South African funeral assurer unveils a funeral cover product for Zimbabweans
Insurance24 Reporter
HARARE, A South African funeral financial services company, Transafrica has unveiled a funeral cover product known as Zim Transafrica Life targeted at over one million Zimbabweans living and working in that country.
The company which has other products that are specifically designed for Zimbabwean citizens
Amended new insurance regulations gazetted
HARARE, Government has gazetted the new insurance regulations on capitalisation of insurance firms which were proposed during the 2016 National Budget.
According to the amended rules, the minimum unencumbered capital for life assurance business, including funeral assurance, will be $5 million. Minimum capital threshold for non-life business is $2 million.
Patra’s three-pronged approach that could save the insurance industry
The insurance industry is aging fast. Hordes of experienced professionals are expected to retire in the next decade and there aren’t enough people keen to step in and replace them.
A workforce generation gap has slowly started to emerge in the past 50 years and the insurance industry, with its drooping sex appeal, has been struggling
Pension’s industry asset quality compromised by arrears: IPEC
Insurance24 Reporter
Harare- Total assets for the Pensions industry during the quarter ended 31 March 2017 amounted to $3.35 billion, however with a significant proportion of total assets totaling 15.27% of the asset base tied up in contribution and rental arrears.
“These two asset classes amounted to $462.99 million and $49.41 million
Insurer Old Mutual commission 1.6 MW mini-hydro power plant
Insurance24 Reporter
HARARE, Financial services group and insurance giant Old Mutual Zimbabwe has commissioned its 1.6 MW mini-hydro power plant in Manicaland which was constructed at an investment of $5 mln.
The Group has had several investments in the various sectors of the economy as part of diversification as a financial services group.
Insurance
NicozDiamond Insurance gross written premium up 4% in H1 2017
Insurance24 Reporter
HARARE, NicozDiamond Insurance Limited Gross Premium Written (GWP) increased 4.13% to $23.8 mln during the half year period ended 20 June 2017 compared to $22.9 mln same period in 2016 with the Zimbabwean unit contributing bulk of it at 78%.
According to Chairman James Karidza, NicozDiamond Zim grew 7.4% compared to
Zimbabwe Insurance Brokers (ZIB) develops ‘Pothole’ insurance cover
Insurance24 Reporter
HARARE, The Zimbabwe Insurance Brokers Limited (ZIB) has introduced a pothole insurance product that covers certain damages on vehicles as a result of potholes on the roads.
Most roads in Zimbabwe, particularly in the urban centers are characterized with potholes which has seen several vehicles getting damaged.
Softening insurance market sink FBC Holdings Insurance business in H1 2017
Insurance24 reporter
HARARE, FBC Insurance units recorded a 10% decline in premium revenues and a 16% decrease in net earned insurance premium during the six months period ended 30 June 2016 largely due to low economic activity and the shift in demand for some traditional insurance products.
Chief executive officer John Mushayavanhu
Cash shortages leading to artificial claims inflation of 40%
HARARE, During the first quarter of 2017, Reinsurers reported a negative growth of 23% largely due to declining business written which was at $1.12 mln compared to $1.44 mln same period in 2016.
According to, IPEC’s Life Assurance report for the quarter the decline was attributed to the continued predominance of non-risk products in the
NMB unveils NMBLife range of products
Insuranc24 Reporter
Harare – NMB Bank has launched a range of life assurance products which embrace life assurance, a retirement plan and a funeral plan.
The NMB Funeral Plan, in addition to covering the policyholder, can include anyone with whom the policy holder has a direct relationship with premiums being paid monthly for 10 years, after which cover continues