Country Dashboards

17 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 10
Domestic composite insurers
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers 10
Domestic reinsurers 2
Foreign reinsurers
State-owned insurers
State-owned reinsurers 1
Insurance intermediaries
Reinsurance intermediaries
Insurance Regulatory Authority
Stand No 4618, Lubwa Road, Off Church Road, Rhodespark, Lusaka

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates Yes
Cross-border insurance allowed Yes
Bancassurance is allowed No
Allowed ownership structures Stock Companies
Foreign ownership restrictions No
Minimum capital requirement USD 200k
Minimum paid-up share capital USD 200k
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed Yes
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, Aviation 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: