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Zim to hold continental insurance conference

ZIMBABWE has won a bid to hold a continental insurance conference which is expected to strengthen business networks in Africa.

Insurance experts who met during this year’s conference in Banjul, Gambia, recently chose the Southern African country to host the annual event ahead of several other bidders.

The 37th African Insurance Organisation scheduled for Victoria Falls next May will come at a time when some local players have rounded up regional operations citing viability problems and immense competition.

Back home, a handful of insurance companies have in recent months closed shop after failing to meet varying capital thresholds required by the Insurance Pension and Provident Fund Commission.

The current minimum capital requirements for insurance companies are US$300 000 for short term insurance companies, US$500 000 for life assurers and US$400 000 for short-term reinsurers and funeral assurers.

“This is an Africa-wide annual event of the insurance industry whose aims and objectives are to promote greater business growth and development through insurance and reinsurance, facilitate regional trade and exchange of business, strengthen and deepen insurance penetration and business networks in the management of risks,” reads a statement issued by the AIO.

“The gathering normally attracts over 500 insurance executives, businessmen, and professional insurance practitioners and represents a huge business opportunity for Zimbabwe to showcase its people, businesses and infrastructure as an attractive investment destination.”

Meanwhile, Zimre chief operating officer Solomon Tembo, who is the Chairman of  the 38th AIO Organising Committee, has been co-opted into the executive committee of the AIO as vice-president ahead of the forthcoming conference and general assembly for the period leading to the 39th meeting.–– Staff Writer

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