BY KUDZAI KUWAZA
NYARADZO Life Assurance Company won the overall Insurance Company of the Year accolade at the prestigious Insurance Survey and Awards ceremony relaunched in Harare last night.
Zimre Holdings Limited chief executive officer, Stanley Kudenga scooped the Chief Executive Officer of the year gong at the awards, a partnership between the country’s largest circulating business weekly, the Zimbabwe Independent and the National Social Security Authority (Nssa).
Doves Life Assurance and Old Mutual Life Assurance Company finished as first and second runners up in the category of best insurance companies.
“In the life assurance business, Nyaradzo is a relatively new entrant but has taken the market by storm. The Q1 2021 latest Ipec (Insurance and Pensions Commission) report indicates that it commands a market share of 60,82% by Gross Premium Written (GPW). Nyaradzo continues to offer market-relevant products in the space through its funeral assurance products,” analysts for the survey, Mark and associates said.
“It should be noted that funeral assurance products have remained popular over life assurance products in the Zimbabwean insurance markets, contributing 85,02% of the total GPW for Q1 2021,” the analysts firm noted.
The survey paid special attention to identifying companies that are offering market-relevant insurance products.
Kudenga, who was CEO for the year, was adjudged to have demonstrated strength in terms of strategy as well as deal structuring in the insurance space.
“Emeritus and CredSure have also been re-engineered in line with the massive consolidation phase. The group aims to underpin growth strategies with a focus on cash generation and revenue stream diversification paired with value extraction from leveraging synergies.
“By acquiring the remaining shares held by minority shareholders, ZHL has managed to take control of, and integrate Fidelity Life into its portfolio of financial services and a solid turnaround is anticipated,” Mark and Associates noted.
The survey adjudged Wadzanayi Phiri who is founder and CEO of Coronation Solutions, as the runner up to Kudenga.
“Wadzanayi has demonstrated entrepreneurship in the insurance services and consulting space (where she) has set up a vibrant actuarial, risk management, financial and investment advisory services. It should be highlighted that one important aspect in the space is the need for technical assistance. Enhanced technical capacity amongst insurance players is critical for the growth of the sector at large and this has been the major focus of Coronation Solutions,” Marks and Associates observed.
Nyaradzo CEO Philip Mataranyika and Old Mutual Life Assurance Company managing director Rutendo Magorimbo were awarded with the Achievement Award. This is presented to individuals who have made an outstanding contribution to the success of the insurance industry through their illustrious career
“Philip has demonstrated a high level of business acumen and wizardry in this area. More recently, the group has established itself in the United Kingdom (UK). Rutendo has not only done well as a career-woman but has been instrumental in the group of the Old Mutual Life Assurance Company,” Mark and Associates said of Magorimbo.
Old Mutual Zimbabwe Limited was awarded the Best Listed Insurance Group with First Mutual Holdings Limited and Zimre finishing as first and second runners up.
Old Mutual Insurance Company was the Short Term Insurance Company of the Year, with Nicoz Diamond Insurance and Zimnat Lion Insurance Company finishing as runners up .
Doves Life Assurance scooped the Life Assurance Company of the year award with Econet Life and First Mutual Life Assurance Company finishing as runners up in the category.
Moonlight Funeral Assurance and Services was the Funeral Assurance Company of the year.
ZB Reinsurance took the Short Term Reinsurance Company of the Year award with Grand Reinsurance Company and Emeritus Reinsurance finishing runners up in the category.
FBC Reinsurance scooped the Reassurance Company of the Year award with Emeritus Reinsurance and First Mutual Reinsurance finishing runners up.
Coverlink Micro-Insurance was awarded the Micro-insurance Company of the Year Award. There were no runner ups in this category.
The Best Insurance Broker award went to Minerva Risk Solutions with HRIB Insurance Brokers and CBZ Risk Advisory Services finishing as runners up.
Pan African Reinsurance Brokers won the Best Re-Insurance Broker with Minerva Reinsurance and Marsh Insurance Brokers finishing as runners-up.
Econet Life scooped the Most Innovative Insurance Company with Zimnat Lion Insurance Company Limited and First Mutual Life Assurance Company finishing runners-up.