Underwriting Agreement between THI Insurance & Zimnat
THI Insurance Ltd (THI) has entered into an UNDERWRITING MANAGEMENT AGENCY agreement with Zimnat General Insurance Ltd (Zimnat) that will result in THI being underwritten by Zimnat, in conjunction with Santam Agriculture, through Zimnat’s shareholder partnership with Sanlam, the largest non-banking financial institution on the African Continent.
Benefits of the Underwriting Agreement
The agreement, which came into effect on the 1st of January 2019, will enable Zimnat to leverage off THI’s agricultural insurance heritage and expertise. THI will ultimately become part of the much larger Zimnat/Sanlam Insurance Group.
“THI has an 80 year heritage of agricultural insurance expertise, a market presence and brand reputation that will give Zimnat and Santam Agriculture immediate access to a sector of the insurance market that has pledged to assist in the resurgence of agriculture within the Zimbabwe economy. Agriculture requires a completely different approach to designing insurance products that respond to the changing needs of the Zimbabwe farmer and their upstream and downstream service suppliers. THI, Zimnat and Santam Agriculture have the resources and determination to respond to this demand” explained Zimnat Group chief executive Mustafa Sachak.
“In return, THI will ultimately become part of a much larger insurance group with Zimnat’s A security rating for writing business and the international backing of the Sanlam/Santam group which has a triple A rating. Santam Agriculture, a specialist division of Sanlam has developed technical assistance and state of the art agricultural insurance services, using worldwide and regional research, backed by leading international reinsurers. All these resources will be made available to assist in developing unique risk management and transfer solutions that the Zimbabwe insurance market can offer to its clients” he added.
“This powerful combination of experience, skills, resources, security and brand heritage will bring significant competitive advantage to THI and Zimnat and this will translate into better service and enhanced product offerings to our broker and client relationships” said Stanley Mazorodze the Zimnat General Insurance Managing Director.
“This is a really exciting development for the Zimbabwe Insurance industry. It will prove to be of immense benefit to the economy at large and more specifically the agricultural sector. We look forward to rolling it out over the next few months and adding more value to our relationships with brokers, clients and all elements of the agricultural industry chain” said Stanley Mazorodze in conclusion.
Public Auction For Accident Damaged Vehicles
Zimnat will be having a public auction for Accident Damaged Vehicles on Thursday, 07 March 2019 starting 11:00 AM at Surprise Panel Beaters situated at Stand No. 21008 Mineral Road, Masvingo.
Directions - From Harare turn right after VID until the last stand on the left.
A refundable deposit of U$500.00 or $2,500.00 bond is required.
Vehicles to be auctioned include:
- Toyota Hilux single cab
- Mazda BT50 Single cab
- Foton Tunland Double cab
- Mercedes Benz c250 new shape
- VOLVO S80 Station wagon
- Hyundai IX35
- Toyota wish
- Peugeot 306
- Ford Ranger Double cab
- ISUZU KB240 Single Cab
- Nissan X Trail
- Toyota Chaser
- Nissan Primera
- Freight Liner
- Toyota Allex and many others.
Viewing for the above vehicles will be at Surprise Panel Beaters from 04/03/19 to 05/03/19
Viewing for the Freightliner will be on 28/2/19 to 1/3/19 in Zvishavane at No 1206 Light Industry Mandava
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Vehicles are sold VOESTOOTS. For more information contact any of the following
Finias – 0772 208 578
Grace – 0773 223 473
Austin – 0776 313 580
Merit - 0719 392 788
Zimnat Assists Families Of Deceased Miners
Zimnat,one of the leading players in the Zimbabwean life assurance and short-term insurance industries since 1946, has donated funeral services worth $10 000 for the burial of 10 of the miners killed in the Battlefields mining disaster.
The group has made the donation through Mashonaland West Province Minister of State, Mary Mliswa to assist the families of 10 of the miners who lost their lives in the disaster.
The funeral services will be provided by FSG Zimbabwe, which is a subsidiary of Zimnat Life Assurance.
Zimnat Life Assurance is one of the Zimnat group’s four business units. The others are Zimnat General Insurance, Zimnat Asset Management and Zimnat Microfinance.
The group is also associated with Sanlam, which is the largest non-banking financial institution on the continent.
The deceased miners were among at least 32 trapped in a shaft at Baxter and Cricket mine when the shaft was flooded as a result of heavy rain.
