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Member, Beacon International Group, Ltd.
Zimbabwe's Insurance and Pensions Commission said in a report that the country's 25 nonlife insurers posted a 16.36% year-on-year decrease in profit after tax to $8.79 million for the January to September period, reported The Zimbabwe Independent.
The report said the decrease was caused in part by a $4.37 million surge in operating expenses and $2.07 million increase in net incurred claims.
Underwriting profits declined to $6.67 million from $7.18 million for the period in 2013, IPEC said.