Harare – FBC Insurance Company, a subsidiary of FBC Holdings has launched MyDrive which is a low-cost usage based motor insurance product available for individuals, corporates, schools and churches.
In a statement on Monday FBC Holdings Brand Manager, Roy Nyakunuwa said the product is cheap and fair as insurance premium charges are based on the customer’s actual mileage.
“The pricing scheme for the world-class and affordable FBC Insurance MyDRIVE Usage Based Insurance deviates greatly from that of traditional motor insurance. It provides a wide spectrum of client segments the freedom to enjoy fair and affordable insurance pricing. The innovative solution provides customised comprehensive insurance cover which allows customers to save up to 50% on their vehicle insurance premiums in line with kilometres covered.”
FBC Insurance Company (formerly known as Eagle Insurance) is a local insurance company which have more than 50 years in offering insurance services.
The Government’s Transitional and Stabilising Programme set a target to increasing insurance ratio from 5 percent to 20 percent by 2020.
The TSP highlights some stringent industry licensing requirements, which hinder growth of the insurance sector in Zimbabwe with industry players saying the 20 percent penetration was achievable with a more conducive policy environment that encourages sector growth.
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