Industrial Development Corporation (IDC) CEO Mr. Cornwell Muleya has inaugurated the new ZSIC General Insurance Board of Directors, continuing with the governance and operational reform agenda for all IDC subsidiaries.
During an event held at Southern Sun Hotel earlier today, Mr. Muleya emphasized IDC’s commitment to implementing reforms aimed at improving the performance of its portfolio companies.
He underlined the importance of appointing a dedicated and transparent Board of Directors, selected on merit and expertise, to lead the charge in strengthening the company’s operations.
“We are confident that your Board will bring a wealth of experience to the insurance industry and provide guidance to management in implementing the necessary operational reforms that will result in stronger financial performance,” Mr. Muleya said.
He also drew attention to the recent enactment of the new Insurance Act No. 38 of 2021, which introduced a fresh approach to supervising and regulating the insurance sector. One of the key requirements set by the new law is that all insurance companies must meet a capital adequacy ratio of 150% by 2025. Mr. Muleya urged the new Board to ensure ZSIC-GI aligns its funding structures to meet this regulatory provision within the stipulated timeframe.
He also stressed the significance of the intra-group trading policy, which encourages sourcing products and services from within the IDC Group as a top priority.
Following Mr. Muleya’s speech, Mr. David Matongo, the newly appointed Board Chairperson, shared his optimistic outlook for the company’s future.
Mr Matongo revealed that preliminary results for 2023 indicate a remarkable growth trajectory, with an anticipated 40% increase in Gross Written Premium, expected to surpass K800 million once audited.
“We expect to maintain our record as one of the profit-making companies within the IDC Group,” he said.
Mr. Matongo pledged his commitment to supporting the management team in achieving the goals outlined in the 2024-2026 Strategic Business Plan. These objectives include strengthening the company’s financial base, enhancing the customer experience, improving operational efficiency, and fostering professionalism and productivity among the workforce.
The newly appointed board members of ZSIC-GI are:
- Mr. David Matongo (Chairperson)
- Mr. Nawa Mataa (Member)
- Ms. Syreeta M. Chitengi (Member)
- Ms. Mercedes Mwansa (Member)
- Ms. Sylvia Nguluwe (Acting Managing Director)
