Minimum capital increase for insurance and reinsurance companies in Zimbabwe

CapitalThe minimum capital required to conduct insurance or reinsurance business in Zimbabwe has been increased by 15 times compared to the previous amount. The authorities aim to protect policyholders and consolidate the market.

Starting from 15 November 2019, companies must have the following minimum capital:

  • 75 million USD instead of 5 million USD for life insurers and reinsurers,
  • 37.5 million USD instead of 2.5 million USD for non-life insurers,
  • 4.5 million USD instead of 0.3 million USD for microinsurance companies.

For 2020, companies are required to include the risk factor in their prudential calculations. These reforms are part and parcel of the Zimbabwe Integrated Capital and Risk Project (ZICARP).

Read also | Non-life insurance outperforms life insurance in Zimbabwe

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