The Sunday News
Allan Foti, Business Correspondent
GROSS premiums for the insurance sector grew by 13 percent to $80,27 million in the first half of the year, a report by the Insurance and Pensions Commission (Ipec) has shown.
The Ipec report also indicated that leading funeral assurer, Doves Holdings recorded a 26 percent increases in net written premiums in the six months.
There are nine funeral assurers operating in the market.
The report showed that the three main drivers of growth in net premium written were life assurers who registered growth of 16 percent, Doves Funeral Assurance Company with a growth of 26 percent and Ruvimbo Funeral Assurance Company who registered growth of 117 percent.
“Doves recorded figures of 8 410 in gross premiums of the six months up to June 30 compared to 6 683 in the same period in 2016 (up 26 percent), while Ruvimbo recorded figures of 299 in gross premiums for the half year in 2017 compared to 139 in 2016 (up 115 percent).
Ipec said the other five funeral assurers registered negative growth varying from a negative two percent to a negative 65 percent.
However, it was Doves which also saw its net assets grow by 17 percent from $21 064 million to $24 671 million.
The company’s fixed property rose from $4 573 million to $6,031 million (up 32 percent) while their prescribed assets rose from $60 000 to $393 000 (up 85 percent).
CBZ Life rose one percent from $4 493million to $4 537 in net premiums written while Econet Life rose 72 percent from $2 363 million to $4 053 million.
Fidelity Life, Zimnat Life, and ZB Life recorded net written premiums marginally similar to Doves’ Funeral Assurance premiums.-@AllanFoti