Eight of the miners were rescued after four days of rescue efforts. The bodies of the 24 who lost their lives in the flooded shaft have been recovered.
“This is indeed a sad and tragic incident. We at Zimnat felt we should do something to help those who lost relatives in this national disaster,” said Zimnat group chief executive Mustafa Sachak.
“While nothing can replace their relatives, we hope that our donation of funeral services will help make their lives a little easier. It is a gesture of solidarity with them in their time of grief,” he said.
FSG Zimbabwe is a funeral services company that offers a unique combination of funeral assurance and funeral services.
It combines Hospital Cash Back Cover, Total and Permanent Disability Cover and Funeral Services in one product. All the insured benefits are underwritten by Zimnat Life Assurance Company.
Source: Insurance24
THI, Zimnat Announce Underwriting Management Agency Agreement
THI Insurance has entered into an underwriting management agency agreement with Zimnat General Insurance that will result in THI being underwritten by Zimnat, in conjunction with Santam Agriculture, through Zimnat’s shareholder partnership with Sanlam, the largest non-banking financial institution on the African Continent.
The agreement, which came into effect on January 1, 2019, will enable Zimnat to leverage off THI’s agricultural insurance heritage and expertise, whilst THI will ultimately become part of the much larger Zimnat/Sanlam Insurance Group.
“THI has an 80 year heritage of agricultural insurance expertise, a market presence and brand reputation that will give Zimnat and Santam Agriculture immediate access to a sector of the insurance market that has pledged to assist in the resurgence of agriculture within the Zimbabwe economy,” explained Zimnat Group chief executive Mustafa Sachak.
“Agriculture requires a completely different approach to designing insurance products that respond to the changing needs of the Zimbabwe farmer and their upstream and downstream service suppliers. THI, Zimnat and Santam Agriculture have the resources and determination to respond to this demand.”
“In return, THI will ultimately become part of a much larger insurance group with Zimnat’s A security rating for writing business and the international backing of the Sanlam/Santam group which has a triple A rating.
“Santam Agriculture, a specialist division of Sanlam, has developed technical assistance and state-of-the art agricultural insurance services, using worldwide and regional research, backed by leading international reinsurers.
“All these resources will be made available to assist in developing unique risk management and transfer solutions that the Zimbabwe insurance market can offer to its clients,” he said.
“This powerful combination of experience, skills, resources, security and brand heritage will bring significant competitive advantage to THI and Zimnat and this will translate into better service and enhanced product offerings to our broker and client relationships,” said Stanley Mazorodze, the Zimnat General Insurance managing director.
“This is a really exciting development for the Zimbabwe insurance industry and will prove to be of immense benefit to the economy at large and more specifically the agricultural sector.
“We look forward to rolling it out over the next few months and adding more value to our relationships with brokers, clients and all elements of the agricultural industry chain” he said.
Visit the links below for further reading:
http://insurance24.co.zw/thi-zimnat-announce-underwriting-management-agency-agreement-news-release/
https://www.dandaro.co.zw/thi-zimnat-announce-underwriting-management-agency-agreement/
http://insidebusiness.co.zw/thi-zimnat-agree-underwriting-management-agency-deal/
https://bulawayo24.com/index-id-business-sc-companies-byo-156683.html
Zimbabwe Economic Outlook – First Quarter 2019
The USD8.16 billion 2019 Budget presented by Finance Minister Professor Mthuli Ncube set the tone for the economic outlook of Zimbabwe for the year 2019. Themed “Austerity for Prosperity” the budget aimed at introducing tough reforms, possibly with the intention of demonstrating to international financiers that the Zimbabwean government is serious about its economic transformation aspirations. Austerity is a way to reduce budget deficit by reducing government spending or increasing taxes, or both. Although the economy would perform better with a host of revenue raising measures, the budget aimed more at expenditure management.
Amid many questions about the Zimbabwe currency crisis, the 2019 Budget proclaimed that Zimbabwe would continue using the multi-currency system with the US Dollar as the currency of reference. This came after the Reserve Bank Governor Dr John Mangudya had earlier ordered a separation of Nostro foreign currency accounts from the real-time gross settlement (RTGS) deposits in a bid to preserve the value for those who export and bring foreign currency into the country. The government also maintained that the exchange rate between the bond notes and US Dollar is 1:1. However, in the informal sector the exchange rate is trading at a minimum of 1:3, and in some instances rising to 1:5. The trading of the US dollar at a premium has created increased inflationary pressures on the economy. Trading Economics put the current inflation rate at 49.09%, which is the highest in ten years, with the rate expected to increase to 98% by the end of the year.
