Insurance is a vital risk mitigation tool in construction projects. Whether insurance is taken out due to a statutory, regulatory or contractual requirement or as an additional measure of protection, parties cannot afford to go without it.
In this bulletin, we consider the role of insurance, important insurance considerations and common types of insurance cover in construction projects.
Risk
The government is all set to launch National Digital Health Mission (NDHM) which enables all citizens to possess digital health records. Unique Health ID will be allotted to each person and a Health Card will also be issued facilitating people to share the data with healthcare providers anywhere in the country and get the necessary medical attention. While this should usher in a new era in the healthcare
A new report from The Jacobson Group and Aon has found that the insurance industry is set for slow, but steady employment growth over the next 12 months.
Jacobson and Aon’s semi-annual Insurance Labor Market study revealed that insurers plan to maintain or increase hiring as 2020 continues – 83% of companies surveyed said that they plan to maintain or increase staff during the next year.
However, that growth will not come easy, as insurers also indicated that they expect the difficulty in recruiting new employees to persist – despite industry unemployment being somewhere around 4.8%, the study noted.Key
The COVID-19 pandemic continues to spread, having far-reaching effects on lives, businesses, and economies worldwide. Local and national governments are escalating measures aimed at stemming the reach of the virus and mitigating its disruptive impacts. Similarly, many companies are looking to protect their people and enhance their resilience while seeking potential responses to ongoing financial
The one silver lining from recent months might be that the diminished presence of drivers on the road has resulted in less auto accidents. In fact, due to the coronavirus pandemic, the number of motor accident injury claims fell dramatically between April and June, according to data released by the Compensation Recovery Unit (CRU) in response to a Freedom of Information (FOI) request from the
Covid 19 – Funeral assurers considering reinsurance strategies?
Dorcas Chigodho
HARARE, As late as 2015, about 90% of funeral assurers in Zimbabwe did not have reinsurance as a risk management tool and to date the figure has shot to 100%.
With the Covid-19 pandemic weighing down on assurers, the risk position of funeral assurers is set to worsen.
The market should price itself
By Equity Axis
HARARE, Last week the government put in place a legislation charging any persons offering goods and service to quote both in local and foreign currency, for the products. The law follows a sustained disharmony between the local prices of goods and the comparable USD price charged at the point of sale (implied exchange rate)
State need to reform or risk sinking
The 2007-08 farm mechanisation saga continue to hog limelight after a leak revealed beneficiaries of the scheme. For over 12 years the beneficiaries of the US$200 million scheme have been kept secret by the state. Some were of the view that the controversial scheme was behind the 2015 RBZ debt assumption bill, which was then passed by parliament.
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
INSURING THE INTANGIBLE: DEVELOPING INTELLECTUAL PROPERTY INSURANCE IN ZIMBABWE
HARARE, Intellectual property (IP) is an intangible asset that is created or acquired by a company. Unlike tangible assets, such as plant equipment and goods; IP assets are not physical in nature. The difference between tangible and intangible assets does not end there, as tangible assets are vigorously