By BUUMBA CHIMBULU
A SOLVENCY margin of 66 percent has been recorded by Professional Insurance Corporation Zambia (PICZ) plc against the backdrop of challenges in premium collection due to Covid-19.
This is above the minimum threshold requirement of 10 percent for insurance players.
Despite challenges that came with Covid-19 and adverse economic fundamentals experienced, PICZ last year was able to recorded a headline premium of K815 million as its solvency remained solid.
This is according to PICZ Managing Director, Moses Siame, who explained that the headline premium recorded were up from K589 million registered in 2019.
Mr Siame said this when releasing the 2020 financial results in Lusaka, representing a 38 percent growth.
PICZ board Chairperson, Susan Inonge, said the Corporation managed to maintain its position as a leading insurance company in Zambia, despite the challenges faced in 2020.
PICZ ,Ms Inonge said, recorded positive growth in all its major business lines.
Pensions and Insurance Authority (PIA) acting Registrar, Tresford Chiyavula, urged members to partner with the media which would pass on credible information on insurance to the public.
