubwa Road, Rhodes Park P/Bag 30x Ridgeway

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Material supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed No
Bancassurance is allowed No
Allowed ownership structures Stock Companies
Foreign ownership restrictions No
Minimum capital requirement ZMW 10,000,000
Minimum paid-up share capital ZMW 10,000,000
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied Yes
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: