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Zimbabwe Firm Proposes Political Violence Property Insurance

A Harare company is proposing to introduce insurance cover to protect property against political violence, war and terrorism – a move that has been dismissed as wishful thinking by insurance experts who say it is unsustainable.

Champions Insurance Company’s development manager, Immaculate Musonza, is quoted in the state-controlled Herald newspaper as saying the scheme is also expected to cover property affected by riots, civil disobedience and looting.

Musonza, who was not available for comment, claimed that they have partnered with some international insurance companies to kick start the scheme – the first of its kind in Zimbabwe usually facing serious cases of political violence.

Premiums for the scheme have not yet been announced as critics said it is an unsustainable venture in a politically high risk nation like Zimbabwe.

Insurance broker Clemency Sibanda of Old Mutual Limited told VOA Studio 7 companies under this insurance cover are expected to pay high premiums due to the prevalence of violence in the country.
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"This will only succeed if a large number of firms are prepared to be part of this scheme," said Sibanda.

Most insurance companies do not have insurance schemes for protecting buildings, goods and related property against war, political violence, terrorism and civil disobedience.

More than 200 supporters of Prime Minister Morgan Tsvangirai were killed in the 2008 general elections and property worth millions of dollars was destroyed.