Zambia Reinsurance has posted an 83% surge in net profit to ZMW28.5m ($1.05m) in the financial year ended 31 December 2024, compared to 2023, according to the company's financial statements lodged with the Lusaka bourse. The increase was achieved on the back of strong revenue growth, investment income and exchange gains.
Hollard International, part of South Africa's largest privately owned insurance group, and Absa Group, one of Africa's largest diversified financial services groups, have reached agreement for the sale of Absa's insurance businesses in Mozambique, Botswana and Zambia.
Malawi, Mozambique, Zambia and Zimbabwe are likely to receive insurance payouts from African Risk Capacity (ARC) as they are severely affected by the current drought, according to early projections from ARC's season monitoring tools.
The standalone credit profile of Klapton Reinsurance (KlaptonRe) reflects its good business profile, with exposures that are well diversified by cedant and geography, and a market position that benefits from long-standing relationships with cedants and brokers in its regions of operation, says Moody's Investors Service.
Zambia's government - along with entrepreneurs and donors - are working towards establishing a closer link between climate-risk insurance and climate-information services.
Adult Zambians' insurance uptake increased from 2.8% in 2015 to 5% in 2020, according to the 2020 Finscope study of Zambia that was recently released.
Despite the effects of the COVID-19 pandemic on the insurance industry in Zambia, mid-year unaudited results for insurers show some growth in the sector, Insurers Association of Zambia president Ms Christabel Banda.
Zambia's insurance regulator, the Pensions and Insurance Authority (PIA), has announced guidelines for the industry in view of the COVID-19 pandemic.
The Pensions and Insurance Authority (PIA) is developing a large-risk register and will begin monitoring large risks in the country, Mr Christopher Mapani, registrar and CEO of the PIA, has said.
The Pensions and Insurance Authority (PIA) will make it mandatory for all insurance companies offering motor, household or contents, home owner, funeral and life insurance, to issue key fact statements to customers, said Mr Titus Nkwale, PIA acting registrar.