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‘Economic woes to hit hard on insurance sector’

ZIMBABWE’S economic slowdown is taking a toll on the insurance industry, a top local insurance expert says.

Taurai Mangudhla

Insurance Congress for Developing Countries (ICDC)-Zimbabwe organising committee chairperson, Grace Muradzikwa told businessdigest this week the poor economic performance that has affected companies and individuals, who constitute the insurance industry’s client base, was weighing down performance of the sector.

“As insurance, we follow the fortunes of our clients and when their business is going down we cannot grow,” said Muradzikwa, who is also Nicoz Diamond managing director.

“Last year, our industry grew by 7% and it grew by about 5% in the first quarter of this year and I do not see it at 7% in this current year under this environment,” she said in an interview.

Muradzikwa said any margin of growth for the sector is satisfactory when macroeconomic indicators are slowing down.

Zimbabwe will play host to the 18th edition of the ICDC in Victoria Falls between September 27 and October 2 2014.

Muradzikwa said the event would bring together insurance executives and experts from across the world to share best practice and discuss alternative sources of business such as micro insurance.

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