Nyaradzo Dominates Life Insurance Market

Oscar J Jeke

Zim Now Writer

Nyaradzo Group has solidified its position as the dominant player in Zimbabwe’s life insurance industry, claiming an impressive 34.56% share of total revenue, according to the Insurance and Pensions Commission's third-quarter 2024 report.

The group’s lead over competitors—such as Doves, Old Mutual, Fidelity, First Mutual, and CBZ—is attributed to the overwhelming popularity of funeral assurance policies, which contributed 72.56% of total life assurance revenue during the period under review.

Funeral policies have emerged as the cornerstone of Zimbabwe’s life insurance industry, eclipsing other products. Group life assurance accounted for 14.65% of revenue, while term insurance and whole life policies contributed 4.36% and 0.77%, respectively.

Doves Life ranked second in market share at 16.09%, with Zimnat Life and Econet Life following at 10.07% and 8.98%, respectively. Fidelity Life (8.48%) and First Mutual Life (8.31%) also maintained notable shares, underscoring the competitive landscape.

While larger insurers continue to thrive, smaller players like Evolution Life (0.22%) and Nhaka Life (0.42%) struggled to gain traction in the market.