Change in the minimum capital of insurance companies

Starting from April 1, 2004, the minimum capital of insurance companies is set at:

• 800 million ZWD for insurance companies (184 000 USD).
• 2 billion ZWD for reinsurance companies (460 000 USD).
• 250 million ZWD for brokerage companies (57 500 USD).

According to Mr. Tenday Karonga , chairman of “the Insurance Council of Zimbabwe”, (ICZ), this decision is going to trigger numerous mergers.