The Vice President of the Association of Insurers and Reinsurers of Developing Countries Elizabeth Wynns Dodge has attributed low confidence in the insurance industry to insurers’ failure to provide expected services.
Dodge was speaking on the sidelines of a joint insurance workshop in Harare where she said:
It is very concerning that you have companies who fail to honour their obligations blaming economic conditions and this causes people to fail to take up insurance policies.
She added that insurers have to be creative, as what other countries do, so as to attract more clients. Insurers have been increasing the prices of their services citing the inflationary economy in the country.
ZBC News reports that Zimbabwe’s insurance sector has been performing very bad in over the most recent years with a total of just four million insurance policies.
More: ZBC News