ZSIC General now 100 pc IDC subsidiary

Wed, 10 May 2017 10:25:16 +0000

By BUUMBA CHIMBULU

 THE transfer of 100 percent ZSIC General Insurance Limited shares to the Industrial Development Corporation (IDC) have been finally concluded with the two entities currently working on the capitalization process of the insurance firm.

The two companies are however yet to determine how much will be injected in ZISC General Insurance Limited.

This development came to light at a media briefing in Lusaka yesterday where ZISC management disclosed that the transfer of 100 percent shares and subsequent recapitalization of the company will enhance operational efficiency.

ZSIC General Insurance Limited chairman, Justin Chisulo, emphasised that the transfer of shares to IDC would not affect the operations of the company.

“I wish to state that the operations of ZISC General Insurance Limited have not in any way been affected nor will there be any disruption whatsoever to the operations of the company.

“We are still a 100 percent State-owned enterprise reporting directly to IDC. The change has been necessitated by the need to streamline the operations and …improve the speed at which key decisions are made,” he said.

Mr Chisulo said the company, which was currently holding second position in the market with 16 percent shares, remained committed to continue growing its market share and contribute to the growth of the insurance industry.

“We have set a goal of being number one in the market by 2018, in terms of market share and net premium retention.

“The public may be interested to know that the insurance company does not receive any subsidies or direct support from Government but competes favourably with other market players,” he said.

And ZSIC managing director, Charles Nakhoze, said his company would improve its efficiency to pay out claims among other strategies as it was reclaiming its position as the number one insurance company in Zambia.