NicozDiamond Insurance to merge with Tristarinsurance as FMH seek to raise $17.25 mln
Insurance24 reporter
HARARE, First Mutual Holdings will raise $17.25 million through a renounceable rights offer with the proceeds earmarked for the proposed acquisition 80.92% of the entire issued share capital of NicozDiamond Insurance Limited.
According to a circular published, both transactions will require shareholder
Nyaradzo Life Assurance introduces Sahwira Lite, a low cost Funeral Cash Plan
Insurance24 Reporter
HARARE, Nyaradzo Life Assurance has unveiled a low cost Funeral Cash Plan known as Sahwira Lite for as little as 0.50 cents with a cash payout of up to $500 depending on the sum assured.
Sahwira Lite is a funeral cash plan which rolled out last week and provides a specified cash benefit on death of a
CBZ Holdings in regional equity expansion for insurance units
Insurance24 Reporter
HARARE, CBZ Holdings says is at various stages of engagements towards entering regional equity arrangements for its insurance units under its phased expansion strategy.
CBZ Holdings insurance units are CBZ Life and CBZ Insurance and were profitable during the first half year period ended 30 June 2017 and at the same
Telecel revamps Telecare mobile insurance
Insurance24 reporter
HARARE, Mobile network company, Telecel has upgraded its mobile insurance product Telecare which is in sync with its underwriter Zimnat Life Assurance which last month upgraded its Whole Life plan.
Under the partnership with Zimnat, Telecel provides the mobile platform for its subscribers to access the service while Zimnat underwrites and
Baobab Re and FML accounts for 85% of Reinsurers premium income in Q1 2017
Insurance24 Reporter
HARARE, Reinsurers reported a negative growth of 23% during the first quarter to 31 March 2017 following a decline in business written to $1.12 mln compared to $1.44 mln same period in 2016.
The decline according to IPEC’s Q1 Life Assurance report is attributable to the continued predominance of non-risk
Insurance brokers record declining profitability in Q1 2017
Insurance24 Reporter
HARARE, Insurance brokers wrote $24.09 million in business for the quarter ended 31 March 2017, accounting for 35.31% of the total Gross Premium Written (GPW) for non-life insurers, however, was 2.02% lower than 24.59 mln written for the same period in 2016.
According to the Insurance and Pensions Commission (IPEC) first
IPEC approves $800 million Prescribed Asset applications in last six years
Insurance24 Reporter
Harare-The Insurance and Pensions Commission (IPEC) says it has approved Prescribed Asset applications worth about $800 million covering various sectors of the economy during the past six year period and these range from housing, energy, food security and other infrastructure development projects.
Commissioner
CBZ Holdings insurance units profitable in H1 2017, group to expand insurance products
Insurance24 Reporter
HARARE, CBZ Holdings insurance units CBZ Life and CBZ Insurance were profitable during the first half year period ended 30 June 2017, at the same time adequately capitalized more than the proposed regulatory minimum.
Group chief executive officer Never Nyemudzo told an analyst briefing that CBZ
Central Bank sets up $5 Fund to facilitate repatriation of dividends for foreign investors
Insurance24 reporter
HARARE, The Reserve Bank of Zimbabwe (RBZ) says it will establish a $5 mln Portfolio Investment Fund that will facilitate repatriation of dividends as well as sales by foreign investors.
Presenting the Monetary Policy Statement, Governor Dr John Mangudya said the Central Bank has noticed
Nicoz Diamond (Zim) Results Analysis FY2016
Key Highlights
o Gross premium written up 2% from $28.9m in 2015 to $29.6m in 2016
o Earned Premium up 9% from $17.7m in 2015 to $19.3m in 2016
o Claims up 13% from $11.2m in 2015 to $12.7m in 2016
o Total costs up 3% from $17.2m in 2015 to $17.8m 2016
o PAT up 1.3% from $0.1m in 2015 to $1.7m in 2016
Operating Income Composition ($m)