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Zim gets cover against political violence

Oct 23 2012 16:01 Malcom Sharara, Fin24’s correspondent in Zimbabwe

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Harare - Spain’s Mapfre Asistencia and Britain’s Lloyd's have partnered with Zimbabwean insurance company Champions Insurance to offer cover against political violence.

Zimbabwe’s insurance regulator, the Insurance and Pensions Commission, reportedly granted Champions Insurance Company the nod to introduce the insurance cover.

Prior to this, there was no insurance cover in Zimbabwe for loss of property as a result of political violence, even if the property was insured under assets cover.

Champions Insurance underwriting and business development manager Immaculate Musonza told The Herald that the cover was for financial loss arising out of politically related actions.

"The cover protects against losses by war, riots, civil disturbance, terrorism and looting,” she said, adding that any property damaged as a result of those actions will be insured.

"The fact that our reinsurers have accepted to have this cover in Zimbabwe is actually a statement that Zimbabwe is not a high political risk because obviously no insurance company would want to invest in a country where the risk is high," she said.

Musonza said her company partners Lloyd's of London and Mapfre Assistencia of Spain in this initiative. She added that Champions Insurance reached an agreement with Lloyd's syndicates who would share Zimbabwe's risk with Watkins, Canopius, Ironshore, Hiscox, Hardy and Channel Syndicate.

Lloyd’s is the world’s specialist insurance market, with members joining together as syndicates to insure risks. As at December 31 2011, Lloyd's was made up of 88 syndicates.

Mapfre Asistencia is an insurance, reinsurance and services multinational, founded in Madrid in 1989. It now operates in Europe, America, Asia, Australia and Africa.

The insurance initiative is a welcome development for Zimbabwe considering the political violence that occurred before, during and after the 2008 elections.

 - Fin24


zimbabwe  |  insurance  |  riots
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