Nico Insurance Zambia

What Nico Insurance Zambia does

NICO Insurance Zambia Limited is a Lusaka-headquartered short-term (general) insurer operating in Zambia since 1 October 1997. It is the 4th-largest insurer in the Zambian market by revenue, 51%-owned by NICO Holdings Plc (a diversified financial services group listed on the Malawi Stock Exchange) and 49%-owned by Sanlam Emerging Markets since 2013. The company underwrites a diversified non-life portfolio — Motor (including a specialized Lady Driver product with 35% premium discount), Personal Accident, Student Insurance, Houseowners/Householders, Farm Sure (crops, livestock, poultry, tobacco), Marine (Aviation, Marine Cargo, Goods in Transit), Engineering (Contractors All Risks, Electronic Equipment, Machinery Breakdown), Travel, and a tiered Legal Expenses Plan — sold across individuals, SMEs, agriculture, and corporate customers.

The company distributes through six branches (Lusaka HQ, Kabulonga, Kitwe, Ndola, Livingstone, Chipata), a broker/agent network, and an online e-commerce platform launched in July 2018 in partnership with Barclays Bank Zambia Plc. The platform enables self-serve purchase of Motor Third Party, Legal Expenses, Student, House and Local Travel insurance via credit card with mobile-number PIN authentication. Revenue is generated primarily through short-term insurance premiums across multiple lines, supplemented by monthly subscription Legal Expenses plans (ZMW 35 to ZMW 516) and usage-based motor third-party pricing.

Leadership has been stable, with internal continuity: Geoffrey Chirwa served as CEO from November 2016 until his succession by Keith Mumba (formerly COO since 2018) effective June 2023. Strategic emphasis has been on niche product differentiation (Lady Driver, FarmSure, Legal Expenses), multi-channel distribution, and brand building — exemplified by the 2021 Customer Service Innovation of the Year award and CSR activities such as the Rhodespark School talent concert sponsorship. No AI/ML capabilities, external funding rounds, M&A activity, or geographic expansion beyond Zambia are disclosed.

Name

Nico Insurance Zambia

Legal name

NICO Insurance Zambia Limited

Website

https://nicoinsurance.co.zm

Company type

Private

Founded year

1997

Operating status

Operating

Short description

NICO Insurance Zambia Limited is a Lusaka-based short-term (general) insurer and the 4th-largest in Zambia by revenue, underwriting motor, property, agricultural, engineering, marine and legal-expenses coverage for individuals, SMEs, agriculture, and corporate customers across six branches and an online platform.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Aviation Liability Insurance (Passenger & Third-Party) (FSAJAHAD)

Keywords

• Short-term insurance
• Motor insurance
• Property insurance
• Agricultural insurance
• Legal expenses cover

Headquarters

HQ city

Lusaka

HQ country

Zambia

HQ region

Africa

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Short-term Insurance Premiums: NICO Insurance Zambia generates revenue through collection of insurance premiums from various short-term insurance products including Motor, Fire, Accident, Agriculture, Engineering, Marine, and other general insurance lines. The company operates as a short-term insurer offering both comprehensive and third-party coverage products.
2. Legal Expenses Insurance: Monthly subscription-based legal insurance plans (Bronze, Silver, Gold, Platinum tiers) providing coverage for legal expenses with monthly premium payments starting at ZMW 35.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

NICO Insurance Zambia is a short-term insurer providing general insurance coverage across Motor, Fire, Accident, Agriculture, Engineering, and Marine lines for individuals, SMEs, and corporate clients in Zambia. It distributes products through six physical branches, an online e-commerce platform, and a broker/agent network, offering differentiated products such as Lady Driver Motor Insurance and a tiered Legal Expenses Plan.

Product overview

NICO Insurance Zambia is a short-term insurer offering a diverse portfolio of insurance products across multiple categories. The company provides Motor Insurance (including specialized Lady Driver Insurance with 35% premium discount), Personal Accident coverage for individuals and corporates, Legal Expenses Plan in tiered packages, Student Insurance, Property Insurance (Houseowners and Householders), Farm Sure Insurance (comprehensive agricultural coverage including livestock, crops, tobacco, poultry), Marine Insurance (Aviation, Marine Cargo, Goods in Transit), Engineering Insurance (Contractors All Risks, Electronic Equipment, Machinery Breakdown), and various liability products including Employers Liability, Public Liability, Directors and Officers Liability, and Professional Indemnity. The company operates an online platform enabling customers to purchase Motor Third Party, Legal Expenses, Student Insurance, House Insurance, and Travel Insurance policies online. Products are distributed through head office in Lusaka and five branches across Zambia (Kabulonga, Kitwe, Ndola, Livingstone, Chipata).

