Staff Writer
A local actuarial consulting firm ,Invent Multiple Agencies and actuaries has launched a credit insurance product for Zimbabwe bound exports from South Africa.
Trade credit insurance protects businesses against commercial customers’ inability to pay for goods or services.
In a statement, Invent said the insurance product will be issued by Asset Finance Insurance South Africa(AFI) .
Invent added that that the collaboration on trade credit insurance for Zimbabwe bound exports signifies a significant milestone advancing trade objectives of the African Continental Free Trade Area (AfCFTA).
“Invent triggered a reinsurance agreement between AF and mutiple reinsurance players arranged by Fachs
Reinsurance Brokers(Fachs) to protect South African exporters who offer credit to their Zimbabwean counterparts. The agreement by promoting increased trade between South Africa and Zimbabwe contributes to the objectives of AfCFTA
and wil boostintra-Africa trade progressively byimplementationof trade faciitation measures,” Invent said
Invent Managing Consultant, Tanaka Zingwanda expressed enthusiasm
with the collaboration saying the development of a much needed insurance product which secures trade transactions between the two countries aligned with the firm’s vision to challenge the
status quo through creating value and helping our partners to find new opportunities in Africa.
AFI Managing Director Gavin Bagley, Managing Director of echoed similar sentiments, emphasising the significance of the partnership to which he said the joint venture signified a strategic alliance poised to unlock growth opportunities for our clients and bolster a market position.
“As Fachs Reinsurance Brokers, we are excited to be part of this innovative Reinsurance arrangement, which in our view is a game changer for our trading
clients between the nations of Zimbabwe and South Africa. It is products like this one which make us proud to be part of the insurance industry, providing solutions thateasedoing business among our mutual citizens
and clients. The journey starts now!” FACHS Re Managing Director Farai Chris Zimbango.
Invent is a mutiple insurance agency and actuarial consultancy firm based in Zimbabwe thatoffers tailored insurance solutions andactuarial services for individuals and businesses across Africa.
