PIA marks 20 years as Pensions and Insurance Sectors record strong growth, new regulations and innovation drive
Pensions and Insurance Authority (PIA) Registrar and Chief Executive Officer Mrs Namakau Ntini speaking at the end -of-year media engagement in Lusaka.
December 16, 2025 – Lusaka
The Pensions and Insurance Authority (PIA) has closed 2025 on a strong note, recording solid growth in both the pensions and insurance industries while rolling out key regulatory reforms aimed at strengthening consumer protection, financial inclusion and market resilience, Francis LUNGU reports.
Speaking at an end-of-year media engagement in Lusaka, PIA Registrar and Chief Executive Officer Mrs. Namakau Ntini said the meeting was designed to provide deeper engagement with the media and to share updates on the latest developments at the Authority and across the two sectors it regulates.
The year was particularly significant for the Authority as it marked its 20th anniversary, a milestone the CEO described as more than a celebration but an opportunity to reflect on two decades of growth, transformation and renewed commitment to protecting pension scheme members and insurance policyholders.
As part of this milestone, PIA also unveiled a new brand identity, signaling its ambition to be a modern, dynamic and agile regulator.
Pensions sector shows resilience and growth
The pensions industry continued to demonstrate resilience and steady growth, contributing directly to Zambia’s economy through investments in government securities, infrastructure development and equities.
Mrs. Ntini indicated that by the end of the third quarter of 2025, the sector’s net asset value had risen to K25.61 billion from K23.78 billion as at June 30, largely driven by favourable investment performance, particularly in listed equities.
Total contributions increased to K745.11 million in the third quarter from K738.04 million in the previous quarter, reflecting a rise in participating employers under multi-employer pension schemes.
Benefits paid also rose to K738.41 million, up from K692.37 million in the second quarter.
Membership grew by 4,909 to reach 172,952 members, driven mainly by increased active membership under multi-employer schemes. Of the total membership, 75.4 percent were male while 24.6 percent were female.
Insurance industry posts double-digit growth
The insurance industry also recorded steady growth, with gross written premium increasing by 13.1 percent from K7 billion in the third quarter of 2024 to K8 billion by September 2025.
She expressed confidence that the insurance industry is projected to close the year with gross written premiums exceeding K10 billion, supported by increased uptake of motor, accident and property insurance products.
The CEO also shared policyholder benefits and claims expenses that rose to K2.5 billion by the end of the third quarter, up from K1.9 billion during the same period in 2024, underscoring the value proposition of insurance.
She shared that the total industry assets grew to K12 billion from K10 billion year-on-year, and are expected to exceed K13 billion by year-end, with liabilities projected at around K11 billion.
Key regulatory reforms introduced
On the regulatory front, the CEO noted that 2025 saw significant developments, particularly in the insurance sector.
During the year under review, Mrs. Ntini indicated that the Minister of Finance and National Planning issued three new regulations: the Insurance (Microinsurance) Regulations, 2025; Insurance (Market Conduct) Regulations, 2025; and Insurance (Reinsurance) Regulations, 2025.
“These build on the Insurance (General) Regulations of 2022, with more regulations still under development. The regulations are designed not only for compliance but as strategic tools to build public confidence through improved market conduct, expand financial inclusion by providing affordable insurance products to underserved populations, and strengthen the industry’s foundation through enhanced local reinsurance capacity,” Mrs. Ntini said.
Addressing emerging risks and fostering innovation
The Authority through the CEO highlighted climate change and cyber risk as two pressing global challenges affecting both industries.
Insurers are increasingly playing a role in climate risk mitigation, while pension funds are being encouraged to allocate capital to sustainable investments that support Zambia’s climate resilience.
The recent launch of the Zambia Green Finance Taxonomy was cited as a key step in providing clarity and direction in this area.
On cyber risk, PIA emphasized the growing importance of cyber insurance as a resilience tool in an increasingly digital economy.
The Authority expressed support for building industry capacity to withstand major cyber events and provide stability for businesses.
To promote innovation, PIA announced the planned launch of an Insurance Regulatory Sandbox in early 2026.
The sandbox will allow innovators to test new insurance products and business models in a controlled environment, helping to close protection gaps while managing risk.
Other speakers included Mr. Aaron Mukuwa PIA manager-market development-pensions who gave an analysis on the evolving of pensions landscape in the country.
Mr. Stanslous Bowa PIA manager Prudential supervision -insurance highlighted the insurance industry performance coupled with emerging issues that included climate change, regulatory, green financing, technology and geopolitical impact on the insurance industry.
And Ms. Naomie Pilula PIA manager legal services outlined to the media an array of new insurance regulations focusing on market conduct, reinsurance, micro insurance and tribunal regulations as well as development of regulations dashboard.
Looking ahead
As it closes both the year and its 20th anniversary chapter, PIA registrar and chief executive officer, Mrs. Ntini said the Authority remains confident about the future.
“The focus going forward will be on strengthening supervision of emerging risks, promoting resilience markets such as cyber insurance, and creating safe spaces for innovation,” she said.
The CEO also commended the media for its role in informing the public, shaping discourse and building trust in the pensions and insurance sectors, noting that continued collaboration would be key to achieving greater impact in the years ahead.
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