Stanbic Bank Zambia Launches Stanbic Insurance Brokers Zambia Limited

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Stanbic Insurance Brokers Launch

Lusaka, Zambia, 23rd Aug 2018 – Last night, the Zambian insurance industry took a step ahead into growth as it saw the launch of another insurance company, but this time from a commercial bank, Stanbic Bank Zambia, being the first bank in Zambia to receive a brokerage license from the Pensions and Insurance Authority (PIA), the regulatory and supervisory body for the pensions and insurance industry in Zambia.

In past years, Zambia’s insurance industry has solely been run by non-banking entities, the likes of Madison General Insurance Ltd, Zambia State Insurance Corporation (ZSIC) and Diamond General Insurance Ltd being among the most notable. However, as of last night the 22nd of August, 2018, Stanbic Insurance Brokers Zambia Ltd was launched at Taj Pamodzi Hotel, by Chilufya Nyirenda, the CEO of Stanbic Insurance Brokers Zambia Ltd, Leina Gabaraane, the CEO of Stanbic Bank Zambia and the guest of honour Mr. Titus Nkwale, Deputy Registrar, Pensions and Insurance Authority (PIA), in the presence of relevant stakeholders; Bankers, Customers, Partners and the Media.

The goal that both Stanbic Insurance Brokers Zambia Ltd and its parent organisation Stanbic Bank Zambia have for the insurance industry in Zambia is to continue making positive difference in the lives of the Zambian people, and in driving the country’s growth. Thusly Chilufya Nyirenda, CEO Stanbic Insurance Brokers Zambia Ltd, emphasised that the drive to make a difference in people’s lives goes beyond merely providing them with pleasant service and cutting-edge customised products, but also involves helping them grow and protect their investments. Assurance was further made to the Pensions and Insurance Authority, that her company will play its part in promoting public awareness (which has been a challenge in the Insurance industry) and in accelerating the sector’s growth. Therefore, measures to supplement the Authority’s efforts to ensure clients are provided with quality services will be employed as has been the case with Stanbic’s banking products.

Leina Gabaraane, CEO Stanbic Bank Zambia shed more light on how the Insurance Brokers company will be transacting business, as Insurance Brokers, Risk Management Consultants, Life and Pensions, Health Insurance Consultants and Claims Service experts. He also emphasised that the company is not here to offer competition to already existing Insurance providers; but rather to complement their efforts in serving the Zambian people more efficiently and effectively. “We are aware of the fact that we cannot achieve this on own, thus we are engaging several insurance providers to create long term partnerships that will facilitate the delivery of quality insurance services to more people across larger distances”, continued Mr. Gabaraane. As the partnerships will help Stanbic Insurance Brokers expand its product range and play a role in the accelerating growth of the insurance sector in Zambia.

As a send off message to Stanbic Insurance Brokers on the journey it has embarked, Mr. Titus Nkwale, Deputy Registrar PIA commissioned the company to ensure that relevant information is availed to its customers duly as this has been a challenge in the industry. And he reiterated that PIA will continue acting as mandated in ensuring the quality of insurance brokerage services in the country, and he officially launched the Stanbic Insurance Brokers Zambia Limited.


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