Insurance Corner

You need advice on your credit guarantees/facilities, security bonds (performance, advance, customs and clearing, bid etc), just give me a call on 0966/0977-587355.

We are looking for business houses who are into imports and want to increase/double their capacities. We may have a solution just for you. Contact me on 0966587355 or 0977587355.

Good morning beautiful people, its a rainy day. 2018 is going to be an interesting year in terms of insurance. The weak will have fallen off come 31st December 2017. Those that will have managed to recapitalise are looking forward to more business. However, nothing we will change, it will be the same number of customers only being attended to by fewer insurance companies. 20 apples being shared by 20 people or 20 apples being shared by 10 people scenario. Still 20 apples!!

We are working on providing financial services to business entities that want to increase their import capacity. If your suppliers are able to accept Credit Guarantees, Letters of Credit etc, we can enter into an arrangement with them on your behalf. Contact me for more details. 0955/0966/0977 587355.

The Pensions and Insurance Authority (PIA) passed Statutory Instrument No. 71 (IS71) in 2015. The instrument was providing guidance to new requirements for insurance companies in Zambia regarding recapitalisation.

e-insurance companies are required to increase their paid-up capital to a minimum level of K20, 000,000.00 from the previous K1, 000,000.00. Long term and general insurers are expected to increase their paid up capital to K12, 000,000.00 and K10, 000,000.00 respectively from K1, 000,000.00.

Brokers will also need to raise their paid up minimum capital from K50, 000.00 to K100, 000.00.
The transitional period for the entities to comply with the requirements of the Statutory Instrument shall be within a period of two years from the date of coming into force of the Statutory Instrument (2nd October 2015).

The move was targeted at building a solid, competitive and sustainable insurance sector as it would strengthen the financial base of the sector.

Capital forms the basis of financial strength for any insurance company and supports better risk management and market confidence. The deadline for compliance was 1st October, 2017.

To all my followers on this page, ensure you have valid insurance policies from insurance companies that are in compliance. Find out from your insurer. Best

Either out of ignorance or not wanting to pay a bit more, it's interesting how people purchase third party insurance and want to make a claim when they are involved in an accident. Understand the difference between Third Party and Comprehensive motor insurance. Be insure-wise.

When one thinks it cannot happen to them and then it happens!!!

Everyone needs insurance in one form or another. Why many people do not have insurance is because they are not aware what insurance is and what it can do for them, they may not be aware of the right kind of insurance they need or they are not able to pay for the insurance they need.

For more specific advice on the right kind of insurance on personal or business lines, inbox and we can chat. Get some insurance insights, could just save you a bit of trouble!!

The idea of insurance dates back more than 4,000 years to Babylonian merchants. They wanted to protect their goods during transit from, among other things, bandits and bad weather. However, Lloyd's of London is credited with inventing the modern concept of insurance, which first began in Edward Lloyd's Coffee House (hence the name) in 1688.

Below is the list of some insurance companies in Zambia

General Insurance Companies
1. A Plus General Insurance Company Ltd
2. Acacia Insurance Ltd
3. Advantage Insurance Ltd
4. Africa Pride Insurance Company Ltd
5. African Grey Insurance Ltd
6. Diamond General Insurance Ltd
7. Focus General Insurance Ltd
8. GBG Insurance Zambia Ltd
9. General Alliance Insurance Zambia Ltd
10. Golden Lotus Insurance Company Ltd
11. Goldman Insurance Ltd
12. Hollard Insurance Zambia Ltd
13. Madison General Insurance Company Zambia Ltd
14. Mayfair Insurance Company Zambia Ltd
15. Meanwood General Insurance Company ltd
16. NICO Insurance Zambia Ltd
17. Phoenix of Zambia Assurance Company (2009) Ltd
18. Innovate General Insurance Ltd
19. Professional Insurance Corporation Zambia Ltd
20. Ultimate Insurance Company Ltd
21. Veritas General Insurance Plc ZSIC General Insurance Ltd

Long term Insurance Companies
1. A Plus Life Assurance Company Ltd
2. African Life Assurance Company Ltd
3. Barclays Life Zambia Ltd
4. Blue Assurance Services (Z) Ltd
5. Focus Life Assurance Ltd
6. Hollard Life Zambia Ltd
7. Liberty Life Zambia
8. Lifeway Insurance Zambia Ltd
9. Madison Life Insurance Company Zambia Ltd
10. Metropolitan Life Zambia Ltd
11. Professional Life Assurance Ltd 11. ZSIC Life Ltd