EIRS to scale up operations in Zambia, Malawi, amid rising demand for risk advisory services

EIRS has announced plans to significantly scale its operations in Zambia and Malawi, with plans to substantially grow its combined team within the year, as part of a broader expansion and investment strategy aimed at building deeper, on-the-ground expertise. The move comes on the back of an emerging demand for risk intelligence and advisory services, which is accelerating across emerging African markets, according to Margaret Banda, Business Head of EIRS Zambia. In a statement issued in Lusaka on Wednesday, Banda noted that Across Africa, insurance penetration remained low, averaging roughly 2.8 percent to 3.5 percent of GDP, compared to a global average of over 7 percent.

She said the gap was not just about access but points to a deeper need for expertise, data, and structured risk management frameworks that many businesses are still developing. “Insurance in our markets is no longer just about transferring risk, it is about understanding it, quantifying it, and managing it proactively,” said Banda. She stated that the expansion was part of a broader investment strategy aimed at building deeper, on-the-ground expertise in both markets.

Banda said the African insurance sector was projected to expand at a compound annual growth rate of over 11 percent in the coming decade. Banda stated that the growth was being driven by urbanisation, infrastructure development, and rising awareness of risk exposure, according to Market Data Forecast. She said the trend was creating demand for more specialised services, particularly in sectors such as mining, agriculture, and financial services, which dominate economies like Zambia and Malawi.

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“As businesses grow and sectors become more interconnected, the need for structured risk insight becomes critical. Our expansion is anchored on building that capability locally, so we can support clients with solutions that are both practical and forward-looking,” she added. Banda said the team expansion also aligned with broader regulatory and market developments across Southern Africa.

She stated that as regulatory frameworks became more sophisticated and aligned with global standards, companies were under increasing pressure to demonstrate stronger risk governance and resilience. Abhishek Jain, Chief Executive Officer, EIRS said the firm’s focus was on building a risk intelligence-driven business.

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