ZIC unveils motor vehicle insurance for women

Zanzibar Insurance Corporation (ZIC) has unveiled a new motor vehicle insurance cover for women as part of celebrations to mark global Women’s Day.

Dubbed ‘Queen Motor Insurance,’ the new service is also a celebration of a 169 per cent increase in premiums in one year.

Speaking during the launch of the new service in which the corporation also announced its annual results for 2022, ZIC Chief Executive Officer (CEO) Mr Arafat Haji said the Queen Motor Insurance targets to protect private vehicles owned by women in case of different disasters such as road accidents, theft and fire incidents.

“We will also be responsible for the damages caused by our customers to other road users and their properties because this cover is comprehensive,” said Mr Haji.

According to him, the launch of the service comes at the time when the insurance company joins the rest of the world in marking International Women’s Day which is celebrated every March 8.

The insurance corporation also formed a specific desk that will serve women in providing the cover and during claims as part of the celebrations.

“Under this service, ZIC will pay the benefits within seven days after completing the process of filing relevant documents.

There are also other benefits including the protection of personal equipment such as mobile phones and computers, emergency medical cover, unlimited payment of vehicle class, payment of the cost of removing the damaged vehicle, condolences to the customer and family and alternative transport during the maintenance period,” he said.

Speaking on the performance of ZIC, Mr Haji said the state-run company increased premiums by 169.55 per cent to 40.2bn/- in 2022.

In the previous year, it collected premiums worth 23.7bn/-, he said.

“We achieved our targets for 2022 by 91 per cent, a demonstration of our fast growth and trust from our customers who are available across the country. A total of  40.2bn/- were collected through direct sales, 14 insurance brokers, 112 agents, 12 banks and through a mobile platform known as Vodabima,’’ he said.

He said the achievement was a result of increased investment which grew by 64.51 per cent in 2022.