ICZ administers insurance programs commonly known as pools. The insurance pools were set up by members through the pooling of resources. At the moment, there are three major pools which are Motor Insurance Pool (MIP), National Bureau of Zimbabwe (Yellow Card), Special Risk Insurance Consortium (SRIC)and Motor Insurance Bureau. Combined, these insurance pools underwrite sizeable insurance business in this market. The processes administered by ICZ include premium management and investments as well as claims disbursement.
The pool provides cover in terms of the Road Traffic Act to motorists visiting Zimbabwe who do not hold a Yellow Card. Pool insurance is issued at border posts by the Pool agents namely the Zimbabwe Revenue Authority and the Automobile Association of South Africa. All premiums collected (less commission) are paid to the Bureau. The Pool has its own constitution (under the umbrella of ICZ) and is managed by a committee elected by the participating members. All ICZ members who underwrite motor business are members of the Bureau on an equal share basis each underwriting year.
The consortium was set up to provide insurance cover, collectively and not individually, for Special risks as determined by it, which shall include, all types of insurance cover, as determined and agreed upon by the Committee on behalf of Council members.
Is a third-party motor vehicle insurance for cross border traveling motorists traveling in the COMESA region.
It is a regional third-party motor vehicle insurance scheme recognized by COMESA member countries as evidence of guarantee to provide the minimum insurance cover required by the laws of the country visited by the traveling motorists.
It was established by a protocol signed by Heads of State and Government in 1986 and became operational on 1st July 1987.
The Bureau is responsible for the operation of the COMESA Yellow Card scheme. The Bureau has its own Constitution (under the umbrella of ICZ) and is managed by a committee elected by the participating members guided by the COMESA instruments and yellow Card manual. The COMESA Yellow Card scheme provides Third Party Cover to motorists traveling to COMESA member countries outside Zimbabwe. The Cover provided is in accordance with the legal requirements of the country being visited. ICZ members who underwrite motor business are members of the Bureau on an equal share basis in each underwriting year. They also collect premiums on behalf of the Bureau for a commission.