Fire insurance

Diamond General Insurance would like fire insurance to become compulsory in order to protect individuals and properties nationwide. The company has made a request for this purpose. According to its general manager, Tobias Milano, this decision is going to improve the standard of living of Zambians because only 5% of the population and institutions are holders of such a cover. The decision by the State to impose VAT on insurance policies in 2010 made access to these products even more complicated. Compulsory fire insurance, like the one in use for motor third party liability, is likely to increase the sector’s penetration rate.