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Global launches life, funeral insurance cover

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Global Life Solutions International Limited in association with C&J Financial Services (Pvt) Limited, Global Benefits Europe and Alliance Insurance Services Zimbabwe have launched a first of a kind combined life insurance and funeral policy cover.

Global Life managing director Anthony Mackintosh said the new product would change the face of the insurance sector as it is competitively priced.

Zimbabwe’s insurance sector has been ravaged by a protracted liquidity crunch stemming from the dollarisation of the economy in 2009.

Mackintosh said the company has partnered with Global Benefits Europe to ensure the business would be under sound management.

“What’s more because we are an offshore business, there is no chance of you losing your investment when other local companies face their own troubled times,” said Mackintosh.

Last year the Insurance and Pensions Commission deregistered at least 74 companies in the sector as they were technically unsound.

A majority of the companies failed to raise the statutory minimum capital required to operate and at present the threshold is $300 000 for short-term and non-life insurers, $400 000 for reinsurers and funeral assurers and $500 000 for life assurers.

Technical liabilities, comprising debts and premiums and claims, also surpassed both balance sheet values and owner’s capital.

Mackintosh said insurance is important to individuals and corporate sectors alike, as life is not predictable.

“Global Life insurance works whether you are a single person, married with dependants or a corporate company looking after your employees’ welfare,” said Mackintosh.

He said that the products have been tailored for family needs catering for health, safety and funeral policies without the risk of payout problems that are common in many African economies.

Global Life offers other products that may be of interest such as estate planning, medical aid and personal accident cover among others.

“We intend to spread Global Life products to all parts of country,” Mackintosh said.

Zimbabwe will in May this year host the 38th edition of the African Insurance Organisation conference in Victoria Falls which will among other issues discuss reasons why there is a slow update of insurance products on the African continent.

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