HomeNewsClampdown leaves life reinsurance job to two

Clampdown leaves life reinsurance job to two

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Zimbabwe’s life assurers now have only two life reinsurers with which to share underwriting risk, it has emerged.

This follows a recent clampdown on the insurance and pension industry by the Insurance Pensions Commission, which left Baobab Reinsurance and FMRE with eight registered clients to reinsure.

These include Altfin Life Assurance Company, Evolution Health & Life Assurance Company, Fidelity Life Assurance Company, First Mutual Life Assurance Company, IGI Life Assurance Company, Old Mutual Life Assurance Company, ZB Life Assurance Company and Zimnat Life Assurance Company.

The industry has been downsized to 26 short-term insurance companies, eight life assurers, six funeral assurers, eight short-term reinsurers and 25 insurance brokers.

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