Zimbabwe’s insurance industry paid out over ZWL$1,2 billion dollars in pension benefits and insurance claims last year, amid indications the industry honoured tax obligations of over $260 million.
Insurance claims totalled $850 million as short term insurers, spurred by the motor class, overtook life assurers to underwrite over $1 billion worth of business while pension benefits disbursed amounted to $416 million.
Insurance and pensions commission head, Grace Muradzikwa, said the sector’s contribution to the economy is increasing.
“The industry paid close to a billion dollars in insurance, $850 million to be precise, and in addition pension pay outs. The pension benefits were about 460 million”, she added.