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July 5, 2022updated 11 Jul 2022 9:18am

The five leading general insurance companies in Zimbabwe in 2021

By Carmen

The Zimbabwe general insurance market witnessed an increase at a compound annual growth rate (CAGR) of 0.1% from $0.2bn in 2016 to $0.2bn in 2021.

As per the data, the leading companies occupied 71.3% of Zimbabwe’s total general insurance market.

1. Zimnat Lion Insurance

Zimnat Lion Insurance ranked number one in the country, reporting a growth of 89.4% compared with the previous year’s premium. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.

2. Nicoz Diamond Insurance

Ranking number two in Zimbabwe’s general insurance market was Nicoz Diamond Insurance. The company registered a 127.2% growth compared with the premium in 2020. Among the leading general insurance companies, its position remained unchanged when compared with its previous years ranking.

3. Old Mutual Insurance

Old Mutual Insurance ranked number three in Zimbabwe’s general insurance market. Compared with previous year’s premium, the company registered a growth 113.9%. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.

4. Cell Insurance

Cell Insurance, which ranked number four in Zimbabwe’s general insurance market, registered a 137.3% growth compared with last year’s premium. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.

5. Alliance Insurance(Pvt)

Alliance Insurance(Pvt) ranked number five in Zimbabwe’s general insurance market. The company registered a growth of 74.9% compared with last year’s premium. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.

Methodology

This analysis is drawn from GlobalData’s Company LoB Breakdowns Database, which tracks key insurance metrics across segments, categories, and line of businesses for more than 150 markets, globally. The data is sourced from regulatory authority/industry association/company SFCR. This data is mapped to segments and categories as per our standard Industry Native Taxonomy Structure. The calculations are based on premiums standardised by the following order of preference Gross Written Premiums > Direct Written Premiums > Net Earned Premiums > Net Written Premiums. Verdict’s parent company GlobalData provides business information to 4,000 of the world’s largest companies.

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