Africa remains underinsured: Mthuli
Staff writer
Finance Minister Mthuli Ncube has said Africa remains desperately underinsured, with an average insurance penetration of 2.7% in 2022 against a global insurance penetration of 7%.
In his speech at the ongoing Insurance and Pensions Regulators Retreat for Africa yesterday,he said it was surprising to note that the uptake of Bitcoins and other virtual
ICZ eyes increasing rural insurance penetration
Staff Writer
THE Insurance Council of Zimbabwe (ICZ) says it is planning to increase the insurance penetration rate from the current 2,6% by equipping the rural farming community with knowledge about insurance.
Speaking at a recent handover of prizes for the Rural Schools Insurance Awareness Essay Competition, ICZ vice chairperson and chairperson of
IPEC is concerned with mushrooming unregulated entities
Staff writer
HARARE, The Insurance and Pensions Commission (Ipec) says it is seized with the issue of unregulated entities mushrooming in the cities especially Harare and Bulawayo, in the form of legal aid societies and funeral homes.
Although this could be lost revenue for the regulator, IPEC commissioner Grace Muradzikwa said the regulator was
Insurance modernisation critical for business success
HARARE, Even prior to the onset of the COVID-19 pandemic last year, insurers were under pressure to modernise their legacy systems as customers started expecting more agile solutions capable of benefitting from advances in digitalisation, the cloud, and even machine learning technologies. Global events over the past 17 months have accelerated
Zimnat launches Motor Vehicle Assessment Centre
Staff Writer
HARARE, Zimnat General Insurance last Thursday launched its first Motor Vehicle Assessment Centre with a head turning simulation of an accident along Leopold Takawira Street in Harare, opposite Parirenyatwa Hospital.
The centre has been established so that its clients no longer have to look for quotations when submitting a motor vehicle insurance
FBC Insurance focuses on product development
Staff Writer
FBC Holdings Limited says its insurance business has remained focused on product development and penetrating new market segment despite the operating environment which has negatively affected the uptake of insurance products.
In its HY2021 results the group said it had accorded special focus on micro insurance.FBC group chairperson
Pension Funds Infrastructure Investments – Who Benefits?
The contentious issue surrounding infrastructure development investing for pension funds is the question – is it the role of the private sector, pension funds in particular, to develop infrastructure? Is this not instead the sole responsibility of the government of the day? Further, is it not that pension funds’ first responsibility
Ipec directs pension industry to cushion pensioners
Staff Writer
The Insurance and Pension Commission (Ipec) has immediate directed the pension industry to apply ZW$36 000 in the determination of
commutation and preservation amounts for pensioners as it seeks to cushion pensioners from the ever deterioration pension benefits.
The monthly pension applicable for commutation and preservation purposes
ZB Life Assurance launches enhanced cash funeral plan
ZB Life Assurance, a subsidiary of ZB Financial Holdings, has launched an enhanced ZB Cash Funeral Plan to provide post-burial benefits to the policyholder, in addition to the cash benefits that assist with the financing of funeral and burial costs.
The enhanced product will help bereaved families to cope with post-burial expenses that are often
Insurers embrace disruption with reskilling of talent
HARARE, Over the past 16 months, the ways people work and live have been fundamentally impacted. The expectations are that even following the COVID-19 pandemic, organisations across industry sectors can no longer revert to their traditional approaches. Insurers have already taken this to heart and have redoubled efforts to modernise and digitalise