Many businesses have adopted a three tier pricing system with increases in bond notes and RTGS prices of various consumer goods and commodities. This led to a rise in salary increment demands by the civil service, with doctors demanding to be paid in US dollars. This means that the fiscal framework that the government was aiming at is likely to remain the same as government expenditure is expected to increase because of an increased wage bill due to salary increment pressures. Because of these likely variations, the finance minister has had to adjust the projected growth rate of the economy from 6.3% previously indicated in the Transitional Stabilisation Programme (TSP) to 4%.
Due to shortages in foreign currency and inefficiencies in foreign currency allocations by the Reserve Bank of Zimbabwe, local manufacturers have struggled to import unprocessed raw materials. However, a Foreign Currency Allocation Committee was appointed by the finance ministry to ensure efficient management of foreign currency inflows and outflows. The government also suspended sections of Statutory Instrument 122 of 2017 to increase flow of consumer goods into the market to cater for shortages that the market experienced. Apart from lack of raw materials, these shortages were created by inability of manufacturers to cope with demand of goods after a spate of panic and speculative buying. Because of the increase in the inflow of foreign goods, Zimbabwe’s trade deficit widened and is continuing to widen after Zimstat reported that Zimbabwe’s trade deficit was $2,4 billion as at December 2018.
The success of the austerity measures is hinged on unanimity by all stakeholders that the measures are the only way to steer the economy to success. There is also a strong push by economic and religious players for political players to begin renewed engagement as a measure to create a more stable and predictable economic future for Zimbabwe. Whilst the government tries to create a stable environment, the private sector has to take responsibility to innovate and grab business opportunities that arise in this environment.
Written by Taurai Museka
For more details send an email to customercare@zimnat.co.zw or call us on +24-2707582/3/5/6
Zimnat Offers USD Products
Insurance is a means of protection from financial loss, it is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. This means that whatever value you insure your asset for should be sufficient to enable you to replace it or at the very least purchase an asset of the same level as the one you had. However, the current economic conditions have presented challenges such as inflation and price speculation. In light of this, Zimnat then introduced the option to insure ones assets in US dollars in an effort to make life better for its clients.
In the event of a loss where one has paid their premiums in US dollars the Insurance Company has various options to restore you to your former position. The options include repairing damaged assets, replacing the damaged asset or giving the client cash in lieu of the damages (which will be in US dollars).
Basing values in US dollars hedges against fluctuations in the sum insured. The fact that the US dollar is a relatively stable currency means that the premium one pays will not fluctuate and one can plan for their future payments.
Zimnat General Insurance offers all its short term insurance in US dollar denominations however will continue to offer policies denominated in RTGS value for those who have no access to hard currency. However, where premiums have been paid from an RTGS account, the sums insured will need to be regularly monitored to mitigate against the adverse effects of inflationary pressures in the business environment that lead to underinsurance.
Zimnat, which is one of the country’s leading insurance and financial services companies, has been a leading voice in protecting the assets of those who insure with them. This is in line with its purpose of making life better.
Call 086 7700 4952 or email directbusiness@zimnat.co.zw to find out more or purchase a US dollars policy.
Investors Need To Avoid Market Jitters And Stay The Course
The recent inflation spike coupled with volatility on the parallel market, low interest rates and a hazy economic outlook are just a few ingredients of what seems to be a rather distasteful beverage being served to investors in Zimbabwe.
Media coverage has raised toxicity, fueling anxiety levels through providing endless, sometimes contradictory, commentary on what actions individuals should take, the prize enigma being whether “this time is the same or similar to the previous woes of 2008”.
For one, the character of Mr Market (the Zimbabwe Stock Exchange) has been rather different. Volatility has been fueled by strong perceptive emotions by investors on the course. Being wise to the corrosive nature of currency depreciation has resulted in significant speculative behavior on the stock market, thereby elevating inherent risk levels.
The question now for some is whether to cut losses and get out or perhaps hold onto stocks, maintaining an investment as a buffer or hedge.
With the stock market having risen more than 50 percent this year, just how affordable are these stocks for a local investor whose salary has not increased by this much?
It has become increasingly important, therefore, to ensure that, if one is investing on the stock market, the right stocks are being held in a portfolio.
