Maravi

Milambo bemoans low level insurance market

Milambo bemoans low level insurance market
Written by Chiwoyu Sinyangwe
Friday, August 28, 2009 2:53:49 PM

THE insurance sector has only penetrated fourper cent of the country’s population, newly-branded Diamond General Insurance Limited chief executive officer Tobias Milambo has said.

And Diamond General Insurance has spent K2 billion to boost its balance sheet to achieve operational competence after rebranding from Cavmont Capital Insurance Corporation which was majority-owned by Zimre Holding, as a consortium of Zambian entrepreneurs acquired a majority 57 per cent shareholding.

During a press briefing yesterday, Milambo observed that the insurance sector had continued to contribute insignificantly to the country’s economic output when regional average contribution was about 10 per cent.

And board chairman Arthur Ndhlovu said the rebranding process would help the exclusive general insurance provider to reposition itself in the market and contribute to economic growth.

He also stressed that there was no link between Cavmont Capital Group and Diamond General Insurance.

Labels: CAVMONT CAPITAL GROUP, DIAMOND GENERAL INSURANCE LTD, INSURANCE, TOBIAS MILAMBO

posted by MrK @ 1:55 PM