Directors Report
Annual Report

 

The Directors have pleasure in presenting their report together with the audited financial statements of Zanzibar Insurance Corporation for the year ended 31 st December, 2011, which disclose the state of affairs of the Corporation.

 

 

BACKGROUND

Zanzibar Insurance Corporation was established in 1969 under the Zanzibar Public Enterprises Decree of 1966(Legal Notice No.11 of 1969).Following subsequent changes it is now operating under the public Investment Act No.4 of 2002.The Corporation is a parastatal organization owned by the Revolutionary Government of Zanzibar through the ministry of Finance and Economic Affairs.

 

MAIN OBJECTIVES

The Main objective of the Corporation is to transact in all forms of insurance business i.e long term and general Insurance as provided for under the Insurance Act (No.18) of 1996.The Corporation operates its business through its Head Office in Zanzibar and its branches of Dar es Salaam, Mwanza and Arusha in Tanzania Mainland and Chake Chake in Pemba.The corporation in an active member of various International bodies involved in the insurance business, these include the African Insurance Organization(AIO),Organization of Eastern and Southern Africa Insurers(OESAI) and the Federation of African and Asian Insurers,Re-insurers(FAIR) and Association of Tanzania Insurers(ATI).

 

STATEMENT OF DIRECTORS RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS

As required under the provisions of the Insurance Act (No.18) of 1996, the Directors are responsible for the preparation of financial statements that give a true and fair view of the state of affairs of the Corporation as at the end of the financial year and of the profit and loss of the Corporation for that year.

 

The Directors confirm that suitable accounting policies have been used and applied consistently and reasonably and prudent judgments and estimates have been made in the preparation of the financial statements for the year 31 st December,2011. The Directors also confirm that applicable accounting standards, have been followed and that the financial statements have been prepared on the going concern basis.

 

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Corporation. They are also responsible for safeguarding the assets of the Corporation and hence for taking reasonable steps for the prevention and detection of fraud, errors and other irregularities. The Directors are also responsible for maintenance of an adequate system of internal controls.

 

PRINCIPAL ACTIVITIES

The principal activities of the Corporation during the year were underwriting of all major classes of general insurance business.

 

BUSINESS DEVELOPMENT

During the year 2011 net premium in respect of general insurance grew from TZS 5,970,225,404 in the year 2010 to TZS 6,937,880,776 in the year 2011.

 

STATEMENT OF SOLVENCY

As provided under the Conventional Accounting, the Directors consider the corporation to be solvent as at 31 st December, 2011. The assets of the Corporation for general insurance and life assurance departments exceed the total liabilities of both departments.However, under the Insurance Act (No.18) of 1996 when solvency is viewed from ratios calculated from the statement of admissible assets, the Corporation does not meet the solvency margins required by Commissioner of Insurance.

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Our Directors
  • Dr. Hamed R.H. Hikmany
    Chairman (Appointed in 2011)
  • Mr.Abass J. Mhunzi
    Director/Deputy Chairman (Appointed in 2011)
  • Mr.Kamal Kombo Bakar
    Director (Appointed in 2011)
  • Mr. Said A. Mohammed
    Director (Appointed in 2011)
  • Mrs.Mwanahija Almas Ali
    Director (Appointed in 2011)
  • Mr. Abdulnasir A. Abdulrahman
    Director/Managing Director (Appointed in 2011)
  • Dr. Suleiman R. Mohamed
    Director/Managing Director (Appointed in 2011)
  • Nayla A. Sultan
    Board Secrtary (Appointed in 2011)........