Published: 18 September 2013

THI insurance Zimbabwe is planning to expand its crop insurance business into East African market as it seeks to grow its book.

Speaking at the insurance company's 75th anniversary celebrations in Harare yesterday, the company's non executive director Mr David Birch said they were eyeing East Africa as it offers huge market because it is a major tobacco growing region.

"We are developing resources to enable us to go into that market to offer our 75-year experience to them. We will be going to Malawi, Tanzania, Kenya and Uganda," he said.

He also said that the East African venture will be a medium term insurance project. Apart from the East African venture, the company is also seeking to consolidate its position on the local market through the introduction of short term insurance product.

This follows the recent acquisition of a full scope short term insurance licence from the Insurance and Pensions Commission.

"We intend to grow this business through developing sustainable partnerships and relationships with select members of the broking fraternity with whom we wish to engage and develop professional but friendly relationships," he said.

Mr Birch added that they will however not venture into the other risky business that some insurance companies have dabbled into.
- bh24

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