Insurance report shows positive industry results, players commit to better performance

The Insurers Association of Zambia (IAZ) has released a report for the 2022 industry performance which has shown that sector’s growth in premiums and an increase in settled claims.

The 2022 performance of the insurance sector is cause for optimism as it shows that the industry is meeting clients at their point of need, says IAZ Executive Director, Nkaka Mwashika.

Mwashika in a statement issued on Thursday highlighted that the industry recorded gross written premiums of K6.033 billion in 2022 compared to K5.344 billion in 2021 representing a growth of 13 percent.

He said the gross written premium for non-life insurance was K3.867 billion (compared to K3.514 billion in 2021) and life insurance was K2.166 billion (compared to K1.830 billion in 2021).

“The reinsurance space experienced exponential growth, which is good for the industry and industry contribution towards national Gross Domestic Product (GDP).

“The industry will work hard to maintain the growth that was experienced, to further enhance customer experience, and increase the insurance uptake even further,” Mwashika stated.

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On net claims for2022, Mwashika said they increased by 20 percent.

He pointed out that claims recorded in 2022 amount to K1.87 billion and K1.56 billion in 2021.

“Earned premiums increased by 24 percent as they grew to K3.53 billion in 2022 from K2.85 billion in 2021.

“The reinsurance sector achieved exponential growth of 245.75 percent in gross reinsurance premiums from what was recorded in the year 2021,” he said.

Total assets and liabilities were believed to have increased by 30 percent being an increase to K7.42 billion from K5.69 billion and to K5.96 billion from K4.57 billion from 2021 to 2022, respectively.

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