GCR upgrades Zimnat General Insurance rating to A+
Global Credit Rating (GCR) has revised Zimnat General Insurance’s national scale financial strength (insurance rating) rating to A+(zw) Stable Outlook, from its previous rating of A-(zw). The financial strength rating (formerly claims paying ability) went up two notches.
GCR is the leading emerging market focused ratings agency, rating the full spectrum of security classes based on the best international standards. It accords both International Scale and National Scale ratings. Together with its international affiliates, it rates almost 3 000 organisations and debt issues spanning four continents.
The rationale for Zimnat General Insurance’s new rating
Explaining the rationale for Zimnat General Insurance’s new rating, GCR said the insurance company’s national scale financial strength rating “reflects support from a sound business profile and a disciplined approach to underwriting and capital management”.
“Offsetting these strengths is liquidity moderation on the back of value preserving strategies, reflecting uncertainties presented by the operating environment.
“The insurer has maintained strong brand recognition and evidenced healthy growth momentum over the review period, with a significant increase in market share in the 2018 financial year, underpinned by comparatively high risk uptake in key lines of business,” GCR said.
Zimnat General Insurance chief executive officer Stanley Mazorodze said the rating should see clients enjoying enhanced security, innovative insurance products and continued timely claim payments.
“More operational flexibility comes with such a good rating, positioning the company to be a strong short-term insurer of choice.
“The company will boost its capacity to exercise its philosophy of providing the market with realistic insurance cover products that help clients achieve their set objectives and make their lives better,” he said.
‘To sustain this record A+ rating, Zimnat General Insurance will continue to be creative in developing practical risk solutions for the market and inventive in delivering products best suited to its clients’ needs. We have every intention of making the lives of all our stakeholders better,” he added.
Zimnat General Insurance is a part of the Zimnat group, a diversified financial services group made up of Zimnat General Insurance, Zimnat Life Assurance, Zimnat Microfinance and Zimnat Asset Management. Zimnat is a partner of Sanlam, the largest non-banking financial services group on the continent.
Kwedu/Ngekhaya funeral plan for Zimbabweans in the diaspora
Zimnat Life Assurance has introduced Kwedu/Ngekhaya, a funeral plan for Zimbabweans living in the diaspora. The plan pays out up to USD60 000 for a family of six for those in countries such as the United Kingdom, United States of America, Australia, Canada and others. It pays to ZAR210 000 for those in Southern Africa.
For a premium of USD23.50 per month, a husband, wife and four children in United Kingdom, United States of America, Australia and Canada are each covered for USD10 000, meaning altogether the benefit is USD60 000. In the event of death, the funds are paid out to ensure funeral, repatriation costs and all services are covered. For those in Southern Africa, for a premium of ZAR189 per month, a husband, wife and four children are each covered for ZAR35 000, with the total benefit being ZAR210 000 which in the event of death, will also be paid out to cater for funeral and travel expenses.
Why do you need this Plan?
An estimated 3 million Zimbabweans are living in the diaspora and many struggle to fund for repatriation and funeral expenses in the event of death and end up resorting to donations and crowd funding for that final journey back home. Zimnat; whose purpose is to make life better, realised the hustle and difficulty that people go through to fund for repatriation, with some resorting to ‘Go fund me’ crowd funding to raise funds. There was also a need to extend the purpose of making life better for all Zimbabweans regardless of where they are in the world, hence the introduction of Kwedu/Ngekhaya.
The plan will enable Zimbabweans abroad to get a solution that gives them peace of mind knowing that they are guaranteed of that final journey back home, where their roots lie and that their family back home is guaranteed of a befitting send off in the event of death.
Kwedu/Ngekhaya Plan Pricing
The minimum cover per person is USD2500 whilst the maximum is USD20 000 and customers are free to choose a cover that meets their needs within the available ranges. For an additional charge, one can add parents and other extended family members.
Premiums for Kwedu/Ngekhaya are payable monthly, quarterly or on an annual basis. The plan also has an option for vigil and tombstone cover, does not have any waiting period in the event of accidental death and no medicals are required to sign up.
The policy can be applied for, online through Zimnat’s self-help web portal, selfcare.zimnat.co.zw. On the same platform, locals in Zimbabwe can also refer friends and family to sign up for Kwedu/Ngekhaya.
Zimnat Life Assurance is part of the Zimnat Group comprising of Zimnat General Insurance, Zimnat Asset Management and Zimnat Microfinance. The group is associated with Sanlam South Africa, the largest non-banking financial services group on the continent. The group is driven by a purpose to make life better.