LIFE assurance group Nyaradzo played a pivotal role in boosting the sector’s total revenue, contributing ZW$274 billion in the fourth quarter of 2023, official figures show.
According to figures from the Insurance and Pensions Commission (IPEC), this represented a remarkable contribution of over 50 percent to the sector’s total revenue of ZW$571,17 billion. “The two main products driving insurance revenue were funeral assurance and group life assurance business, which constituted 88,7 percent of the total revenue,” Ipec said.
Nyaradzo stands as a significant player in the insurance industry, holding approximately 50 percent of the market share. The group’s core offering, funeral assurance, continues to be a dominant product within the sector.