Zimnat assists Hatcliffe centre for children with disability
On the 6th of December 2018, the Zimnat Group handed over goods worth more than $7 000 to St Christopher’s Children with Disability Centre in Hatcliffe, a centre that provides services for children with disabilities. The goods, included a storage container, bed linen, and an examination bed.
St Christopher’s Children with Disability Centre’s provides various types of therapy, such as physiotherapy, occupational therapy and speech therapy, aimed at improving or restoring children’s lost functions or compensating for them through the provision of various aids.
It also offers activities to help children with disabilities cope with daily living and improve their quality of life and that of their families. Support and counselling services are also offered to the children and their families.
Zimnat Group Marketing Executive Angela Mpala said Zimnat, which aims to make life better for others, was happy to be able to partner St Christopher’s Centre in making life better for disabled children.
“St Christopher’s Centre is providing much needed assistance to children with disabilities. Apart from the various forms of therapy it offers, its efforts to combat and eliminate discrimination against children with disabilities and their families is very much in line with our own motto of making life better for others,” she said.
“We fully identify with their goal of working towards a society in which children with disabilities participate fully and enjoy the fundamental rights that we are all entitled to.
“The different forms of therapy provided at St Christopher’s Centre are important in helping children with disabilities overcome the challenges they face as a result of their disabilities.
“We are happy to be able to partner the centre and support its work through the donation of bed linen, an examination bed and a storage container, all of which the centre identified as among its major needs,” Ms Mpala said.
Cebisani Ndlovu undergoes surgery with Zimnat help
Cebisani Ndlovu, the Bulawayo gentleman for whom Zimnat organised a fund-raising marathon last November, is recovering at home after undergoing spinal surgery at Mater Dei Hospital last month.
Speaking from his home in Bulawayo’s Ntumbane suburb, Mr Ndlovu expressed his appreciation of the assistance Zimnat had given him and the support of the 740 people who took part in the half-marathon that Zimnat organised in Harare to raise funds for his surgery.
The marathon raised almost $7 000, including donations from well-wishers unable to participate in the run themselves. Zimnat added to this to meet the nearly $9 000 eventually required for the surgery and related costs.
Mr Ndlovu said he had been trying in vain to raise funds for his surgery for some time before he approached Zimnat.
“I am really grateful to Zimnat for making my life better and to the hundreds of people who participated in the fund-raising marathon that Zimnat organised,” he said.
A nurse aide is looking after him at home, while he recovers from the operation. With the help of physiotherapy he is gradually recovering the use of his limbs following the operation.
Prior to the operation, Mr Ndlovu had difficulty walking, even with the aid of crutches, due to a spinal cord bone growth. He hopes to be able to walk normally once he has fully recovered from his operation.
Masawara Group hands over relief packs for 500 families
Companies in the Masawara Group on Friday (22 March) handed over relief packs to Minister of Public Service, Labour and Social Welfare Sekai Nzenza and Deputy Minister in the Ministry of Local Government, Public Works, and National Housing Jennifer Mhlanga to help those affected by Cyclone Idai.
The Masawara Group is made up of the Zimnat Insurance Group, Cresta Group of Hotels, Minerva Risk Advisors, Botswana Insurance Company ,Grand Re-Insurance, Sable Chemicals, Dademutande and Joina City.
Contents of the Relief Packs
The donated relief packs, consisting of two blankets, two buckets, 10 litres of water, 4kgs sugar, 4kgs rice, four litres of cooking oil, 10kg mealie meal, one pack of matemba, four plastic plates, four spoons, four cups, two bars of soap, two packets of diapers and three packs of sanitary wear will benefit 500 families.
These items were packed in a plastic bin that can be re-used to store food or water. Receiving the donation from Zimnat Group chief executive officer Mustafa Sachak and Minerva managing director Lydia Tanyanyiwa, Minister Nzenza expressed her gratitude for the gesture by the Masawara Group.
“I am so pleased and touched by the level of support we have received so far but having come here today I am finding it difficult to fully appreciate it,” she said.
“What the Masawara Group has done is to think way ahead of us. I am the Minister of Social Welfare and I have worked in relief before but what the Masawara Group has done today is incredible.
“You really thought deeply about the basic needs of the people affected. The list of items clearly shows that you put a lot of thought into the basic needs of those people,” Ms Nzenza said.
In a speech read on his behalf by Ms Tanyanyiwa, Masawara Group chairman Shingai Mutasa said the Group hoped to do something else for the victims in the long term.
“In addition to this immediate relief, we hope to do something in the long term to help minimise the impact of future natural disasters,” he said.
“We will be looking at doing something permanent in the long run, something that will lessen the impact of such disasters in future, such as perhaps work on building a disaster preparedness shelter, where people can take refuge when such cyclones occur,” Mr Mutasa said.
The Handover Ceremony
Deputy Minister for Local Government Public Works and National Housing Jennifer Mhlanga, who was also present for the handover, further commended the Masawara Group for the assistance it was giving.
She assured the group that the supplies would be delivered to the intended recipients. “This donation is coming at a time when support is indeed required. I would like to assure the nation and the Masawara Group that a proper accountability with regards to the receipt of donations is in place,” Ms Mhlanga said.
In addition to the relief packs, members of staff within Masawara companies contributed food items, clothing, bedding and money to help assist the cyclone victims.
Zimnat Honours Top Performing Agents
Zimnat agents from throughout the country came together recently in Harare, where awards were presented to the top performing agents in 2018.
It was the first time agents had been presented with awards at a combined event for 3 business units General Insurance, Life Assurance and Zimnat Financial Services, rather than smaller separate functions.
Zimnat Group chief executive Mustafa Sachak said, we intended to reward and recognize the teamwork of agents and staff within Zimnat’s different divisions. They are the Life blood of the organization and the very people who liaise with our clients on a day to day.
#MakingLifeBetter
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
[metaslider id="3598"]
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.