According to a newly released market research report, the Zambia economy not only achieved middle income status in 2012, but it also continues to strengthen and now ranks among the top 15 fastest-growing global economies.
The Insurance Industry in Zambia, Key Trends and Opportunities to 2018 report was released by Reportstack and reports a compound annual growth rate (CAGR) of 14.9% from 2009-2013 and projects a 7.1% growth of the Zambia economy in 2014.
As a result of the country’s stable economy, the report explains that the Zambia insurance industry has also registered strong growth led by the non-life sub-sector, which recorded 63.7% of the sector’s gross written premium value in 2013.
The report projects that the overall Zambia insurance sector gross written premium will grow at a CAGR of 13.9% between 2013 and 2018 due to the positive growth potential of the industry as well as the low penetration rate of 1.37%, which is considerably lower than the African average of 3.65%.
