Sanctuary Insurance to activate “Average Condition” clause
Staff Writer
HARARE, Sanctuary Insurance Company says in an event of loss, in light of market changes, the company will activate the Average Condition” clause, where the sum insured does not match prevailing market value.
In this regard, the company is urging clients to consider constantly reviewing insured values to ensure one is
Insurance industry set to overcome recession – Swiss Re Institute
By Ryan Smith
HARARE, The insurance industry is poised to overcome the COVID-19-induced global recession, according to a report by Swiss Re Institute.
The recession – the sharpest economic contraction since the 1930s – will lead to a slump in demand for insurance this year, especially for life products, Swiss Re Institute predicted.
Innovation, strategic partnerships strengthens FMHL resilience
Staff Writer
HARARE, DOUG Hoto, the First Mutual Holdings Limited, chief executive, says despite the turbulent economic environment, the Group remained solid on its key competences to mitigate against loss of value in 2019.
“Despite the turbulent economic environment, the Group remained focused on delivering its promise on the core
Brokers struggle to meet minimum capital thresholds
Dorcas Chigodho
HARARE, Zimbabwe’s RE/insurance brokers and funeral assurers are struggling to attain gazetted minimum capital thresholds with the regulator, Ipec, having already demanded their capitalization roadmaps.
End of November 2020, FINANCE minister Mthuli Ncube reviewed minimum capital requirements for the insurance sector, indicating that
GeneInsure/Zinara partners for self-service vehicle licensing service
Staff Writer
HARARE, Genetic Financial Services, trading as Gene-Insure, in partnership with ZINARA have introduced a self-service vehicle licensing machine as part of continuous product innovation for convenience.
GeneInsure operates as an insurance Underwriting Management Company to Zimnat General Insurance, specializing in tailor-made
LIFE ASSURANCE SECTOR REPORT: Executive Summary
See report to follow
HARARE, Gross premium written(GPW) for direct life assurance companies for the quarter ended 31 March 2020 stood at ZWL$578 million, representing a nominal increase of 426% from ZWL$110 million reported in the comparative period in 2019.
The increase in GPW for the reporting period was mainly due to significant increase in premiums
Old Mutual names permanent CEO after lengthy wrangle
HARARE, Financial services firm Old Mutual Ltd has announced the appointment of acting chief executive officer Iain Williamson as its permanent head.
The move ends more than a year of uncertainty over who will lead one of South Africa’s biggest insurers following the suspension and subsequent
Law Society/IPEC goes after unregistered legal aid societies
Staff writer
HARARE, The Law Society of Zimbabwe (LSZ) and Insurance and Pensions Commission (IPEC) of Zimbabwe are collaborating with the police in an effort to weed out illegal aid societies amid indications that despite their enormous numbers they are not registered with the regulator.
In a joint statement, LSZ and Ipec said a number of
Insurance sales targets exerting pressure on agents
Paradzi Masvingise
HARARE-“These days, the competitive environment is extremely challenging for most companies. The price, cost and innovation pressure is strong. At the same time, the expectations by the investors are very high: The return on the invested capital ought to be maximal.
“Companies set ambitious targets, which are defined for different
Lion Microfinance Limited curatorship extended
Staff Writer
HARARE, Zimbabwe bank depositors’ insurer, the Deposit Protection Corporation (DPC)’s curatorship for Lion Microfinance Limited has been extended up to July 31, 2020.
The Reserve Bank of Zimbabwe on July 26, last year, placed the institution under the curatorship of the DPC for a period of three months, citing under capitalization and