VENTURES AFRICA – Zimbabwe’s ZB Financial Holdings (ZBFH), through its subsidiary ZB Reinsurance has expanded its operations into neighbouring Mozambique. It is seeking to corner a share of the fledging insurance business on the southeastern coast of Africa.
“We are entering into Mozambique because the market is growing in terms of foreign direct investment (FDI) and there are opportunities in the Mozambique reinsurance business,” said ZBFH Group CEO Ronald Mutandagayi.
ZBFH is a large Zimbabwean financial and insurance services provider, whose shares are traded on the ZSE and the government has shares in the group.
Mozambique insurance industry is relatively small and penetration rates measured 1.45 percent in 2012. Over the forecast period (2012-2017), infrastructural investments, exports of mineral products, new product development and increased healthcare expenditure will support industry growth.
The industry recorded an increase in the volume of operational insurance companies during the review period, from five in 2008 to eight in 2011.
According to the International Monetary Fund (IMF), Mozambique is ranked among the fastest-growing economies in the world in 2011.This was partly due to the nation exporting coal for the first time which placed it on the list of global exporters of mineral resources.
By George Mpofu
No comments:
Post a Comment