Who we are
A professional body for Zambia's broking sector
The Insurance Brokers Association of Zambia is the national representative body for licensed insurance brokers. Our members range from subsidiaries of multinational firms to small Zambian-owned practices, and most of them are the latter.
IBAZ was formed to do three things that individual firms cannot do alone: hold the profession to a common standard of conduct, put a single credible voice in front of policymakers, and give the insuring public somewhere reliable to turn.
We work alongside the Pensions and Insurance Authority, the Insurers Association of Zambia and other market participants. We are not a regulator. Licensing sits with the Pensions and Insurance Authority under the Insurance Act No. 38 of 2021. What we do is set the professional expectations that sit on top of the law, and hold our members to them.
How we work
Four pillars of representation
Everything IBAZ does falls under one of these four headings.
Advocacy and representation
We take the sector's position to the Ministry of Finance, the Pensions and Insurance Authority and Parliament when legislation affects our members or their clients. Where a proposed rule would damage the insuring public, we say so publicly.
Professionalism
We maintain a Code of Ethics for member firms and run training, workshops and technical briefings through the year. Membership is conditional on meeting standards that go beyond the statutory minimum.
Consumer awareness
Insurance penetration in Zambia has stayed near one percent of GDP for years, roughly half the African average. We publish plain-language guidance so people can understand what cover does before they buy it.
Member services
Members get technical support, market information, a place in the public broker directory and a seat at the table on industry matters.
For the public
A broker works for you, not for the insurer
The Insurance Act No. 38 of 2021 defines an insurance broker as a company that is not an agent of an insurer or reinsurer and that acts independently. That independence is the whole point. An agent sells one insurer's products. A broker surveys the market on your behalf.
A broker will look at what your business or household actually stands to lose, tell you which risks are worth insuring and which are better managed another way, then compare what the market will offer you. When something goes wrong, the broker pursues the claim on your side of the table.
The law also puts protections around the money. A licensed broker must transmit your premium to the insurer within fourteen days, or another period agreed in writing, and must hold client money in a separate account away from the firm's own funds.
IBAZ by the numbers
The Association at a glance
Membership figures come from the IBAZ register of members dated March 2025.
Understanding insurance
Guides for people buying cover
Written for people buying insurance, not for people who sell it.
Why use a broker
What independence means in law, how brokers are paid, and what to ask before you appoint one.
How claims work
What to do when you need to claim, the documents you need and where a broker steps in for you.
Frequently asked questions
Broker or agent, what cover costs, how to check a licence and who to complain to.
Who we work with
Representation across the industry
IBAZ holds a seat on the following boards and committees.
Membership is open to licensed broking firms
If your firm holds a broker's licence from the Pensions and Insurance Authority and meets our entry requirements, you can apply to join IBAZ. Applications are reviewed by the Executive Committee.