PICZ generates K313m gross revenue in 2015

Professional Insurance Managing Director and Chief Executive Officer Geoffrey Chirwa

Professional Insurance Managing Director and Chief Executive Officer Geoffrey Chirwa

Professional Insurance Corporation Zambia (PICZ) Plc has disclosed that it has generated gross revenue of K313 million in 2015 representing an increase of 11 percent from K283 million in 2014.

Professional Insurance Managing Director and Chief Executive Officer Geoffrey Chirwa says the insurance also paid a total of K88 million in claims compared to K95 million paid in 2014 in gross terms.

Mr. Chirwa further says the corporation has maintained its position as the largest insurer in Zambia with a market share of 22 percent in the general insurance sector.

He reveals that the insurance has since resolved to revolutionize the way they conduct insurance business in Zambia.

Mr. Chirwa says the insurance has since embarked on a number of reforms around technology so as to achieve unmatched efficiencies and to ensure that customers and insuring public access their products and services seamlessly.

He has pledged to resolve to work towards the achievement of its target with the same spirit that has brought the company this far having been in existence for 20 years.

Speaking at the same function, PICZ Head – Southern Region Andrew Chiselebwe disclosed that the company recorded 563 fatalities in the second quarter of 2015 since the introduction of micro insurance product known as “Muende Bwino”.

The Muende Bwino project is aimed at providing the travelling public with a safety net against some of the losses that come about as a result of accidents.

Mr. Chiselebwe says micro insurance coverage is an important safety net for low income households which provide a tool to protect the public asset including human life.

And speaking earlier Professional Insurance Board Chairperson Susan Wambulawae-Msoni has predicted that 2016 will be a challenging year for business in Zambia.

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