Staff Writer
Champions Insurance Company tops the list of most complaints received from policyholders against the short-term industry, with unsatisfactory service being the major source of complaints.
Accounting for 22 percent of the total complaints, Champions is followed by Credsure (11%), and FBC Insurance Company (11%), with the three having a combined percentage of 44% of the total complaints received during the first quarter of 2024.
According to the Insurance and Pensions Commission short-term insurance report for the March 2024 quarter, 17 of the complaints that were lodged were resolved, and the remaining 10 were carried forward to the second quarter.
According to the report, Zimnat and NicozDiamond both account for 8% of the complaints, while Econet, Evolution, and Minerva Insurance Brokers contributed 7% each to the total complaints.
In the period under review, short-term insurers reported insurance revenue amounting to $812.96 billion.
The major drivers of the insurance revenue for the reporting period were motor, fire, hail, and personal accident classes of business, contributing a total of 78%.
The Ipec reports noted that market leaders in terms of consolidated insurance revenue were Zimnat Lion, Nicoz Diamond, Old Mutual Insurance, Alliance Insurance, and Cell Insurance, with a combined market share of 71%.
In terms of foreign currency business, the short-term insurers reported insurance revenue amounting to US$53.18 million.
Zimnat Lion, Old Mutual Insurance, Nicoz Diamond Insurance Company, Cell Insurance, and Alliance dominated the market with a combined market share of 81% in terms of foreign-currency-denominated insurance revenue.
Zimnat Lion, AFC Insurance, Old Mutual Insurance, Nicoz Diamond Insurance, and Alliance Insurance were the market leaders in terms of total assets, with a combined market share of 68%.
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