Growing number of insurance brokers driving down rates

Although underwriting results in respect of most classes have been good to date, insurance company profits are likely to suffer should the current levels of competition continue; particularly now that reinsurance terms are hardening.

Growing number of insurance brokers driving down rates

The Zambian insurance market currently consists of two non-life companies, one life only company and five composite insurers. The state-owned Zambia State Insurance Company (ZSIC), once the monopoly insurer, continues to lose market share. There remains, despite a major restructuring exercise, some uncertainty over the privatisation and future ownership of ZSIC.