The government of Zambia has used a $600m loan from the African Development Bank (AfDB) Group, coupled with its own resources, to buy back a $1.36bn sovereign Eurobond.
Lusaka-based Finsbury Reinsurance has been assigned an 'A' rating on the National Scale and a 'B' rating on the International Scale by Dubai-headquartered International Credit Rating Agency (ICRA).
The Pensions and Insurance Authority (PIA) has launched the Insurance Regulatory Sandbox for tech firms to test innovative products before they are rolled out in the market.
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.