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Alba Iulia
Saturday, January 25, 2020

The Pensions and Insurance industry in Zambia has recorded fair growth in the year 2018

Economy The Pensions and Insurance industry in Zambia has recorded fair growth in...

The Pensions and Insurance Authority says the pensions and insurance industry recorded fair growth in the year 2018 registering a steady growth in the pensions net assets.

PIA Communications Manager Doreen Silungwe says as at 30th September 2018, pensions net assets stood at K 7.028 billion compared to K6.432 billion of the same period in 2017.

Mrs. Silungwe said investment income stood at K375 million in the third quarter of 2018 as compared to K279 million in the same period of 2017 adding that the return on net assets during the quarter ended 30th September 2018 closed at an annualized figure of 21%.

She said in terms of the investment portifolio, property and term deposits accounted for 27% each, listed equities at 20%, government bonds at 11%, corporate bonds at 6%, insurance and collective investment schemes at 3% each, treasury bills at 2% and unlisted equities at 1%.

Mrs. Silungwe said total membership of pension scheme members as at 30th September 2018 stood at 107,293 compared to 108,458 during the same period in 2017.

On the insurance side, Mrs. Silungwe said the industry also continued to register a steady growth and had a total of 342 players licensed by the Authority as at 30th September 2018.

She said the Gross Written Premium (GWP) for the industry as at 30th September 2018, was K739.36 million compared to K696.09 million recorded in 2017 during the same period.

“Long-term insurers paid a total of K422 million in claims and benefits by 30th September 2018 compared to K358 million that was paid out in 2017 during the same period. General insurers paid a total of K116 million in claims by 30th September 2018 compared to K131 million that was paid out in 2017 during the same period. In terms of general insurance market share based on GWP, PICZ had the highest with 26%, followed by Madison General with 16%, ZSIC General and Hollard General at 10% each. NICO insurance was at 9% while Goldman was at 5% with Mayfair and”, she added.

Mrs. Silungwe said advantage stood at 4%, Diamond insurance market share was at 3% with Meanwood, Phoenix and African Grey at 2% each while the rest of the players accounted for an aggregated share of 4%.

And in terms of long-term insurance market share, Mrs. Silungwe said Sanlam had the largest share in terms of GWP with 24%, followed by ZSIC Life with 16%, SES with 15%, Madison Life and Prudential Life with 14% each and Liberty Life and Barclays Life had 6% each.

Mrs. Silungwe said the Authority is optimistic that industry will continue to register steady growth this year but expressed concern with the continued complaints arising in the insurance industry relating to claims management.

She said as such, one of the focus areas in 2019 for the Authority will be market conduct and a Unit has been established.

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  1. That’s good, hope it will be reinvested to earn more. Above all it will not fall or delay claims and pension payment to the deserving clients. Also it should not forget it’s staff who worked tirelessly to achieve.

  2. But you have not paid beneficiaries from the closed down Focus Life Insurance. You should also be talking about how insurànce companies were closed for various reasons.

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