Differentiator

Problem solved

Functional benefit

Brands

• Lady Driver Insurance: A motor comprehensive product specifically tailored for female owned and driven vehicles offering 35% discount on premiums, medical expenses cover, funeral expenses cover, domestic workers liability, and windscreen excess waiver.
• FarmSure
• Legal Expenses Plan

Products and services

• Motor Insurance Comprehensive and third-party motor vehicle insurance covering loss or damage from natural and man-made calamities and third-party legal liability for bodily injury, death, and property damage. For individual drivers, commercial fleets, buses/taxis, and motorcycles.
• Lady Driver Insurance Policy Motor comprehensive insurance tailored for female-owned and driven vehicles with a 35% premium discount. Includes medical expenses cover, funeral expenses cover, domestic workers liability, and windscreen excess waiver.
• Personal Accident Insurance Insurance providing monetary payments for bodily injury caused by violent, accidental, external and visible means. Covers Group Personal Accident (Corporate), SME, and Individuals with benefits including bereavement, dislocations/fractures, medical expenses, and permanent total disability.
• Legal Expenses Plan Insurance policy covering members for legal advice, assistance, and court appearances. Available in Bronze, Silver, Gold, and Platinum tiers covering civil, criminal, labour, family, divorce, contracts, taxation, conveyancing, and trusts matters. Includes 24-hour legal service center access. Minimum entry age 18, maximum 64.
• Student Insurance Student Personal Accident Insurance Policy providing monetary payments for bodily injury to students caused by violent, accidental, external and visible means. Options for Pre-Grade/Primary (K5,000) and Secondary/Tertiary (K10,000) coverage with compensation for death, permanent total disability, and medical expenses.
• Houseowners Insurance Financial protection insurance against loss or damage to property due to fire, lightning, explosion, thunderbolt, storm, tempest, and damage from break-in or theft. Covers private residences, outbuildings, landlord fixtures, swimming pools, and includes extended coverage for breakage of glass, damage to pipes and cables, and loss of rent.
• Householders Insurance Insurance policy covering household contents against risks including fire, lightning, explosion, theft, impact, earthquake, and water impact. Territorial scope limited to Zambia.
• Farm Sure Insurance Comprehensive agricultural insurance package covering livestock, bloodstock, tobacco, crops, poultry, motor vehicles, goods in transit, farm buildings, public liability, employers liability, burglary, and fire and allied perils for farmers.
• Marine Insurance Insurance coverage including Aviation, Marine Cargo/Marine Hull, and Goods in Transit for protection of property while in transit.
• Engineering Insurance Insurance covering Contractors' All Risks, Electronic Equipment, Erection All Risks, Machinery Breakdown, Machinery Breakdown Loss of Profit, and Plant All Risks.
• Travel Insurance Travel insurance covering accidental death, bodily injury, Permanent Total Disablement and related medical expenses. Cover applies within Zambia with benefit options of K10,000 or K20,000.
• Fire Insurance Coverage for buildings, plant/machinery/accessories, furniture, fixtures, fittings, stock-in-process, raw materials, and finished goods against loss or damage from fire, explosion, riot, strike, malicious damage, impact damage, flood, storm, tempest, earthquake, landslide, and subsidence.

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Barclays Bank Zambia PlccoreTechnology or Integration · 10 July 2018Barclays Bank Zambia partnered with NICO Insurance to provide the e-commerce payment portal enabling customers to access insurance products online. Barclays provided the payment gateway infrastructure supporting NICO's online sales platform launched in July 2018.
• Legal Aid Board of ZambiaminorStrategic or Co-development Partner · 25 July 2017Legal Aid Board of Zambia partnered with NICO Insurance for the launch of the Legal Expenses Plan (Legal Insurance) product. The partnership was designed to increase access to justice for individuals and SMMEs by making legal services affordable.

Scale indicators4 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Madison General Insurance Zambia: A leading Zambian general insurer covering motor, fire, marine, engineering and personal accident lines. Head-to-head competitor for retail and SME customers through branch and broker channels.
• Hollard Insurance Zambia: Subsidiary of South African insurer Hollard, operating in Zambia across short-term personal and commercial lines. Competes directly with NICO in motor, household and SME cover.
• NICO General Insurance (Malawi): Malawi-based sister company within NICO Holdings offering motor, fire, marine, engineering and personal accident lines. Same group operating model and product architecture as NICO Zambia.
• ZSIC General Insurance: Zambia State Insurance Corporation is a state-affiliated general insurer offering motor, fire, marine, aviation and personal accident covers. Competes with NICO for both retail and large corporate accounts.
• Shield General Insurance Zambia: A Zambian general insurance company offering motor, fire, marine, engineering and group personal accident covers to individuals and corporates through a branch and broker model.
• Professional Insurance Corporation Zambia (ProfInsurance): A Zambian general (short-term) insurance company offering motor, fire, marine, engineering, liability and personal accident lines. Most direct comparable to NICO in product breadth, distribution (branches + brokers) and Zambian customer base.

Regional players

• African Life Financial Services Zambia: Provides life and general insurance products in Zambia; while life-leaning, it competes with NICO in personal accident and group covers for SMEs and corporates.

Emerging players

• Focus Insurance Zambia: A Zambian general insurer serving retail and corporate customers across motor, fire and engineering. A smaller niche competitor overlapping with NICO's branch-based distribution model.

Broad incumbents

• Old Mutual Zambia (General Insurance): Largest financial services group in Zambia offering life, general insurance, asset management and banking. A dominant incumbent competing with NICO across most P&C and life-adjacent lines.
• Sanlam Zambia: The Zambian arm of Sanlam Group, parent of NICO's 49% shareholder Sanlam Emerging Markets. Overlaps with NICO in general insurance and creates affiliate dynamics in the Zambian market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/nicogroupmalawi?lang=en
• YouTubeyoutube.com/channel/UCk1iggv11xc5pzGgl_mHGCw
• Facebookfacebook.com/NICOInsuranceZM
• LinkedInlinkedin.com/company/nico-insurance-zambia
• Instagraminstagram.com/nicogroupmalawi

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nico Insurance Zambia