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10 Best Insurance Companies In Zambia

by Jonathan
Insurance Companies In Zambia

Before we dive into analyzing the most popular Insurance companies in Zambia, lets begin with understanding whats really an insurance company.

Insurance companies, are any form of institution, built to manage and reduce the cost of any risk. These are companies top ranked for insurance which reward people for risk incurred on a business and bears any loss instead of the affected individual. They come in handy more especially if you’re not working. People in charge of providing the knowledge and insurance is called the insurer, through an insurance company. And buying insurance policy from one of these insurance companies in Zambia, qualifies to be called policyholder.

4 Types of Policies Provided By Insurance Companies In Zambia

Insurance Companies In Zambia
Insurance Companies

Back in the days most people did not understand what insurance was all about. But right now, things have changed and there is a number of options you can choose from. Below we’ve outlined the four insurance policies, you can use for that expensive car, house, property or health insurance policy provided by these insurance companies Zambia.

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Life Insurance

The first one on the list is life insurance, it takes care of your funeral and those relatives you leave behind. Life insurance is a form of policy that most people in Zambia go for and important for those dependent and worried on who’s going to take care of them. Its the best option to go for and cover your expenses, including funeral and covers more of the income spent each year. Most Zambians, including musicians opt to purchase a life insurance policy because it takes care of the needs after even the funeral.

Auto Insurance

A total of over 33,000 Road Traffic Accidents are recorded in Zambia, especially in the year 2018 and those in the year 2018 and 2017. Data reflects increased number of accidents in the country raising up to 500 road traffic accidents in just less than six months. Over 1,808 people fall victims to common motor vehicle crashes in Zambia and these accidents, come from auto road accidents. Its a good coverage more especially if you own an expensive car, which the cost to repair is very high. Auto insurance policy covers any additional expense arising from such an event and repairs the damaged vehicle involved in the accident.

Health Insurance

This form of policy covers for anything related to health and any family illness, that might cause bankruptcy. In Africa the biggest problems, experienced are to do with health and finance. More than “70% of people in Zambia alone lack proper health care, hospitals have no medicine and needed equipment for advanced treatment. Medical insurance policy takes care of common illnesses people are diagnosed with. Today more civil servants have taken a step to join the compulsory National health initiative introduced in 2019 by the Zambian Government.

If you an employer, you can come up with an employer’s insurance program, which is offered by many startup businesses. The numbers have increased, people urged to obtain a health insurance provided by the Government. But if your current coverage provided in Zambia, does not satisfy your needs. Below we’ve outlined the best insurance companies and institutions serving adequate health insurance coverage.

Property Insurance

To own a house in Zambia, its every ones dream. People have come to understand property insurance is the most important policy to have. It covers mortgage and insures any asset including land purchased after getting a bank loan. I personally, used the property insurance for my farm, which I considered and vital asset and warehouse, in case of a fire or theft.

Its an ideal insurance policy to protect assets and goods stored inside a building. If damage surfaces a payment is made towards the replacing cost to cover such goods and belongings. This includes burglary, its a great policy to have today because it covers common costs.

1. ZSIC General Insurance

Number one on the list is the oldest insurance company in Zambia ZSIC General Insurance Limited. Before the name got changed, it was called Zambia State Insurance Corporation Ltd. The Company’s Headquarters is situated at premium House, in the Central Business of Lusaka. ZSIC General Insurance Company prides itself in maintaining a flexible business attitude to meet the ever-changing needs of its esteemed clients.

This insurance company offers affordable policies for insurance including short-term Insurance due to the expert services they provide. ZSIC insurance provides Personal insurance for individuals, business, Motor Vehicle, so don’t worry about covering that expensive car you own and for Zambia farmers, there is Agricultural insurance.

The company ZSIC General Insurance Company was officially incorporated and launched under the Companies Act, CAP 388 in the year 2018 according to the laws held in the industrial labor relations Act of the Zambian laws. Its today regarded an outstanding firm in the country that is currently good for short-term insurance, business insurance and the industry at large. The company is a subsidiary of a company called Industrial Development Corporation, having half of the shares belonging to the Republic of Zambia.

If you are thinking of purchasing an insurance policy, ZSIC General insurance is a great option to go for. They will perfectly secure the assets, investment, and ensure you prudently enjoy International Insurance Standards.

2. Professional Insurance Corporation

Second on the list is the largest General Insurance Company in Zambia today. Professional Insurance Corporation launched in the year 1992, has grown and continues to provide professional insurance coverage to the local people and companies. The company has a wide range of extensive insurance coverage, from business market to motor vehicle and house. Professional insurance corporation has major partners in connection with there strategic policies and owns the big market share for insures.

Consisting of the strong, visionary and vibrant people, more especially the workers that work in teams to provide the best services you can ever get. These professionals show the needed competences carrying out the Company’s operations on a daily basis to give yo value for the money. Having adapted newest technology, it delivers good unmatched insurance policies taking care of robust people and Information availability, makes it a number one choice for the people looking to get insurance policy.

The company over the years has maintained the A+ status rating. Communication is good to ensure the clients are served efficiently everyday. Easy to access the products through free online sources for purchasing Insurance even if you are home or at work.

