Why was IAZ established
– IAZ is a member organization for all licensed insurance and re-insurance companies in the country. IAZ was formed in 1997 by the first few insurance companies that were licensed following the liberalisation of the economy. As the number of insurers increased, the market needed a common body to speak on behalf of the insurers and to champion the orderly growth of insurance in Zambia. In 2013 IAZ adopted a new code of conduct for its members and amended its constitution to allow the setup of the Association Secretariat, which is tasked with operationalising the objectives of the Association under the guidance of the IAZ Board. All licensed insurers and reinsurers are obligated to be members of IAZ.
Is IAZ an Insurance company?
The insurers Association of Zambia (IAZ) is a member organisation for all licensed insurance and reinsurance companies. Therefore its role is to work towards increasing public awareness of the benefits of insurance, coordinate combined initiatives involving the entire insurance industry, lobby Government and promote best practice among members.
What is Insurance?
Insurance is a risk management tool. It takes the form of a promise to pay for financial losses that arise from specific insured risks, as agreed and specified in the policy document. Examples include third-party motor, fire, burglary and house-owners insurance. In this way, individuals or companies transfer the cost of a loss to an insurance provider, so that if the unforeseen calamity actually happens, insurance will help restore them to the original financial position.
How would one differentiate a genuine insurance company from a fake one?
All genuine insurance companies are licensed by the Pensions and Insurance Authority (PIA) and confirmed members of IAZ. Feel free to contact either organisation to confirm our members.