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Enacy Mapakame Business Reporter
INSURANCE firm, Zimnat group says it will introduce new agriculture-oriented products for the growing informal sector, leveraging on its recent partnership with Sanlam Emerging Markets.
Zimnat General Insurance managing director Stanley Mazorodze said this would ultimately grow the insurance firms’ market share from the current estimated 15 percent.
Mr Mazorodze said Zimnat was crafting new products to tap into that market targeting mainly the agriculture sector, which is the backbone of Zimbabwe’s economy.
He added insurance penetration in Zimbabwe, currently at an estimated 2 percent provided scope for new products to tap into the market.
“We want to provide proper comprehensive insurance products that take care of drought, livestock, micro-insurance for the informal sector,” he said.
Agriculture insurance covers against a variety of weather risk including drought, floods, hail-storms, wind damage, fire loss, fog, heat waves and the all-important rainfall deficit.
Mr Mazorodze indicated the partnership with Sanlam would add weight to the group’s efforts in creating new markets, while enhancing existing ones.
“The partnership is assisting us to improve our products, having access to international products. Creating new products that do not exist in this market will assist us to create our own new market.
In 2015, SEM, a subsidiary of Sanlam Limited acquired a 40 percent shareholding in Zimnat Group. The Zimnat Group comprises of Zimnat Life Assurance, Zimnat General Insurance, Zimnant Asset Management and Zimnant Micro-finance.
In line with the partnership, Zimnat Group rebranded all its subsidiaries to reflect the partnership with Sanlam.
Speaking during the launch of the rebranded Zimnat, group CEO Mr Mustafa Sachak said this would also enhance the group’s reach locally and in the region, leveraging on the expertise of both firms.
Online Reporter