What does it mean to insure the nation?

The Swaziland Royal Insurance Corporation was established in 1973 by a King’s Order-in-Council in terms of founding legislation No. 32/1973. The objective of the Corporation is to “provide adequate and proper insurance business of all classes including both short and long term insurance, in accordance with the conditions appropriate in the normal and proper conduct of insurance business”.

The Swaziland Royal Insurance Corporation commenced writing business on the 1st January 1974. The Corporation has lived up to this founding principle. It has acted fairly and impartially to all persons, and provides adequate and proper insurance business of all classes including both long and short term insurance.

The Corporation has grown and improved over the years. Since then, Swaziland Royal Insurance has steadily grown to be a solid and reputable insurer. The establishment of the Corporation has succeeded in contributing to a stable domestic insurance environment that has benefited the Swaziland economy to a large extent as evidenced by the large and serious claims it has had to pay over the years.

Since inception, the Corporation has been involved in providing insurance cover to individuals, small and large industries, which have been the stronghold of the Swaziland economy. It can be stated with confidence that the Swaziland Royal Insurance Corporation has well served the country (both businesses and individuals) by providing a full range of insurance products as required by the founding legislation.

Corporate History

From the humble beginnings, the Corporation has matured in the local industry and this status is confirmed by a solid balance sheet, proper operational infrastructure well trained staff and committed shareholders. The shareholding comprises of the following:

EntityNature of relationship

Swaziland GovernmentShareholder (41%)

Munich Reinsurance Company of Africa LimitedShareholder (16%)

Cougar Investment Holdings LimitedShareholder (16%)

Inba Holdings LimitedShareholder (6.5%)

Public Services Pension FundShareholder (6.5%)

Zurich Insurance Company South Africa LimitedShareholder (5.62%)

Old Mutual Life Assurance Company South AfricaShareholder (5%)

South African Eagle Insurance LimitedShareholder (3.38%)

Other than the Swaziland Government, this shareholding testifies to a solid backing and progressive infusion of more current insurance practices. Some of these shareholders have provided reinsurance support for the Corporation over the years and continue to do so.

Prior to the establishment of the Corporation in 1973, there were several totally foreign insurance companies operating branches in Swaziland. Unlike in many countries in Africa where nationalization of insurance companies meant sole ownership by the government, the process in Swaziland was different. The government of Swaziland entered into a joint venture with the companies enumerated above. While the Corporation was operating alone, the association with and shareholding of these companies ensured continued transfer of skills and upholding of modern practices in managing the Corporation.

A good intermediary service exists in the Swazi insurance market. This has enabled good outreach for our products. Brokers are not operating a monopoly in Swaziland and there are at least four major brokers. A good network of agents also exists particularly on the Life side. This network of intermediaries has ensured that the transfer of risk to the insurer is readily accessible.

There have been serious disasters in the past that could have challenged weak companies. The Corporation met all its obligations thereby testifying to its solid backing. Ceaseless training of staff ensures skilful and knowledgeable personnel. Service delivery is key to the corporation’s operations.

With the advent of competition upon promulgation of the new legislation ushering competition, service delivery will be the determinant fact in the Corporation’s continued profitability. Product development will also be very relevant to Swaziland Royal Insurance Corporation’s continued success.

The Corporation will remain the foremost provider of insurance, be it short-term or life assurance.

Mission, Vision, Values

Corporate Mission

To maintain our position as the foremost provider of insurance services in Swaziland by:

•Satisfying our policyholders and attracting new clients;

•Providing high quality insurance services to the market;

•Providing professional development to our staff to enable them realize their full potential;

•Satisfying the aspirations of our shareholders through profitable underwriting;

•Contribute to the developments of the local economy.

Corporate Vision

To be the foremost provider of insurance services in both Short-Term and Long-Term in Swaziland.

Corporate Values

As we drive the objectives of this Corporation we shall:

•Be honest and fair in our dealings;

•Exercise integrity and respect;

•Encourage innovation by listening to stakeholders;

•Be responsible corporate citizens;

•Consistency in dealing with issues;

•Adherence to corporate governance and best practice.