The business profile remains strong supported by the insurer’s improving competitive position through constant growth in market share. PICZ is the market leader in the Zambian short-term insurance industry, with its share of industry gross premiums growing by 27% in FY20, from 21% in FY16, while relative market share registered at approximately 5x the industry average. PICZ’s competitive position is expected to be sustained by strong franchise strength and growth initiatives as it gains business from less franchised players.
Professional Insurance Corporation Zambia PLC’s (“PICZ”) rating reflects the insurer’s sound business profile, balancing a strong competitive position in the domestic market with limited premium diversification. Furthermore, the financial profile is solid, given sound earnings, strong capitalisation and intermediate liquidity. The business profile is supported by the insurer’s strong competitive positioning.
|Issue Name||Rating||Country||Rating Published|
|--||FS rating: A+(ZM); Outlook: Stable||Zambia||29-06-2021 0:00:00|