Categories: Stories

NicozDiamond’s premiums up 11 percent

Zimbabwe’s largest short-term insurer, NicozDiamond’s Gross Premiums Written grew 11 percent to $19.5 million in the five months to May 2017.

Revenue for the first four months to April marginally grew by a percent, managing director Grace Muradzikwa told shareholders at the company’s annual general meeting.

“The insurance industry continues to face a protracted soft market cycle that has seen clients continuing to negotiate for reduced covers and lower premium rates. This is further exacerbated by the extended payment terms being negotiated,” she said.

The company paid claims worth $2.7 million in the five month period.

“Even though some regulatory and related changes made in 2016 increased the cost of doing business for the sector and the company in particular, we did all we could to ensure that expenses remain aligned to revenue and this shall continue to be an area of focus,” said Muradzikwa.

The company’s housing project, Diamond Villas, will be fully leased out in July and so far positive rental yields are being obtained, she added.

Muradzikwa said that the Zambian and Malawian businesses traded positively but the Mozambique was in a loss-making position.

Going forward, the company will focus on customer retention and growth, claims cost management and expenses reduction.-The Source

(56 VIEWS)

This post was last modified on %s = human-readable time difference 8:18 pm

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

To go or not to go- Mnangagwa in a quandary

Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…

November 25, 2024

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024