AISL Executive Summary
Avec un score AISL ajusté de 22.1/100, Zambia se classe dans la catégorie « hautement restrictif ». Le marché de l'assurance y pesait 345 millions $ en 2024, pour une pénétration de 1.0% du PIB. Une cession obligatoire s'applique aux réassureurs étrangers (ZEP-RE 10% + Africa Re 5% + National Re. 10%). Le marché applique par ailleurs une exigence de capacité locale.
Summary written from verified AISL data, not an opinion, a starting point for analysis.
Economy
Capital
Lusaka
Population
Not documented
GDP
$28.9 B
Currency
ZMW
Insurance market
Market size
$345 M
Penetration
1.0%
Density / capita
Not documented
Growth (GDP proxy)
0.1%
Regulatory framework
Regulatory openness
Highly RestrictiveCompulsory cession
Yes
ZEP-RE 10% + Africa Re 5% + National Re. 10%
Active friction mechanisms
2 / 7
Reference year
2024
AISL Score
Base score
28.9
Adjusted score (friction)
22.1
Regulatory access
72/100
Methodology breakdown
AISL recommendation: WATCH / MONITOR
AISL Score Badge
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Similar markets
Structurally close profiles to Zambia, computed on market size, growth, sector structure, environment and founder judgment.
Market (2024)
Vie : 33%
$112.5M
Non-vie : 67%
$232.1M
Total : $344.7M
Total premiums
$344.7M
Penetration
1.0%
Density / capita
Not documented
Growth
—
Number of insurers
—
International comparison
This market is -84% versus the OECD average (6.2% of GDP, 2024) and -81% versus the average across all reporting jurisdictions (5.4%, 2024).
Source: OECD, Global Insurance Market Trends 2025. These averages cover jurisdictions reporting to the OECD, not an exhaustive global sample.
Source: Atlas Magazine - African Insurance Market 2024
Macroeconomic context (2025)
GDP
$28.9 B
GDP growth
0.1%
Population
—
Inflation
9.4%
Currency
ZMW
Source: Wikipedia Economy infobox (source IMF)
Regulatory mechanisms
ZEP-RE 10% + Africa Re 5% + National Re. 10%
Source: GRF - Reinsurance Trade Barriers and Market Access Issues Worldwide, mai 2026
What this market requires at entry
2 active regulatory mechanisms on this market, with what each one concretely means for entering Zambia.
"What If" Simulator
Each active friction mechanism removes 3.4 points from this market's score (base score: 28.9, before regulatory friction). Uncheck a mechanism below to simulate its removal and see how many points this market would regain — using the exact AISL scoring formula.
Simulated score
22.1
2 mechanisms active (2 × 3.4 = −6.8 pts)
Market players
30 companies, 2024 premiums in USD millions
Market concentration
ConcentratedHHI 82149
Leader: Professional Insurance Corporation Zambia Plc (19.2%) — 30 companies
HHI = Herfindahl-Hirschman Index, a standard market concentration measure (sum of squared shares). <1500 = competitive, 1500-2500 = moderately concentrated, >2500 = concentrated.
Segment Life (6 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| Prudential Life Assurance Zambia | 37.0 | 9.6% | +0.0% | 37.0 | 37.0 | 37.0 | 37.0 |
| Sanlam Life Zambia Limited | 21.0 | 5.4% | -0.1% | 19.2 | 17.5 | 16.0 | 14.6 |
| Madison Life Insurance Company Zambia Ltd | 16.0 | 4.2% | +0.1% | 18.3 | 20.9 | 23.9 | 27.3 |
| ZSIC Life Ltd | 14.0 | 3.6% | +0.1% | 15.1 | 16.2 | 17.5 | 18.8 |
| Liberty Life Insurance Zambia Ltd | 11.0 | 2.9% | +0.3% | 13.9 | 17.6 | 22.2 | 28.1 |
| Absa Life Limited | 5.4 | 1.4% | +0.0% | 5.5 | 5.6 | 5.7 | 5.8 |
Segment Non-Life (24 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| Professional Insurance Corporation Zambia Plc | 74.0 | 19.2% | +0.1% | 78.2 | 82.7 | 87.4 | 92.4 |
| ZSIC General Insurance Limited | 41.0 | 10.6% | +0.2% | 49.4 | 59.6 | 71.9 | 86.7 |
| Hollard Insurance Zambia Limited | 26.0 | 6.7% | +0.1% | 28.2 | 30.5 | 33.1 | 35.8 |
| NICO Insurance Zambia Ltd | 25.0 | 6.5% | -0.1% | 21.6 | 18.6 | 16.0 | 13.8 |
| Swan Insurance Company Zambia Limited | 20.0 | 5.2% | +1.2% | 30.0 | 45.0 | 67.5 | 101.3 |
| OneLife Assurance Zambia Ltd | 15.0 | 3.9% | +0.3% | 18.8 | 23.4 | 29.3 | 36.6 |
