Zambia Insurance Q1 2019
Our outlook for Zambia's insurance market remains broadly positive, despite our expectations of softer economic growthover the coming quarters. Insurance usage in Zambia is low and the market is less developed than others in the Southern Africaregion. As income levels have started to rise, boosted by a growing mining industry, the market has attracted increased attentionfrom foreign carriers, most notably from nearby South Africa. While premium growth levels will soften from those of previous years,we still expect to see double-digit expansion in the life sector, and high single-digit growth in the non-life market through to 2022.However, it is important to note that high inflation, set to peak at 8.5% in 2019, will erode much of this growth in real terms.
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