ICZ reflects on fire related claims

ICZ reflects on fire related claims

HARARE, Damage to properties by fire is a cause for concern as claims will go up across the whole industry chain, an official has said.

This follows a number of fire incidents recently in Harare and other parts of the country that has resulted in loss of millions of dollars.

Musa Bako, the chairman of the Insurance Council of Zimbabwe (ICZ) in an interview said fires of such magnitude will impact across insurers, re-insurers and even retrocessioners, outside the county.

“The fires are a cause of concern as claims are going to go up across the whole industry chain,” he said.

Bako said it may be possible that a number of traders who lost their wares especially in Glenview may not have insurance, but would be an opportunity to reflect and make such decisions to insure properties.

“This will safeguard against loss of profits and re-tooling,” he said.

The ICZ chairman also highlighted that it was working with the City of Harare to capacitate fire department preparedness to response.

“We have to capacitate the City of Harare to be able to put out the fires on time.”

Yesterday, three cars that were yesterday reduced to shells after a fire broke out at a scrap yard near Siya-So small-scale industrial area along Cripps Road in Harare.

About two thirds of the Glen View Area 8 Home Industry Complex along Willowvale Road in Harare were also destroyed by a fire that broke out in the afternoon, destroying property worth millions of dollars belonging to informal traders.

Meanwhile three shops in Kadoma – Edgars, Jet and Coloursel – were last night razed in a blaze causing the destruction of furniture and clothing items worth thousands of dollars.