3. Madison General Insurance

Number three of this list for Insurance companies in Zambia is the popular company and name Madison General Insurance. Madison insurance company is mostly known for taking good care of all the problems that might arise from a motor vehicle accident. There premium plan is good and gives back more than you’ve actually spent. This insurance company even though began to grow in the early 2006 has been operational for 28 years, from the time it got formed in 1992.

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It holds one of the best insurance portfolio, this grants satisfaction to the users and clients enabling it to grow overtime. Currently available in more than 7 out of the 10 provinces in Zambia. A specialized team of insurance brokers will be ready to give the best insurance plan that suits your needs. Its does not matter, if you’re not Zambian or unable to speak all languages. There plans cover even the less Privilege people of society and gives many good customer touch, especially with branches all over the country and mobile offices easily accessible.

Madison General Insurance company has good claims for payment and the period you are required to pay is the cheapest compared to other insurance companies in Zambia, considering there best customer service. The company gives a great deal of peace of mind to all those that get and buy insurance policies from Madison.

4. Sanlam Life Insurance

At number six, we’ve got the most leading insurance company in Zambia that provides insurance life plan Sanlam Life Insurance. Before changing the name, it was called African Life Assurance. For life insurance this is the best and number one is leading life insurance provider in Zambia with standard services you might enjoy.

Having over 35% of people from Zambia, that have bought there life insurance cover with Sanlam insurance company. The company is not all that old as it was developed and established in the year 2002,the month of November following the needed request from the government to have an insurance company that covers life policy.

It is supported and loved by many in Zambia, due to its available policies, the ability to provide and surpass world class insurance cover, you can have from other companies. Its a reliable company, for insurance it goes to lengths of providing secure relationships, risk advisory service for the businesses which aren’t sure of the risk and lacking a drive, to giving and issuing efficient settlement claims to the customers.

6. A-Plus General Insurance

Number six on list of insurance companies in Zambia is A-Plus General Insurance registered in 1994. The organization is owned by local Zambian people and the business provides most of the life insurance and non insurance policies you can think of having. Since its launch in the year of 2013, its regarded the best privately owned insurance company in Zambian having best policies. Dedicated to providing people with expected superior affordable insurance products, including quality protection with good pricing on the market.

A-Plus General Insurance has a team of trained personnel that establishes successful relationships with customers, insurance brokers, staff members, and other people taht have come to respect the interests of clients and needs. The company has a mission, which is dedicated to the principles of meeting customer expectations with great quality services making them among the best insurance company in the Zambian industry.

Adheres to the legal standards of Zambia, securing most businesses under there policies and offering best insurance services meeting the customer needs. Best practices are maintained always, enabling a sound business giving clients an efficient operation for there money intended to go towards insurance.

7. Prudential Life Assurance

Prudential life insurance company is good and known for been the company that provides insurance for big structural businesses on the market. Loved for the available insurance policies to manage the risk and help individual company owners to have control over common financial problems. From life insurance, property and health insurance, even those looking for a cover policy that takes care of retirement package, Prudential Life Assurance is the company to buy insurance from. Boasting of having and satisfying over 20 million active customers nationwide, the company has over the years won the hearts of people.

Due to its major complexity and value, a few years ago it was listed on the Lusaka stock exchange and the London stock exchange, and on New York shares market. Prudential Life Assurance is one company over the years Zambians have benefited from with insurance considering its a subsidiary of a United Kingdom based company M&G PLC.

8. Mayfair Insurance Company

The number eight insurance company is Mayfair Insurance Company which provides general insurance. Registered and launched in the year 2010 by the Zambian pensions board. Its a a subsidiary of a Kenyan insurance company Mayfair,which dominates the market in that country. The company continues to grow and bring policies that benefit people of Zambia. The rich and poor have all enjoyed conditions offered by Mayfair insurance company limited.

Its strives to provide and emerge the best General Insurance company in Zambia. Has proper service delivery, great innovative team that responds to the market, needs of customers and committed to ensure you get the best insurance cover. There’s just too much Professionalism, Communication and the cost retained on the cover is fair.

9. Swan Insurance

Swan insurance Zambia limited brings a world class on insurance policies. Its one company having some of the best excellent payment claims, including risk management responsibilities. Driven by passion, specialized people and unmatched work performance all driven towards people and businesses insured.

Built on a great idea which has since never changed giving people the needed protection services and ensuring progress towards personal needs. Swan insurance sales policy protection covers, from property insurance, investment, support for financial loans and repayments on mortgage.

10. Advantage Insurance Limited

Finally, Advantage Insurance takes the final spot for insurance companies in Zambia. Operating under Pensions license and Insurance Authority which has given this business a mandate to provide insurance and transact general insurance for people and casualty insurance. The company holds some of the best creative coverage plans to meet the needs of your business. Credited among those insurance companies giving many innovative services, improved standards and affordable settle claims.

Coverage plans include risk mitigation evaluated through the companies Division, done by experienced brokers to asses the business and commercial institutions. There’s a wide range of services to go for tailored to meet custom requirements of customers.Designed to protect people from unexpected accidents, operational businesses, protection from bearing a cost arising as result of liabilities and security for assets.

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