Nyaradzo effects 300% premium increases after two years
INTEGRATED financial services concern, Nyaradzo Group has approved an almost 300% premium increase in the funeral services division after more than two years since the last hikes.
The group last increased tariffs in October 2019 despite the fact that inflation rose to a high of 837% over the period on the back of a multiplicity of volatilities in the markets.
Under the premium schedule , clients who were paying around $853 which had now gone down to an equivalent of US$7,61 on the official markets and US$4,26 using the parallel market rate will now be paying $3 407 for the same policy which is equivalent to about US$17 per month.
Nyaradzo chief executive officer, Phillip Mataranyika said the company had reached a point where the obtaining tariffs have become unsustainable.
“We have been absorbing the costs since then and we can’t continue operating as if the premiums are stagnant against rising expenses. The company has endured unbudgeted costs in the last few years of Covid19 difficult times,” he said.
He said the obtaining economic environment over the recent past years has not been conducive to introducing new products as consumers are focusing more on basic survival needs.
The Nyaradzo boss said the group’s strategy of balancing affordability and high quality service over the years has managed to curb premium default rates and seen a surging clientele base.
“We remain committed to providing our clients with the usual top notch service which they have known us for over the years,” added Mataranyika.
Driven by a heart for quality service, Nyaradzo Group has become a prominent part of the Zimbabwean business landscape and social life at large.
The company’s mandate is to provide relevant insurance, risk and events management solutions that are in line with African traditions, the group is comprised of Nyaradzo Life Assurance Company, Nyaradzo Funeral Services, Calundike Exports, Eureka Insurance Brokers and Sahwira Events and Lifestyle.