Munich – Worldwide, natural disasters caused losses of US$320bn in 2024 (2023, adjusted for inflation: US$268bn), of which around US$ 140bn (US$106bn) were insured. The overall losses and, even more so, the insured losses were considerably higher than the inflation-adjusted averages of the past ten and 30 years (total losses: US$ 236/181bn; insured losses: US$94/61bn). In terms of insured
Author: Insurance24
4Feb
Ipec urges industry to rethink strategies
Staff Writer
The Insurance and Pensions Commission says the industry needs to rethink how it trains and develops itself to navigate emerging complexities and continue to deliver value-added insurance 24 reports.
This comes as the insurance industry is undergoing tremendous transformation, driven by technological advancements, changing consumer expectations, and increasing risk complexity.
Addressing
4Feb
Insurance Institute of Zimbabwe moves to elevate standards
Staff Writer
The Insurance Institute of Zimbabwe (IIZ) has launched a new curriculum as it seeks to elevate the standards of education and professional development within the insurance sector.
The new curriculum launched on Friday together with the COP Health program, and the Loss and Risk Management programs marked a critical milestone in the institution’s development, signifying a substantial
16Jan
EcoSure records 51% growth in transaction volumes
Staff writer
HARARE, Econet Wireless says its life insurance business, EcoSure, recorded a 51% growth in transaction volumes compared to the same period last year as it continues to offer digital bundled products for a wider customer reach.
In its trading update for the 3rd quarter 2023, the firm said the short-term insurance business, Moovah continued to grow its portfolio driven largely by new
16Jan
ZSE terminates Old Mutual Top Ten Exchange Traded Fund (ETF) listing
Staff Writer
Harare, The Zimbabwe Stock Exchange (ZSE) has notified the investing public of the voluntary termination of the listing of the Old Mutual Top Ten Exchange Traded Fund, effective 17 January 2025.
The unitholders of the Old Mutual Top Ten Exchange Traded Fund met on 12 December 2024 and resolved to voluntarily terminate the Exchange Traded Fund’s listing on the ZSE under Section 11
16Jan
Agriculture, infrastructure, and energy projects dominate prescribed asset instruments
Staff writer
Harare, Projects in agriculture, infrastructure, agriculture and energy dominate the list of investments that were granted Prescribed Asset Status in the nine-month period to September 30, 2024.
At law, pension funds and insurance firms are required to invest at least 20% of their investment portfolio in prescribed assets to make the projects attractive, but the sector has been struggling
10Jan
Old Mutual unitholders approve ETF delisting and termination
Staff Writer
Unitholders for the Old Mutual Zimbabwe Stock Exchange Top Ten Exchange Traded Fund (OM ZSE TT ETF) have approved the ETF’s delisting and termination of the fund and distribution of all the assets to the current unitholders.
At an Extraordinary General Meeting (EGM) of Unitholders held on December 12, 2024, 20,930,189 shares, representing 99.99 percent of the unit holders, voted
10Jan
Fewer Pensions funds take advantage of offshore investment window
Staff Writer
FBC Securities, a stockbroking and equities research firm says fewer pension funds have taken advantage of the permission by IPEC to invest in offshore assets as a way of mitigating local economic risks and improve returns for pensioners.
In 2022, the Insurance and Pensions Commission (IPEC) of Zimbabwe introduced a regulation permitting pension funds to invest up to 15% of their portfolios
9Jan
Ipec reviews pension fund reporting requirements following none-compliance
Staff Writer
The Insurance Pensions Commission (Ipec) says it is reviewing the reporting requirements for pension funds and has come up with revised reporting requirements after the funds failed to comply with IAS 29—Financial Reporting in Hyperinflationary Economies.
In a circular to pension funds, the new guidelines will be effective
31Dec
SUMMARY OF KEY AMENDMENTS INTRODUCED BY THE INSURANCE AND PENSIONS COMMISSION AMENDMENT BILL, 2024
Summary
The Insurance and Pensions Commission (IPEC) Amendment Bill, 2024, introduces significant reforms that will reshape Zimbabwe’s insurance, pensions, and medical health sectors. Notably, the Bill expands IPEC’s regulatory powers to include medical aid societies for the first time, ensuring these entities are subject to the same regulatory oversight