KABANDA CHULU, Lusaka
PROFESSIONAL Insurance Corporation Zambia (PICZ) has recorded gross revenue of K283 million in 2014 as compared to K266 million recorded in 2013 due to a number of positive business reforms being implemented by government.
PICZ managing director Geoffrey Chirwa said there have been a number of improvements in the local business regulatory framework aimed at reducing the complexity and cost of doing business.
He said the enactment of the business regulatory Act of 2014, the revocation of statutory instrument (SI) number 33 of 2012, which banned the use of foreign currency in business transactions, and revocation of SI 55 of 2013 due to implementation challenges, resulted in creating a stable environment for the business sector.
Mr Chirwa said significant improvements have been recorded in areas such as registration of new businesses, access to credit for investment in business and taxation.
He said the Zambian insurance sector grew by 17 percent overall in 2014 compared to 2013, with premiums increasing from K1.6 billion to K1.8 billion, and general insurance sector contributing 66 percent, while life insurance sector contributed 34 percent at K1.2 billion and K0.6 billion, respectively.
“Within the same period, PICZ recorded gross revenue of K283 million from K266 million in 2013, representing a market share of 23 percent in the general insurance sector. We also paid K95 million in claims compared to K55.2 million paid in 2013 in gross terms. The profit after tax went up by 31 percent to K22.1 million from K16.8 million in 2013, and our solvency margin increased significantly from 48 percent in 2013 to 87 percent in 2014,” said Mr Chirwa at the just-ended 51st Zambia International Trade Fair.