CABS looks up to ‘parent’ Old Mutual to introduce more affordable schemes
By Insurance24
HARARE, Central African Building Society, (CABS) says it is looking up to Old Mutual to introduce more Insurance schemes aligned to the on-going economic hardships as uptake of its schemes have remained subdued over the past few years.
Cabs offers both long term and short term insurance. Cabs MD Simon Hammond told insurance 24 on the side-lines of An AFDB – CABS US$25 million trade facility signing ceremony that the economy
hardships that the country is going through has made many people fail to afford insurance .
This has seen many people seeing insurance as not a necessity except for a few that knows their families and properties needs to be insured.
However in the face of these the economic hardships Hammond said CABS has seen more uptake of the short term insurance rather that long term,
“Uptake of insurance has been very low .I bet it’s due to economic hardships that people are now not seeing insurance as a necessity. On our part though it were to compare between short term and long term, there has been more uptake of the short term.
“Old Mutual is responsible for packages so I hope they will look at it and come up with ways and packages that hammer people into taking up insurance,”
he said.
Hammond added that he hoped that as the country opens up for business there will also be increased uptake in our insurance products this year going forward.
