Professional Insurance Corporation Zambia Plc has recorded a Gross Written Premium (GWP) in excess K1 billion representing a growth of 31% compared to K814 million written in 2020, according to the company’s 2021 annual report.
In her letter to shareholders, Board Chairperson Inonge Susan Wambulawae stated that “despite the high cost of doing business and various economic challenges that businesses faced in 2021, Professional Insurance managed to record a good performance”. With a Gross Written Premium of K1 billion, the corporation was the highest and the first in the market to achieve this milestone.
However, CEO Moses Siame indicated that achieving the milestone was not easy. “We started the year 2021 cautiously optimistic that it was going to be a good year especially in light of the Covid-19 vaccine development that was being rolled out from 2020”, read the CEO’s letter to shareholders. “However, our optimism quickly disappeared as the year progressed.”
After dominating the insurance landscape in Zambia for almost 30 years and currently holding a 30% market share of the insurance industry, PICZ has been rated A+ with a stable outlook by the Global Credit Rating Agency of South Africa for the eleventh year in a row. This is on account of the insurance company’s strong competitive position, sound earnings, strong capitalization and sufficient liquidity.
According to the annual report, PICZ is the largest General Insurance Company on the Zambian Market. The Corporation opened its doors to the public on 9th July 1992 with only two offices, one in Ndola and the other in Lusaka. The Corporation has grown over the years with an extensive branch network and several partnerships throughout the country.
The corporation currently underwrites various classes of business that include Engineering, Fire and Allied Perils, Motor, Accident, Marine, and Agriculture insurance.
In order to continue to give value in the services it offers, the CEO indicates in his letter to shareholders that the corporation will pursue a digital agenda in light of internal innovative offerings that came as a result of the covid pandemic. “In order to make it easy for our customer purchase insurance easily in the “new normal” and in order to easily on board our existing clients, PICZ scored another first in 2021 by becoming the first Zambian insurance company to have a digital branch housing a skilled and dedicated digital back office support team”.