THE Insurance Institute of Zimbabwe (IIZ) is holding its annual conference in Nyanga from October 30 to November 1.
ginally the conference had been earmarked for the resort town of Victoria Falls but due to the crippling fuel shortage and exorbitant flying costs, it was rescheduled for Nyanga. A panel of reknowed speakers from South Africa and Zimbabwe will grace the conference.
Altfin Insurance managing director, Lovemore Madavo, who is also the president of the IIZ said: “We have distinguished speakers at this conference and we expect to get very good attendance from the industry.Our industry is normally very supportive and I believe this year will not be an exception.”
The theme of the conference: “Soaring Above The Storm”, could not have been more apt coming in an environment characterised by turbulent macro-economic fundamentals. Among challenges the insurance industry is facing are the inability of the clients to pay premiums due to hyperinflation, shortage of foreign currency, fuel and the HIV/Aids pandemic.
The Reserve Bank recently increased the minimum capital requirements from $800 million to $10 billion for short-term insurance companies, $800 million to $30 billion for life companies, $2 billion to $30 billion for reinsurers, $250 million to $5 billion for brokers and $750 million to $15 billion for funeral assurers effective August next year. It is anticipated that these new requirements may result in a few mergers, especially of the small players.
The short-term industry alone boasts well over 20 players in a market that is shrinking. The insurance industry has witnessed several mergers, notably the Lion and Zimnat merger in 1998, CGU and RM in 2001, Orion and Strategis in 2002 and very recently the AIG and ZimnatLion merger this year. – Staff Writer.