Zambia Encourages Insurers to Expand Regionally and Globally Amid Sector Growth
This article contains AI assisted creative content
Zambia’s Ministry of Finance and National Planning is calling on domestic insurance companies to expand beyond national borders, reflecting the sector’s growing sophistication and resilience.
At the 2025 Insurance Awards dinner in Livingstone, Permanent Secretary for Economic Management and Finance, Mulele Mulele, highlighted the industry’s rapid evolution — growing from eight firms to 32 in recent years — and emphasized the importance of aiming higher. “We envision Zambian insurers thriving across the region and beyond, demonstrating that our market can compete on an international scale,” he said.
The ceremony, Mulele noted, serves not only to recognize institutions that safeguard lives and businesses but also to underscore the need for continuous innovation, adaptability, and professionalism to drive long-term sector development.
Irene Muyenga, president of the Insurers Association of Zambia (IAZ), added that the awards go beyond recognition, providing benchmarks that encourage best practices and showcase the sector’s progress.
Brian Machishi, Deputy Registrar of the Professional Insurance Authority (PIA), emphasized that maintaining an industry-led approach ensures the awards’ relevance and sustainability. “The goal is to inspire innovation, operational efficiency, and higher service standards — particularly in claims settlement — rather than to promote unhealthy competition,” he said.
The event reflects Zambia’s ambition to position its insurance industry as a regional leader capable of cross-border growth, innovation, and enhanced service delivery, signaling a strategic shift toward a globally competitive market.
First, please LoginComment After ~