Insurance market in Zambia stagnant at 2%, says Pensions and Insurance Authority

The Pensions and Insurance Authority (PIA) has expressed worry that the insurance market in Zambia has remained stagnant at two percent.

The growth rate in the insurance sector had remained stagnant at two percent for several years, PIA Deputy Registrar, Dr Brian Manchishi, said on Wednesday.

Manchishi was speaking at the partnership event between Madison Life and Vitality Health International in Lusaka.

He said it was important for insurance firms to start leveraging technology and data analytics effectively, integrate data and systems with their partners to ensure a seamless customer experience.

Manchishi said the collaboration had the potential to significantly impact Zambia’s insurance landscape by promoting healthier lifestyles and potentially reducing healthcare costs for policyholders as well as the Insurer.

“Through this Madson Life partnership with Vitality Health International, I believe the product being launched today, and its various healthcare programmes, align perfectly with this vision,” he added.

VHI Chief Executive Officer, Emma Knox, claimed that since its launch in January 2022, the firm had been gaining momentum in bringing health insurance products to employer groups in Africa.

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She said the insurance firm would focus on providing excellent healthcare insurance to the nation while simultaneously expanding its reach throughout Zambia.

“Employers are rewarded with cash back of up to 10 percent for encouraging their employees to get healthy,” Knox stated.

Ealier, Madison Life Insurance Managing Director, Agnes Chakonta, said partnering with Vitality Health was a strategic move as the firm continued to expand.

“We continue expanding, growing and contributing to the development of life and health insurance in Zambia covering both individual and corporate clients,” Chakonta stated.

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