MAYFAIR Insurance Zambia has posted huge gross written premiums of K100 million in 2017 from the K3 million recorded at inception in 2010.
In a statement, Mayfair Insurance posted a massive growth in written premiums last year of K100 million, up from just K3 million at inception in 2010, registering a K97 million increase in a seven-year time period.
“Mayfair Insurance Zambia’s performance has grown substantially, with the company posting Gross Written Premiums of K100 million in 2017 from the K3 million recorded at inception in 2010,” read a press statement issued in Lusaka.
This came to light during an event hosted for chief executives of insurance broking companies and partners in Lusaka.
Mayfair managing director Hashit Patel said the company’s growth trajectory and performance has been positive in the last 8 years.
He also said Mayfair has built a reputation of quick turnaround in settlement of claims.
“We have developed a prompt system of ensuring that claims are paid on time because we understand the difficulties clients face when misfortune has befallen them,” Patel said.
He explained that the agriculture sector remained a major contributor in helping to drive the country’s economic growth, and in-turn, re-position Mayfair’s product and service offering.
“Agriculture is key to the economic growth of this country. And Mayfair has positioned itself to support this key economic driver and various products have been developed, including Weather Index Insurance packages,” Patel added.
Speaking at the same function, former COMESA Re-Insurance (ZEP-RE) board chairman, Peter Kenneth, commended the board and management of Mayfair Insurance for ensuring good service delivery over the years.
Mayfair was established eight years ago with its headquarters in Lusaka and branches in Kitwe; Chirundu; Nakonde; Choma; Kasumbalesa and Kazungula districts.
The company also has similar insurance entities in Kenya, Tanzania and Rwanda with the Ugandan operations commencing by the end of this year.