TiB Insurance Brokers managing director, Charles Mulele, said the economic challenges faced by most companies in the city had compelled them to view insurance as a luxury rather than a necessity thereby reducing business opportunities for the sector.
“The de-industrialisation of Bulawayo has negatively impacted on the sector, especially in this part of the country,” Mulele said.
Before the hyper-inflation era due to economic meltdown the Insurance and Pensions Commission estimated the industry recorded business worth $600 million per annum. But as at June this year “we were at only $84 million” said Mulele.
“But we are confident that the industry is slowly getting back on its feet as we can see that there has been an increase from the first to the second quarter.”
Post published in: Business