Zambia hosts a variety of insurance companies offering diverse services, including life, general, and reinsurance policies.
Image Credit: Credit.org
Here are some of the notable insurance providers in the country:
General Insurance Companies
- Madison General Insurance Zambia Limited
- Hollard Insurance Zambia Limited
- Professional Insurance Corporation Zambia PLC
- ZSIC General Insurance Limited
- Nico Insurance Zambia Limited
- Indigo General Insurance Limited
- General Alliance Insurance Zambia Limited
- Savenda General Insurance Limited
- African Grey Insurance Limited
- Phoenix of Zambia Assurance Company Limited
Life Insurance Companies
- Prudential Life Assurance Zambia Limited
- Madison Life Insurance Company Zambia Limited
- Sanlam Life Insurance Zambia Limited
- ABSA Life Zambia Limited
- Liberty Life Zambia Limited
Reinsurance Companies
- Emeritus Reinsurance Zambia Limited
- Zambia Reinsurance Plc
- Kenya Reinsurance Corporation Zambia Limited
These companies are part of the Insurers Association of Zambia (IAZ), which provides oversight and promotes professionalism within the industry.
Common insurance policies in Zambia
In Zambia, common insurance policies cater to personal, corporate, and specialized needs. Below is an overview of prevalent insurance policy types:
1. Life Insurance
- Term Life Insurance: Provides coverage for a specified period, offering a death benefit if the policyholder passes during the term.
- Whole Life Insurance: Offers lifetime coverage with a cash value component.
- Group Life Insurance: Often offered by employers to their employees.
2. Health Insurance
- Individual Health Insurance: Covers medical expenses for individuals.
- Group Health Insurance: Provided by employers for their employees.
- Critical Illness Cover: Offers financial support in case of severe health conditions like cancer or heart attacks.
3. Vehicle Insurance
- Third-Party Insurance: Mandatory by law, covering damages to third-party property or injuries.
- Comprehensive Insurance: Covers both third-party liabilities and damages to the policyholder's vehicle.
4. Property Insurance
- Home Insurance: Protects against damages to residential properties caused by events like fire or natural disasters.
- Commercial Property Insurance: Covers business premises and assets.
5. Travel Insurance
- Covers medical emergencies, trip cancellations, and lost luggage during international or domestic travel.
6. Agriculture Insurance
- Protects farmers against losses due to weather, pests, or diseases affecting crops or livestock.
7. Marine Insurance
- Covers goods transported by sea, including loss or damage during shipping.
8. Business and Liability Insurance
- Professional Indemnity Insurance: Protects professionals against claims of negligence or errors.
- Employer Liability Insurance: Covers liabilities arising from employee injuries or illnesses.
- Product Liability Insurance: Protects businesses against claims due to defective products.
9. Pension and Annuity Policies
- Provide financial security post-retirement through structured payouts.
10. Reinsurance
- Purchased by insurance companies to manage risk and large claims.
