Barclays’ subsidiary, Absa, has launched a
life insurance operation targeting Zambian consumers called
Barclays Life Zambia.
The company says that it will provide Zambians
with a range of tailored insurance products, including credit life
protection on loans, funeral cover on deposit accounts, and a
standalone family protection plan.
Absa CEO Maria Ramos said: “The Zambian
regulatory environment and soundness of the country’s economic
profile, with increasing levels of economic activity lends to a
requirement for increased services to protect the customer. For
example credit life solutions offer our customers protection
against the burdens of settling debt arising from credit extensions
relating to personal loans and mortgages in the event of death and
Victor Munalula will lead Barclays Life Zambia
as its managing director. Munalula has held numerous senior and
executive roles within the Zambian insurance industry.
The focus on the Zambian life insurance market
follows the launch of Absa’s life insurance operation in Botswana
in March 2011.