Nyaradzo has lamented high operating costs fueled by a deteriorating economy and lack of foreign currency which has resulted in them increasing their premiums. The current economic crisis characterised by low wages and salaries is affecting the smooth flow of business at the Life Funeral insurance company.
Nyaradzo Group CEO Mr P Mataranyika explained why they had to increase their prices to NewZimbabwe:
In January, we were buying fuel at $1.20 per litre but currently the prices have gone up ten times. There have been increases on the exchange rates on the foreign currency market and these dynamics have severely impacted on our operations prompting price adjustments
Mr Mataranyika, however, said these price increases are not even adequate to cover the cost they are incurring on a day to day basis. With effect from 1 October 2019, charges will range between $55 and $78 per individual.