Zambia Insurance Q2 2019
We retain a broadly optimistic outlook for Zambia's insurance market over our forecast period despite insurance usageremaining low. Zambia’s market is currently less developed than others in the Southern Africa region, however, as income levelshave started to rise, boosted by a growing mining industry, the market has attracted increased attention from foreign carriers, mostnotably from nearby South Africa. While we expect premium growth levels to soften from those of previous years, we still expect tosee healthy expansion in both the life and non-life sector through to 2023. However, it is important to note that high inflation, set topeak at 8.3% in 2019, will erode much of this growth in real terms.
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