Stanbic Bank has encouraged the uptake of insurance products in the country. The financial institution revealed that their venture into the insurance business has revealed that only a handful of Zimbabweans possess knowledge on the benefits of insuring assets such as houses and household goods.
Patson Mahatchi, the Acting Head of Personal and Business Banking speaking at a function organised by the bank said that “the insurance business has given us more insight into the needs of our customers and the importance of insuring various assets.”
Motor vehicle insurance is the most common type of insurance seeing as it is mandatory for motorists to insure their vehicles before they can get their vehicles licenced and authorised to be on the road.
Patson explained that there are other insurance products such as house owners insurance which cover the physical structures and fixtures of the home against fire, lighting, explosion, storm impact and malicious damage, theft of fixtures and fittings and breakage of fixed glass.
“The main idea of insurance is to ensure that when unfortunate incidents occur, we are not caught flat-footed. Individuals and businesses alike need to be able to have a contingency plan in the event of unanticipated occurrences”, he said.
Many house owners were left with severely damaged infrastructure after floods ravaged some parts of the country and neighbouring South Africa during this past rainy season, leaving many homeless. Private homes in Knysna Cape Town were gutted by fires which destroyed over a thousand homes and property running into millions of dollars.
“We are prepared to offer insurance seekers the same level of service we offer to our banking customers when it comes to acquiring insurance cover, and they can count on the Banks’s due diligence in choosing a reliable insurance partner. Business entities also stand to benefit from our menu of business insurance cover options which include assets, money, liability and employees amongst other options,” said Mahatchi.