PIA records a total of k751.2 million in gross written premiums

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The Pension’s Insurance Authority (PIA) says the general insurance sector recorded a total of k751.2 million in gross written premiums in the first quarter of 2018, up by 9% from k691.7 million recorded in the same period last year.

Net written premium increased by 10% from k336.2 million in first quarter of 2017 to k371.5 million in first quarter of 2018.

Sharing the 2018 first quarter insurance industry report with QFM, PIA Communications Manager, Doreen Kambanganji says the above gross written premium figure for the first quarter of 2018 does not include figures from acacia, advantage and ultimate companies.

Ms Kambanganji states that the industry recorded 166% increase in profit before tax from k25.0 million in first quarter of 2017 to k66.4 million in the first quarter of 2018, however, some insurers recorded losses before tax during the period under review.

She says gross underwriting profit in the first quarter rose by 359% from k20 million in 2017 to k87 in 2018.

Ms Kambanganji explains that in terms of market share based on gross written premium, the authority has the highest with 27% followed by Madison general insurance with 16%, and ZSIC General Insurance with 13% respectively.