SWAZILAND ROYAL INSURANCE CORPORATION
The Swaziland Royal Insurance Corporation (“SRIC” or the “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”.
Since inception, SRIC has grown steadily to be a solid and reputable insurer that has succeeded in contributing to a stable domestic insurance environment. The Corporation provides both short term insurance and life cover to individuals, corporate customers and government organisations.
The primary value creation has been through the representation on the board by Sidney Place, a senior executive of the Manager. Sidney Place, together with the board of SRIC and management, continue to focus on the following areas of it's strategy.
- Customer service;
- Effective underwriting considerations;
- Good risk management;
- Optimal capital utilization; and
- Cost containment and efficiencies.