Photo: LittleT889, Wikimedia Commons, CC BY-SA 4.0Life insurance in Zambia
Your rights as a policyholder
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The licensed long-term insurers (2026)
Alphabetically, as named on the PIA's Licensed Insurance Entities 2026: Best Life Insurance Limited, Hollard Life Assurance Zambia Limited, Liberty Life Zambia Limited, Madison Life Insurance Company Zambia Limited, One Life Assurance Zambia Limited, Prudential Life Assurance Zambia Limited, Sanlam Life Insurance Zambia Limited, Specialty Emergency Services Limited, ZSIC Life Limited.
| Long-term insurer (as named by the PIA) | Share of long-term premiums, 2025 |
|---|---|
| Prudential | 28% |
| Sanlam Life | 15% |
| Madison Life | 12% |
| SES (Specialty Emergency Services) | 11% |
| One Life | 11% |
Shares of gross written premium, January to December 2025 (PIA, Q4 2025). The PIA notes that Absa Life's business was transferred to Hollard Life after their merger. A large share says nothing about how a company treats claims.
Your rights under the Insurance Act
| Right | Section |
|---|---|
| Cancel a new life policy within 30 days of receiving it; premiums refunded less expenses or medical fees notified in writing | 46 |
| The policy cannot be voided for an incorrect statement unless it was material and made knowingly or recklessly; if the agent filled in the proposal, the insurer must prove the statement came from you | 40 |
| A policy taken out for the benefit of your spouse or children, expressly at issue, is protected against creditors | 35, 36 |
| Age stated in the proposal is accepted as correct once the policy has run for three years or more, in the cases the Act lists | 42 |
| If you can no longer pay, you may agree with the insurer to convert to a paid-up policy, borrow to keep it in force, or use bonuses to pay premiums | 39 |
| A minor may, with a guardian's consent, take out a life policy on his or her own life | 31 |
| A lost or destroyed life policy is replaced by a certified copy | 45 |
Text: Insurance Act No. 38 of 2021.
What the PIA says about life cover
Anyone can buy a life policy; the premium depends on your age, health and occupation, and you can insure the life of someone whose death would cause you financial loss (PIA FAQ). Your premium is set by the insurer and is the same whether or not you buy through an agent or a broker (same page).
Funeral cover is a separate, smaller product: see funeral cover in Zambia.
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Frequently asked questions
How many life insurance companies are there in Zambia?
Nine long-term insurers are on the PIA's list of licensed insurance entities for 2026.
Can I cancel a life insurance policy in Zambia?
Within 30 days of receiving a new life policy you may cancel it and get the premiums back, less expenses or medical fees the insurer notifies in writing (Insurance Act 2021, section 46).
Which is the biggest life insurer in Zambia?
By premiums in 2025, Prudential (28%), then Sanlam Life (15%) and Madison Life (12%) (PIA, Q4 2025 report). Size is not a measure of service.
Does it cost more to buy through a broker?
The PIA says no: the premium is set by the insurer and is the same with or without an agent or broker.
Sources
- Pensions and Insurance Authority — Licensed Insurance Entities 2026 (public notice, published 2 October 2026)
- Pensions and Insurance Authority — Insurance Industry Report, Quarter 4 2025 (published 7 April 2026)
- Insurance Act No. 38 of 2021 — Pensions and Insurance Authority copy
- Pensions and Insurance Authority — FAQ (insurance questions)