ZB Financial Holdings still keen on regional unit
By Insurance24
HARARE, ZB Financial Holdings says is still keen to set up a regional financial services unit as foreign payments persist due to depleted nostro accounts.
The unit according to Mutandagayi requires at least $1 mln to set up among other regulatory approvals and will be used to generate the foreign currency required for insurance services.
“We are still keen to go that route where we will set up a regional operation outside of Mauritius, but capital has been the challenge,” he said.
He added that the Group already generate some foreign currency in its regional operations but most of its is relayed to paying retrocessioneers and claims, so we finding it difficult to have the foreign currency.
The Group writes business from Malawi, Zambia, Angola, Kenya, Tanzania and Mozambique. ZB Holdings insurance units include ZB Life and ZB Re-insurance.
Earlier in the year ZB indicated that it had put on hold plans to set up offshore insurance services in order to monitor how the new country administration will address nostro and foreign currency issues.
The group is considering setting up regional financial services in Mauritius and Botswana.
A number of insurance companies last year embarked on migrating some of their insurance services to other countries citing nostro and Forex issues which they said are hindering foreign claim settlements.
CIMAS commit to improve customer experience despite increasing medicines and general health costs
By Insurance24
Harare, Medical insurer, CIMAS says despite members continuing to face affordability challenges, its membership in 2017 remain holding at 181,671 which was a marginal decline from 182,993 beneficiaries in 2016.
Updating members at an annual general meeting yesterday chief executive officer Vuli Ndlovu said inflationary pressures emerged particularly in the cost of medicines and in general healthcare cost resulting in the society accruing extra costs of $1.5 mln on medicines.
Claims costs declined 2% notwithstanding the inflationary pressures on medicine and health care costs.
“This, together with the adverse revenue variance, saw the claims ratio for the year close at 90% compared to 89% recorded in 2016,” he said.
Ndlovu said the society continue to deploy technology driven solutions, remaining committed to improving customer experience.
Cimas Healthcare Services turnover increased 6% to $13.6 mln compared to $12.6 mln in 2016 and Cimas members accounted for 95% of the division’s revenue.
“Growth in turnover was mainly driven by patient volumes, which also increased by 6% from last year. Cimas Healthcare treated 314,964 patients compared to 296,193 patients last year and we note that members are increasingly showing a preference for Cimas Clinics due to improved service provision,” he said.
Ndlovu said Cimas Healthcare continues to increase access to members by rolling out new clinics. The former Lafarge industrial clinic was commercialized and renamed Cimas Clinic-Manres with effect from 2 January 2018.
“Two more primary care health centres will be opened in Harare in late 2018, one at Westgate Shopping Mall and the other at Borrowdale Office Park.
At Cimas Medical Services there was a 0.5% decline in business volumes in 2017 compared to 2016 due to foreign currency shortages which impacted on the availability of reagent stocks and equipment procurement. Revenue decreased by 3% in line with the decrease in revenue per patient as patient affordability deteriorated.
According to Ndlovu, in response to member’s feedback to service provision, Cimas Rescue commenced its ground ambulance service in December 2017 in Harare.
Zimnat celebrates association with Sanlam
By Insurance24
HARARE,Today, 8 June the Sanlam Group celebrates its 100th birthday, and we at Zimnat are proud of our association with this financial services giant, which first opened its doors in Cape Town, South Africa.
Founded in 1918, Sanlam has a rich history. The Group has evolved over the years from a traditional life insurance company to a broad-based diversified financial services provider that specialises in insurance (life and general), financial planning, retirement, investments and wealth. In 1998 Sanlam demutualised, listing on the JSE Ltd and the Namibian Stock Exchange. The Group was restructured into several independent businesses within a federal business structure.
Today, Sanlam is a diversified financial services provider with an extensive product offering catering for all market segments. It also remains a pioneer of technological development and innovation. The Group has consistently grown its local as well as an international footprint – it now has a presence in 33 African countries, India, Malaysia, Philippines, the UK /Ireland, the US, Switzerland and Australia.
From Cape to Casablanca, the Group is particularly proud of its footprint across Africa, boasting more than 11 800 employeesthroughout the continent.
It has taken the Group 100 years of doing things properly and doing them for good to get this far. While its centenary year is a chance to reflect on years of product and technological innovation, looking after society and creating financial security for all, Sanlam is looking ahead towards the next 100 years – firmly committed to continue creating lasting value and enabling people to live their best lives possible. For now and for generations to come.
