BMI View: Both the Life and Non-Life markets are recovering from a sharp decline caused by an economiccrunch, with the recent sustained fall in copper prices having provoked a rise in inflation, currencyweakness and slowing spending by households. Those negative dynamics are now beginning to reverse, orat least partially unwind. As a result, premium growth in real terms - and especially in USD terms - isseeing a strong rebound in 2017, which should be sustained through to 2021, barring another major copperprice crunch.
Latest Updates And Key Forecasts
Zambia's government is to amend its insurance laws, in order to tighten policies on reinsurance; inparticular, to reduce the scope for reinsurance business to be conducted outside the country, according toFinance Minister Felix Mutati, quoted by Xinhua, in April 2017. Domestic stakeholders had reportedlycomplained that they had lost a total of USD1.5bn in premiums over the period 2009 to 2015 to foreignplayers. One policy reportedly proposed by domestic insurers was a tax on outgoing reinsurance.