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26 pension funds dissolve in 2019
Staff Writer
HARARE, Financial challenges prevailing in the country has seen 26 pension funds undergoing dissolution in 2019 with four dissolution’s having already been finalized.
Naturally, the performance of the insurance and pensions industry follows the fortunes of the economy and Zimbabwe has going through plethora of challenges ranging
Ipec working to ensure prescribed assets status is given to value preserving assets
Staff writer
HARARE, The Insurance and Pension Commission (Ipec) says its working with government to ensure prescribed assets status is given to value preserving assets, Insurance 24 can report.
Zimbabwe’s present inflationary environment has increased the risks associated PA investments, particularly in as
FBC Insurance units in hyperinflation induced losses
Staff Writer.
HARARE, Zimbabwe’s unrelenting hyperinflationary environment has hit hard FBC Insurance and Reinsurance units with both recording losses in the year ended December 31 2019 although its full impact on traditional business was reduced by the in-house investments strategies that increased investment income.
FBC insurance recorded an
Short term insurers first quarter total GWP up 520 percent
Staff writer
HARARE, Total Gross Premium Written (GPW) by short-term insurers amounted to ZWL$817.93 million for the quarter ended 31 March 2020, reflecting an increase of 521.59% from ZWL$131.57 million reported for the comparative period in 2019.
The total business written by short-term re-insurers increased from ZWL$60.63 million for the
Old Mutual suspends equity and balanced funds transactions
Staff writer
HARARE, Old Mutual Zimbabwe has with immediate effect suspended transacting (deposits and withdraws) in the OMUT equity and balanced funds
following the suspension of trading on the Zimbabwe Stock Exchange (ZSE).
ZSE on Monday said it had suspended trading “until further notice” in compliance with a government directive after
Fidelity Life to pursue regional opportunities to de-risk from Zim’s hyperinflation
Staff writer
HARARE, Fidelity Life Assurance of Zimbabwe says it will continue exploring and pursuing opportunities in the region for geographical diversification and de-risking
Pensions sector assets base increase 80% in March quarter
Staff writer
HARARE, Investment property and equities in the pensions sector continued to reprice faster than all other asset classes in Q1 2020 diluting exposures to these assets, Insurance 24 can report.
The industry closed the quarter with a total asset base of ZW$29,81 billion as at 31 March 2020, an increase of 80,33% in asset values recorded
A FULL COMMENTARY ON THE PENSIONS AND PROVIDENT FUNDS BILL 2019:
Submissions to the Parliament of Zimbabwe
Nobert Musa Phiri
Partner: Muvingi & Mugadza Legal Practitioners (Member of the Alliott Group)
Pensioners get part payment in USD
Staff Writer
GOVERNMENT pensioners will effective this month get part of their earnings in United States dollars as a cushioning measure by government against inflationary pressures.
As the economy is officially in hyperinflation, savings and value have been lost, resulting in pensioners monthly payouts being wiped off.
“Pensioners will be getting US$30 while civil
Cimas announces cover for COVID-19 positive members
Staff Writer
HARARE, Cimas Medical Aid Society has announced that it will provide any of its members who test positive for COVID-19 with medical aid cover for subsequent treatment and clearance tests at the end of their treatment.
The cover, which is subject to the benefit levels provided for in the member’s medical aid package, includes admission