Photo: Shaun Metcalfe (Flickr), Wikimedia Commons, CC BY 2.0The Pensions and Insurance Authority (PIA) and the Insurance Act 2021
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What the PIA does
- Licenses insurance companies, reinsurers, reinsurance brokers, brokers, agents and other intermediaries, and pension scheme service providers.
- Registers occupational pension schemes.
- Prudential regulation and supervision of licensed entities, and standards of conduct.
- Protects the interests of pension scheme members and insurance policyholders.
Source: PIA functions. The Registrar of Pensions and Insurance keeps the register of licensees (Insurance Act, section 168).
The Insurance Act 2021 in ten rules
| Rule | Section |
|---|---|
| No insurance business, and no acting as an intermediary, without a licence | 6 |
| Twelve licence types: insurance, reinsurance, microinsurance, brokering, agency, underwriting agency, claims agency, loss adjusting, assessing, risk surveying, microinsurance aggregation and agency | 7 |
| An insurer is either long-term or general, not both (except reinsurers and microinsurers) | 8, 9 |
| A broker must transmit premiums and keep a separate client account | 21, 22 |
| Policy forms lodged with the Registrar 30 days before use; terms printed legibly | 23, 24 |
| A general policy ceases if the premium is unpaid 30 days after the due date | 26 |
| Claims: settle within the prescribed period once liability is accepted; written reasons if rejected | 28 |
| 30 days to cancel a new life policy | 46 |
| Complaints to the PIA within one year of exhausting the insurer's process | 156, 157 |
| Zambian assets insured with a licensed insurer | 166 |
Text: Insurance Act No. 38 of 2021, which repealed the Insurance Act of 1997 (section 180).
The market in figures (2025)
| Indicator, January to December 2025 | Figure |
|---|---|
| Gross written premium, all insurers | K10,456 million (+8.7% on 2024) |
| General insurance | K6,839 million (65% of the total) |
| Long-term insurance | K3,618 million (35%) |
| Motor share of general insurance premiums | 66% |
| Health share of long-term premiums | 54% |
| Policyholder benefits and claims | K3,268.5 million (K2,695.5 million in 2024) |
| Total assets of insurers | K12,624.8 million (+13.2%) |
| Insurers in the report | 24 general, 9 life |
Source: PIA, Insurance Industry Report Q4 2025, unaudited quarterly returns. The PIA notes that the transition period for the new capital adequacy requirements ended on 31 December 2025.
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Frequently asked questions
What is the PIA in Zambia?
The Pensions and Insurance Authority, the regulator of the pensions and insurance industries. It administers the Pension Scheme Regulation Act 1996 and the Insurance Act 2021.
Where is the PIA office?
Stand No. 4618, Lubwa Road, Rhodespark, Lusaka. Tel +260 211 251401 / 251405 / 251489, mobile 0950136662/3, pia@pia.org.zm.
How big is Zambia's insurance market?
K10.46 billion of gross written premium in 2025, of which K6.84 billion general and K3.62 billion long-term (PIA, Q4 2025 report).
Sources
- Pensions and Insurance Authority — Functions
- Insurance Act No. 38 of 2021 — Pensions and Insurance Authority copy
- Pensions and Insurance Authority — Insurance Industry Report, Quarter 4 2025 (published 7 April 2026)
- Pensions and Insurance Authority — Contact us
- Pensions and Insurance Authority — Licensed Insurance Entities 2026 (public notice, published 2 October 2026)