The Zambia State Insurance Corporation Limited (ZSIC)

May 18, 2018

The Zambia State Insurance Corporation Limited (ZSIC), a composite Insurance company, was established in 1968. Until 1991, Zambia State Insurance Corporation Ltd was the only insurance company in the market, and therefore gained vast experience in transacting both short and long term insurances.

In line with the provisions of the Insurance Act No. 27 of 1997 as amended by Act No. 26 of 2005, the Zambia State Insurance Corporation Limited underwent a restructuring and compliance exercise. This saw the birth of three separate business entities, namely ZSIC Limited, which is the Holding Company, ZSIC General Insurance Limited and ZSIC Life Limited as subsidiary companies. For 40 years Zambia State Insurance Corporation has served the people of Zambia. Now, it gets even better. We have restructured, re – energized and rebranded into ZSIC LIMITED, a diversified investment company with a wealth of experience that is poised for phenomenal growth. With its two subsidiaries ZSIC life company (the life assurance business) and ZSIC General insurance company (the short – term insurance business), ZSIC Limited continues to be part of the lives of our people, because we know and understand that we are stronger, together, forever.

ZSIC Products

ZSIC offers a diversified range of services including Fund and Asset Management, Investment Advice, Corporate and Project Financing. The company has two wholly owned subsidiaries in the insurance industry, namely ZSIC Life Limited and ZSIC General Insurance Limited.

ZSIC General Insurance Limited is responsible for short term insurance, covering property and personal accident insurance and is one of the dominant players with a market share of 23%. ZSIC Life Limited provides long-term life assurance products and group life and pension schemes leading the market with 36% market share.