The anchorage of the SAVENDA Group into local realities and daily challenges also provided the ground for the development of its insurance business, Savenda General Insurance. While the business initially started up in October 2014 by assisting farmers whose crops had been devastated by fire or droughts, it eventually diversified onthe back of Zambia’s economicexpansion and infrastructure development. Today, itis one of the preferred insurers in the market.
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Following its registration in 2014, Savenda General Insurance fully started operating from September 2016 onwards and has witnessed significant growth ever since. Its gross premiums have increased by an average of 60% a year for the past four years, while its assets grew from about 4.6m kwanchas in 2016 to 39.4m in 2020. Asa result, the company’s market share already stands at 1.5% amidst avery competitive and diversified market.
WHAT WE DO
SGI is a regulated entity by the Pensions and Insurance Authority licensed to provide Non-Life or General insurance services in Zambia with a vision to set up subsidiaries in selected countries in the COMESA region. The company is a member of the Insurers Association of Zambia and also offers reinsurance via its London-based broker, AfroAsian.
Savenda General Insurance has been the fastest growing Zambian insurance company for the past five years. Our adaptable terms and flexible operating model ensures that we develop tailor-made products for our clients are find solutions adapted to their risks levels.
Moving forward, the company expects significant growth in the motor segment on the back of government regulations, along with increased demand for surety bonds thanks tothe expansion of Zambia’s infrastructure.
Most importantly, Savenda General Insurance intends to keep contributing to the growth of Zambia’s agriculture and offer beneficial products to commercial farmers. As of 2021, we have about 3m kwanchas in agriculture-related premiums and will continue to increase our support to farmers and agriculture companies.