Third Party Vehicle Insurance Goes Up

MOTOR vehicle third party insurance premiums have been hiked by more than 100 per cent to K900 effective January 1, 2017, according to the Insurance Association of Zambia.
Following a meeting of the General Insurance Council, the IAZ resolved to hike motor vehicle third party insurance minimum premiums from K463.50 to K900 for one year for private vehicles, while commercial vehicles will see their fees leap to K1,100.
According to the IAZ advisory notice, minimum excesses for property damage have also been adjusted to a minimum of 10 per cent of K1,000 for private vehicles, while commercial vehicles’ limit is at K2,000.
A comment from the Pensions and Insurance Authority (PIA), the regulatory body which supervises the industry in the country, was not immediately available by press time.