| Madison General Insurance Company Zambia Limited | 14.0 | 3.6% | -0.1% | 12.3 | 10.7 | 9.4 | 8.2 |
| Specialty Emergency Services | 14.0 | 3.6% | +0.2% | 16.3 | 19.1 | 22.2 | 25.9 |
| Mayfair Insurance Company Zambia Limited | 12.0 | 3.1% | +0.3% | 16.2 | 21.8 | 29.4 | 39.7 |
| Africa Pride Insurance Company | 9.0 | 2.3% | +0.4% | 12.3 | 16.7 | 22.8 | 31.1 |
| Goldman Insurance Limited | 6.6 | 1.7% | -0.0% | 6.4 | 6.2 | 6.0 | 5.9 |
| Savenda General Insurance | 4.8 | 1.2% | +1.0% | 7.2 | 10.8 | 16.2 | 24.3 |
| Golden Lotus Insurance Limited | 4.1 | 1.1% | -0.1% | 3.7 | 3.3 | 2.9 | 2.6 |
| Phoenix of Zambia Assurance Company (2009) Limited | 3.2 | 0.8% | +0.4% | 4.5 | 6.2 | 8.6 | 12.0 |
| A Plus General Insurance Limited | 2.5 | 0.7% | +0.1% | 2.7 | 3.0 | 3.2 | 3.5 |
| General Alliance Insurance Zambia Limited | 2.1 | 0.5% | -0.0% | 2.0 | 1.9 | 1.8 | 1.7 |
| Advantage General Insurance Limited | 2.1 | 0.5% | -0.1% | 1.9 | 1.8 | 1.6 | 1.5 |
| Discover Insurance Company Limited | 1.9 | 0.5% | — | 2.0 | 2.1 | 2.3 | 2.4 |
| Innovate Insurance Limited | 1.0 | 0.3% | -0.6% | 0.7 | 0.5 | 0.3 | 0.2 |
| Adelvis General Insurance Limited | 0.9 | 0.3% | -0.6% | 0.7 | 0.5 | 0.3 | 0.2 |
| Veritas General Insurance Limited | 0.8 | 0.2% | — | 0.8 | 0.9 | 0.9 | 1.0 |
| Klapton Insurance Zambia | 0.8 | 0.2% | — | 0.8 | 0.8 | 0.9 | 1.0 |
| Indigo General Insurance Limited | 0.5 | 0.1% | — | 0.5 | 0.5 | 0.6 | 0.6 |
| Bestlife Insurance | 0.3 | 0.1% | — | 0.3 | 0.3 | 0.3 | 0.3 |
Market share: official source figure when available, otherwise computed from the companies listed for this segment (not necessarily 100% of the country's total market). The 2025-2028 columns, in italics, are projections: never a blank cell, but the color indicates the reliability of the method used: gray = company-specific growth rate, amber = failing that, the country's market growth, orange = failing that, the country's GDP growth, light red = no growth data available, flat 0% by default.
Active reinsurers
11 reinsurers (national + regional operating in this zone), 2021 revenue in USD millions
| Reinsurer | Scope | Revenue 2021 (M$) | Net income (M$) | Observed growth | 2022(est.) | 2023(est.) | 2024(est.) | 2025(est.) | 2026(est.) | 2027(est.) | 2028(est.) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Zep Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zambia Re | National | — | — | — | — | — | — | — | — | — | — |
| Zep Re | Regional | — | — | — | — | — | — | — | — | — | — |
| CICA - Re | Regional | — | — | — | — | — | — | — | — | — | — |
| Klapton Re | National | — | — | — | — | — | — | — | — | — | — |
| Waica Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| WAICA Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Ghana Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re (PTA Reinsurance Co) | Regional | 213.0 | 18.1 | +2.3% | 218.0 | 223.0 | 228.0 | 233.2 | 238.6 | 244.0 | 249.6 |
| CICA-RE | Regional | 176.2 | 13.4 | +11.3% | 196.1 | 218.3 | 243.0 | 270.6 | 301.3 | 335.5 | 373.7 |
| WAICA Re | Regional | 153.3 | 19.9 | +49.5% | 229.5 | 343.3 | 513.5 | 768.1 | 1148.9 | 1719.1 | 2572.0 |
Source: Atlas Magazine, Reinsurance Yearbook 2023. Last real data available: fiscal year 2021 (left-hand columns). The "2028 revenue (estimated)" column, in italic gray, is a projection based solely on the growth rate observed between 2020 and 2021 (capped between -30% and +50%/year); this is not an observed figure and should be treated with caution, particularly for companies with volatile or negative net income.
AISL Summary
- AISL positioning: 22/100, "Highly Restrictive" market.
- Insurance market: $345M, fiscal year 2024.
- Main entry barrier: compulsory cession (ZEP-RE 10% + Africa Re 5% + National Re. 10%).
- Sits 8.1 points below the regional average (17 scored markets).
Regional comparison
Average adjusted score in East Africa : 30.2 (out of 17 scored markets)
Zambia is 8.1 points below the regional average