by Mirriam Chabala on 25 Apr 2019by Mirriam Chabala on 25 Apr 2019by Sipilisiwe Ncube on 25 Apr 2019by Sandra Mulenga on 25 Apr 2019
- Goal Diggers
by Abraham Kalito on 27 Mar 2019by Abraham Kalito on 26 Mar 2019by Abraham Kalito on 26 Mar 2019by Abraham Kalito on 26 Mar 2019
by Stuart Lisulo on 25 Apr 2019by Stuart Lisulo on 24 Apr 2019by Mirriam Chabala on 24 Apr 2019by Stuart Lisulo on 23 Apr 2019
by Joseph Mwenda on 25 Apr 2019by Daniel Chansa on 25 Apr 2019by Zondiwe Mbewe on 25 Apr 2019by Zondiwe Mbewe on 25 Apr 2019
- Editor's Choice
by Diggers Reporter on 4 Mar 2019by Andyford Mayele Banda on 29 Jan 2019by Davies Mwila on 22 Jan 2019by Diggers Reporter on 17 Jan 2019
by Diggers Editor on 25 Apr 2019by Diggers Editor on 24 Apr 2019by Diggers Editor on 22 Apr 2019by Diggers Editor on 19 Apr 2019
by Diggers Correspondent on 23 Apr 2019by Felix Kashweka on 2 Apr 2019by Thomas Mulenga on 29 Mar 2019by McQueen Zaza on 26 Mar 2019
- Guest Diggers
by Dr Munyonzwe Hamalengwa on 18 Apr 2019by Chisoni Mumba, PhD on 14 Apr 2019by Dr Chisoni Mumba, PhD on 28 Mar 2019by Sishuwa Sishuwa on 25 Mar 2019
Insurance sector growth elates PIABy Sipilisiwe Ncube on 21 Mar 2019
Pensions and Insurance Authority (PIA) deputy registrar Titus Nkwale says the performance of general insurance premiums grew by nine per cent in 2017 as it escalated to K1.82 billion compared to around K1.64 billion in 2016.
Speaking when he gave a presentation during a media training workshop in Lusaka, Tuesday, Nkwale also said the long-term life insurance segment experienced growth in 2017 as it recorded around K942 million in premiums.
“So, in industries, the key statistic that has been growing, double digits just as a principle and you know, for instance, that general inflation rate has been around eight to nine per cent, then you are assured that the growth is not just inflationary driven, but that there is real growth that is happening. That is why we are saying that, as the Authority, we are glad about the fact that growth in the insurance sector has been around 14 to 16 per cent in the gross written premiums,” Nkwale said.
“[The] 2018 forecast [indicated that] general insurance may have grown by nine per cent over 2017 numbers; long-term (life) may have grown by 20 per cent over 2017 numbers; occupational pensions scheme assets may have grown by five per cent over 2017 numbers. By mid-April 2019, the Authority will have audited numbers.”
Nkwale also highlighted some of the issues that would be addressed by the enactment of the Insurance Bill, which is expected to soon be enacted by Parliament.
“Subject to the enactment of the Insurance Bill, new solvency (capital adequacy) regulations (SI) will be issued : these rules will seek to address the following: enhance resilience of insurers to financial risks (assets and liabilities carry associated with the market (price); interest rate; credit; liquidity and valuations); strengthen insurers’ management of the underwriting (price and measurement of contracts), type and volume of insurance, and quality of re-insurance e.g. credit rating of re-insurer,” Nkwale said.
And Nkwale cautioned that regulation of insurance needed other interventions such as adequate capacity, demand stimulation, government support as an assurance to the development of the industry.
He noted that the occupational pension’s scheme assets’ five per cent growth last year over 2017 was mainly attributed to the media.
Zambia has a total of 20 regulated general insurers; 10 long-term life insurers; 32 regulated insurance brokers; 228 tied insurance agents; eight motor assessors; seven claims agents; three re-insurers, and another three loss adjusters, according to Nkwale.
There are also 146 occupational pension schemes, eight fund managers, and seven fund administrators, while naming NAPSA, PSPF, and LASF as the existing statutory pension schemes.
About Sipilisiwe Ncube
Sipilisiwe Ncube is a Zambian journalist with a background in radio news.
Email: sipilisiwe [at] diggers [dot] news
- KBF shouldn’t show himself at PF’s 2020 convention, warns Kamba - 25 Apr 2019
- Police recover 9 guns, 228 rounds of ammunition from criminals - 24 Apr 2019
- Disarm trigger-happy cops and give them sticks – Gender Minister - 24 Apr 2019
- Sampa justifies citizens arrest on fuel attendant after expert questions legality - 24 Apr 2019
- It’s time to stop the untouchable thugs shielded by the corrupt – KBF - 24 Apr 2019
- Debt servicing has left govt little money to meet obligations – BoZ
- Nkomeshya's Soli Establishment obtains injunction to halt ZAF, Kingsland City project
- ZAF officer in court for torturing 11-year-old niece
- NDC will work with UPND in 2021 if Zambians want us to - Kambwili
- UPND still strong in Kasama, despite GBM departure - Mulenga
Subscribe for email alerts
ArchivesMay0 PostsJun0 PostsJul0 PostsAug0 PostsSep0 PostsOct0 PostsNov0 PostsDec0 Posts
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
The News Diggers
Deputy News Editor
Plot No. Lus/9812/649-MC8
off Alex Chola Road
P.O. Box 32147
Telephone or WhatsApp:
diggers [at] diggers [dot] news
editor [at] diggers [dot] news
Send this to a friend