THE Insurance sector in Zimbabwe is on the recovery path after having gone through difficult challenges in the last few years. The birth of the inclusive government and the introduction of the use of multiple currencies brought about some economic stability to the whole economy.

ZIMBABWE is facing a critical shortage of qualified and experienced insurance personnel. Among the scarce professionals are actuaries. Currently there are two qualified actuaries practicing their skills locally. However, there are several people at various stages of their studies with the Institute of Actuaries of the UK.

INSURANCE works on the basic principle of risk sharing.

In business there are some risks that we need to exploit to make money, however no matter how diligently you build your financial empire, failure to purchase adequate insurance can put you on the breadline.

An insurance contract

AN insurance contract is a contract whereby one party (the insurer) assumes the risk of an uncertain event, which is not within its control, happening at a future time, in which event the other party (the insured) has an interest, and under which contract the Insurer is bound to pay money or provide its equivalent if the uncertain event occurs.

IT is common to see newspaper carrying headlines confirming some major catastrophic events of fire, explosion, earthquake or robberies, airplane crashes and other similar incidents.