It is not enough to secure your hard-earned savings by buying “good and strong” stocks. A sure way to lose value is by purchasing great stocks at excessive prices. Without realizing it investors can be stuck in a pattern of panic buying over-priced stocks for fear of losing more value. How does one understand value in this opaque economic climate?
Gains for seasoned investors are not won on daily market oscillations but rather from growth experienced over many years. The economy will eventually settle. So, what’s the right move in this tumultuous environment?
“All intelligent investing is value investing acquiring more than you are paying for. You must value the business in order to value the stock,” advises American investor and businessman Charlie Munger.
Staying the course involves investing in quality stocks at good prices. It negates the need for stock market gambling. Invest in profitable companies with good corporate governance, value addition and potential for growth. Stock prices will eventually reflect the true value of the underlying companies. It is best to own shares in a few select companies that will help to build wealth over time.
This, though, is only one part of the investing equation, since it focuses on just one investment class. We have all heard of the idiom ‘don’t put all your eggs in one basket’. Balancing one’s investment, however, can be quite daunting, especially where you cannot see the price of the investment every day or where a property investment is not visible or listed on a stock exchange.
Fortunately, Zimnat Asset Management is equipped with the right people, skills and tools to safely navigate investment of your hard-earned savings or retirement funds. Accurate interpretation of information by experienced professionals provides a clear advantage in the investment world.
ZAM’s investment services go beyond stock market investments. They include bonds, money market and alternative investments as well. The research team keeps up with market trends and financial news to ensure that clients’ strategies remain on track to achieve long-term growth. This is all part of Zimnat’s endeavor to make life better.
By Rishay Lalla
2019 Suppliers Registration Invitation
The Zimnat Group is inviting all current and prospective suppliers of the following goods and services to submit their credentials for consideration and subsequent inclusion on its 2019 suppliers’ database.
Required Services and Goods
- Office Stationery
- Groceries & Cleaning Materials
- Office Furniture & Equipment Supply & Repairs
- Shop Fitting & Office Partitioning
- Exhibition Stand Designs
- Sanitary Disposal & Services
- Cleaning Services
- Locksmith Services
- Pest Control And Fumigation Services
- Protective Clothing, Footwear & Corporate Wear
- Printing & Designing
- Computer Networking, Hardware Consumables
- Hardware, Electrical Accessories & Engineering Services
- Telecommunication Installation & Repairs
- Motor Vehicles Supplies, Spares & Accessories
- Motor Vehicle Servicing, Repairs & Panel Beaters
- Motor Bikes Supply, Spares & Accessories
- Towing Services
- Fuel & Lubricants
- Logistics, Shipping & Clearing Services
- Travel Agency Services
- Hotel, Accommodation, Conferencing & Catering
- Building Maintenance, Carpentry, Plumbing, Painting Services
- Security Services – Biometric, CCTV, Guards, CIT
- Borehole Drilling & Maintenance
- Welding & Steel Fabrications
- Air Conditioner Supplies & Maintenance
- Firefighting Equipment & Servicing
- Supply, Service & Maintenance Of Generators
- PA Systems , Videography & Photography
- Advertising, Branding & Promotion Materials (T Shirts, Banners, Sign Posts)
- Branded Promotional Materials & Corporate Gifts
- Outsourced Courier & Messenger Services
- Drugs & Medical Supplies
- Advertising & Creative Services, Including Digital Advertising & Video Production (Ad Agencies)
- Media Booking Services
- Suppliers of Risk Diagnosis Tools
- Insurance & Risk Management
- Outsourced Assessment Services (Pre & Post Loss Claims assessments)
- Valuation & Survey Services (Motor & Non-motor)
- Recruitment Services
- Electronics
- Software Development & Licencing
- Supplies of Data recovery and management
- Garden landscaping and Florist services
- Car Rental Services
Interested suppliers should submit the following for consideration:
- An Introductory Letter
- Company Profile
- Certified VAT Registration Certificate
- Certified CR14
- Certified CR6
- Current Tax Clearance Certificate (ITF263)
- Payment Terms
- Certified Certificate of Incorporation
- At least three traceable references
The submissions should be sealed, clearly stating the category being applied for
NB: By submitting the above documents, it does not automatically mean you will be added to our Suppliers Database. There will be a review and an evaluation process that must take place first.
Interested Companies should send their documents to:
The Procurement Committee
Zimnat Group
Zimnat House,
Corner Third Street & Nelson Mandela Avenue,
Harare,
Zimbabwe
Closing Date is 22 February 2019