Nation without the savings culture has no capacity to look after its senior citizens: CBZ Insurance

Nation without the savings culture has no capacity to look after its senior citizens: CBZ Insurance

By Insurance24

HARARE, CBZ Insurance Managing Director Nobert Mureriwa has said insurance continues to play an important role as a gap of fulfilling the country’s savings, thus a nation without the savings culture will have no capacity to look after its senior citizens.

Last week, CBZ Insurance introduced another tranche of products that speak to this critical need. Speaking at the launch, Mureriwa said due to great strides that have been achieved in the field of medicine, people are now living longer well after retirement.

“The nation that does not have a culture of savings cannot have capacity to look after its senior citizens.

“Due to great strides in medicine, people are having long lives much after normal retirement, hence the value of proper retirement plan well in advance,” he said.

Mureriwa said adding to the range of insurance products, the Employee Benefits products will support ongoing public and private sector initiatives towards building a savings culture within the country.

“Such savings are a vital tool for long term funding for critical projects, which generate more income for those contributing towards the savings. It is also same savings that can be relied upon after retirement if you have been contributing

He said on the backdrop of critical changes in the country, the new economic thrust is expected to bring new development and business.

The country recently participated at the World Economic Forum (WEF) where it took the opportunity to re-engage the world and international financiers that include the World Bank and IMF. These have since given a positive sentiment about Zimbabwe.

During the hyperinflationary period, people lost value in particular through the contentious conversion process.  To this present day, that period continues to haunt the savings culture in the country.

According to Mureriwa, savings from retirement by majority of us requires a forced discipline since employees are left to save on their own, they can’t.

CBZ life has been providing life solutions to cover all the other stages of the Human Life Cycle. The Mi-Life combo is a ground breaking product which caters to most of the stages should a bread winner die i.e. school fees, groceries for a time as well as funeral expenses including tombstone.

The size of the CBZ Holdings balance sheet should not only ensure security of pension scheme assets but also higher yields as we leverage on investments in property, infrastructure and other assets that is already ongoing within the group.