Insurance sector poised to exceed K8bn premium before year end

By BUUMBA CHIMBULU ZAMBIA’S insurance industry is expected to exceed K8 billion in Gross Written Premium (GWP) by close of this year, backed by the booming infrastructure projects in the country. Last year’s GWP closed at K7.6 billion. Pension and Insurance Authority (PIA) Analyst Insurance Department, Shadreck Milezhi, said by third quarter of this year, the GWP was at K7.1 billion. Mr Milezhi said in an interview on the side-lines of the just ended 2024 annual insurance conference last week. “Last year, we closed GWP at K7.6 billion and by the end of the third quarter we were at K7.1 billion and only remaining with about K800 million to meet the K8 billion by close of this year. Over the past six years the sector has been growing because the economy continues to improve. “Assets are going up and buildings are coming up coupled with different things being insured. We have also seen motor vehicle […]