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Godfrey Gavure in Gweru
The Zimbabwe Association of Funeral Assurers, the National Funeral Directors Association of South Africa and Funeral Services Association of Kenya have formed the African Funeral Assurers and Services Association in order to tackle issues relating to funeral assurance at a continental level. Addressing delegates during the opening of ZAFA’s inaugural conference in Gweru yesterday, ZAFA president Dr Edward Gomba said AFASA would help the countries to share ideas on investments, industry challenges and solutions, formulation of standard laws in the region and in Africa.

“The AFASA is going to help fellow Africans to unite and speak with one voice on issues to do with regulations and delivery of services,” said Dr Gomba.

The conference is being held under the theme “Raising standards for economic and social transformation”.

“We fully appreciate that the funeral industry has a critical role to play in transforming the lives of the Zimbabweans both economically and socially through our activities.

“It is also my hope that the coming in of a micro-insurance framework will enable our members to take funeral assurance products to all levels of the society including marginalised groups,” said Dr Gomba.

Insurance and Pensions Commission’s (IPEC) head of prudential supervision Dr Pupurai Togarepi urged ZAFA members to align their activities to the governing laws, regulations and the industry code of conduct in order to treat customers fairly.

“The funeral industry should strive to adhere to good principles of corporate governance if it is to stand the test of time as more emphasis is being placed on good corporate governance by the global community,” he said.

The industry reported Gross Premium Written (GPW) of $9,1 million as at March 31, 2015 up from $8,8 million reported during the same time last year indicating a steady growth rate.

Dr Togarepi said the industry should strengthen their balance sheets and competitiveness which will go a long way in fending off competition from other players in the region.