INSURANCE PENETRATION GROWS IN ZAMBIA.

Insurers Association of Zambia president Paul Nkhoma has indicated that insurance market has recorded a 19 percent growth in 2016 compared to 17 percent in 2015.

Mr. Nkhoma says the market premiums are estimated to reach K2.5billion, with general insurance premiums contributing K1.7billion with the life premiums contributing 864 million.

In a statement He says for the first time in over a decade the general insurance premiums have grown at a faster rate than the life insurance premiums posting a growth of 23% (2015: 14%), while the life insurance premiums growth was only at 12% (2015:14).

Mr. Nkhoma says the contributions of insurance premiums to the country’s GDP however continue to be dismal contributing about 1.2%.

The African average is 3.5%, meaning that the premiums are supposed to be around K7 billion for the country to catch up with the African average

The Insurers Association of Zambia has revealed that only 2.8 percent of adult Zambians are insured.