Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or their property, or from liability for damage or injury caused to a third party.
In Zambia, a lot of people fail to choose the best insurance company to go for, but today is the day zambianvoltage will give you a shock of the day by listing some insurance companies you can go for.
Best Insurance Companies in Lusaka
- ZSIC General Insurance Limited 3.1 16 reviews. …
- Prudential Life Assurance Zambia 2.7 13 reviews. …
- Professional Insurance Corporation Zambia (PLC) 4.4 7 reviews. …
- Nico Insurance 3.8 8 reviews. …
- Mayfair Insurance Company Zambia Limited 5 2 reviews. …
- Advantage Insurance Limited 4 10 reviews.
ZSIC General Insurance Limited
ZSIC General Insurance is a subsidiary of the Industrial Development Corporation (IDC), wholly owned by the government of the republic of Zambia. ZSIC GI is a leader in the provision of non-life insurance solutions. We value service excellence, professionalism, and integrity. We have consistently been ranked among the top three preferred insurance companies in Zambia.
ZSIC GI was previously a composite insurance company called the Zambia State Insurance Corporation Limited.
Before the liberalization of the insurance industry, the Zambia State Insurance Corporation Limited was the only insurance company in the market, and therefore gained vast experience in transacting both short and long-term insurances.
In line with the provisions of the Insurance Act No. 27 of 1997 as amended by Act No. 26 of 2005, the Zambia State Insurance Corporation Limited underwent a restructuring and compliance exercise.
As a result of the restructuring and compliance exercise, the Zambia State Insurance Corporation Limited was split into three separate business entities, namely ZSIC Limited; which was the initial Holding Company, ZSIC General Insurance Company, and ZSIC Life Company as subsidiary companies.
In March 2017, IDC assumed the role of the holding company which lead to the dissolution of ZSIC Holdings and maintained the separation of ZSIC General Insurance from ZSIC Life.
|To be a market leader in the provision of world-class general insurance services in Zambia.||To provide customer-oriented insurance services through motivated and professional staff guided by good corporate governance principles and best practices.||a) Innovation|
Prudential Life Assurance
Prudential has been serving the people of Zambia since 2016 as part of the fast-growing life assurance industry with more than half a million clients and a presence in all 10 provinces in Zambia. We add value through our high-quality solutions, focus on economic growth, and care for the communities in which we operate.
Prudential plc provides life and health insurance and asset management in Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. The business has more than 17 million life customers and is listed on stock exchanges in London (PRU), Hong Kong (2378), Singapore (K6S), and New York (PUK)…
Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
In Zambia, Prudential is part of the fast-growing life assurance industry with more than 120,000 clients and has a presence in all the provinces across the country. We add value through our high-quality solutions, focus on economic growth, and care for the communities in which we operate.
Prudential Best Record
Prudential has a long, proud history of keeping our promises to customers. In the First World War, we paid claims on more than a third of the British soldiers who gave their lives. Following the sinking of the Titanic, we paid claims on 324 of the passengers and crew. Now the benefits of life insurance and saving from a company with over a 170-year track record of integrity and financial strength are available to Zambians.
Professional Insurance Corporation
Professional Insurance Corporation Zambia PLC is the largest General Insurance Company in the Zambian Market with a market share of 27%.
The Corporation opened its doors to the public on 9th July 1992 with only two offices, in Ndola and Lusaka. The Corporation now has an extensive branch network and several partnerships throughout the country. 2017 was particularly a special year for the Corporation as we celebrated our 25th Anniversary.
The Corporation has continued to distinguish itself over the last 26 years owing to a strong and vibrant team of professionals with the highest competencies at the core of the Company’s operations. This has allowed the company to prudently offer various risk solutions in the short-term Insurance space. Supported by a world-class team of reinsurers which include Munich Re, Swiss Re, Hannover Re, SCOR, and other regional groups, namely Africa Re, and PTA Re for Reinsurance arrangements. The Company has shown its Underwriting prowess by writing all classes of general insurance business Fire, Accident, Motor, Engineering, Marine, Aviation, and Incidental Risks.
A customer-centric organization and our customers remain our most important stakeholders.
We see ourselves as a customer-centric organization and our customers remain our most important stakeholders. Our strategic focus for the coming years is now hinged on achieving efficiencies by way of continuous improvement in all our areas of operations by Unlearning, Learning, and Relearning the way we conduct our business. We strongly believe this will help us remain true to our mission statement of “Consistently exceeding the expectations of our Customers”. We have continued to invest in technology to ensure that we deliver unmatched service to our customers and the insuring public. As a Corporation, we have invested in robust Information, Communication, and Technology systems to ensure our clients are served efficiently from our offices and also enjoy the convenience of accessing our products through our online platform which allows them to buy Insurance in the comfort of their homes or offices.
Our speedy settlement of claims remains the cornerstone and the basis upon which we retained the confidence and trust of our Customers. We have maintained our A+ Credit rating, with the Global Credit Rating Company for the tenth year running.
NICO Insurance Zambia Limited commenced operations on the 1st of October 1997 as a short-term insurer. At the time, the company was wholly owned by NICO Holdings, a financial services company, listed on the Malawi Stock Exchange.
In 2013, Sanlam Emerging Markets (SEM) bought 49% of the business. Among other contributions, SEM brought technical support derived from its presence and experience in 34 Countries in Africa and other regions such as Malaysia and India.
Over the span of its existence, NICO Insurance Zambia has operated as a strong short-term insurer, providing quality service to both retail and corporate customers. The company sells its insurance products through its Head Office in Lusaka and at branches that include Kabulonga (Lusaka), Kitwe, Ndola, Chipata, and Livingstone. The company is the fourth largest insurer in the Zambian market by revenue. Being an innovative company, customers can purchase selected products online.
|MISSION STATEMENT||VISION||VALUES||OUR COMPANY OBJECTIVES|
|To be a strong insurer providing security and value to all stakeholders.||To be the most preferred General Insurance provider in Zambia.||Excellence, Integrity, Collaboration, Professionalism, Innovation, and Transparency.||• To provide quality, superior and unparalleled service.|
• To make a difference in the communities we operate in.
• To meet the personal and business needs of clients.
• To identify gaps in the insurance market and fill them with innovative products.
Mayfair Insurance Company
Mayfair Insurance Company Zambia Limited is a General Insurance Company which began accepting business in July 2010 having been duly registered and licensed by the Pension and Insurance Authority in the same year.
The company is a subsidiary of Mayfair Insurance Company Limited of Kenya which has continued to run a successful business in the highly competitive Kenyan market. Mayfair Insurance Company Zambia Limited will continue to strengthen itself as a leading general insurance provider and will ensure its own growth in the Zambian economy.
Growth Written Premium
Our vision is precedented by our consecutive nine-year growth rate since our inception in 2010. In the year 2010, we recorded an income of ZMK 2m and we project to close the year 2019 with an income of ZMK 268m.
Mayfair believes in prudent underwriting and marketing principles. In line with the Company’s tagline of “You are in safe hands”, a consistently high level of service and attention to detail will remain the focus of our success. Good professional insurance standards and practice are the preserve of the highly respected Underwriting team.
Claims service and management functions are undertaken through the client’s appointed Brokers or direct where there is no intermediary. The company maintains a firm and fair approach to claims settlement. Our claims mission statement is reviewed constantly to meet client expectations and all claims are settled promptly upon submission of valid support documentation.
In line with the organization’s values, the company upholds high standards of professional and ethical conduct and the clients should demand no less.
|To be distinguished as a reliable and innovative Pan African financial services leader.||To provide financial security through reliable and innovative insurance solutions.||Integrity|
Advantage Insurance Limited
At Advantage, we have a committed team that lives our shared values and works together to provide customer-focused innovative solutions and service to our clients.
Advantage Insurance is licensed by the Pensions and Insurance Authority to transact casualty and property (general insurance) classes of business in Zambia. We are not another typical insurance company. WE INSURE YOUR TRUST by providing specialized creative coverages in compliance with the ethical and legal requirements of your businesses. While we are a young corporate entity, we are not new to the Zambian Insurance Market. Our management and directors have been credited with the success of many companies (insurance inclusive), introduced many innovative products, enhanced service standards, and applied the philosophy of “finding reasons to settle claims” rather than “finding excuses to deny claims”.
|Vision||Aspiration||Strategic Goals||Values||Compliance||Corporate Citizenship|
|Through trust, earning the right to be the First Choice of Insuring Public in Zambia.||To be a top-performing Insurance company in the African Continent.||In Zambia, to be the undisputed leader in insurance services In targeted markets in Africa, to be a leading provider of select financial services complimentary to our core strengths||Trust through integrity and compliance in everything we do|
Excellent service to clients
Personal responsibility for high performance
Diversity for growth and innovation
Working together to succeed
|Effective oversight and controls to ensure ongoing compliance with regulatory requirements Company-wide compliance program to deter, detect, and report suspected money laundering and terrorist financing activities||Environmentally friendly business practices and processes|
Respect and contribute towards sustaining and enhancing Zambia’s heritage values