Government redirect 5% of Third Party Insurance Cover to an Accident Compensation Fund
HARARE, Government will effective December 01, 2018 redirect 5% of the third part insurance cover to an accident compensation fund whose modalities are yet to be announced.
This has been driven by the increase in the number of accidents on the country’s roads, which have resulted in serious injury and,
Subscribing to lower rates with autonomous vehicles – the future of car insurance
HARARE, Up until the first four-wheeled petrol-driven vehicle was introduced by Frederick Bremer in the late 1800s, travel within the UK had heavily depended on traditional methods, such as horse and carriage. But this was all turned upside-down just before the turn of the century – bringing with it the first auto
Government establishes Policy Holder Protection Fund
HARARE, Government is set to establish a Policy Holder Protection Fund, which is meant to protect clients in the insurance and pension industry.
According to the 2019 National Budget, the pool fund is similar to the Deposit Protection Corporation (DPC) which compensate depositors in case of bank failure.
“In order to create a pool of resources
Moore Stephens and BDO lift the lid on mega merger
“I thank the partners and staff of Moore Stephens LLP London for their contribution, as they prepare to leave the wider Moore Stephens UK business and a global organisation which is in good health.”
Those were the words of Moore Stephens International global chief executive Anton Colella after it was revealed that Moore Stephens LLP is in advanced
Ipec to regulate Legal Aid Societies and Medical Aid Schemes
Legal Aid Societies and Medical Aid Schemes will effective June 2019 fall under the regulation of the Insurance and Pension Commission (IPEC).
While Medical Aid Societies are currently regulated by the Ministry of Health and Child Care as provided for under the Medical Services Act, IPEC has, however, been arguing that they should
Government reviews prescribed asset requirements for Insurance and Pensions industry
HARARE, Government has Reviewed Prescribed Asset Requirements for the Insurance and Pension industry In order to improve resource mobilisation to support key national projects.
The current minimum prescribed asset thresholds for the insurance and pension industry were introduced in 2010.
Short-Term (non-life)
ICZ reflects on fire related claims
HARARE, Damage to properties by fire is a cause for concern as claims will go up across the whole industry chain, an official has said.
This follows a number of fire incidents recently in Harare and other parts of the country that has resulted in loss of millions of dollars.
Musa Bako, the chairman of the Insurance Council of Zimbabwe (ICZ) in an interview said fires
Funeral Assurers urged to hedge risk in reinsurance.
…..As retention ratio averages 99,96%
HARARE, Reinsurance uptake by Funeral assurers remain low as evidenced by average retention ratio of 99, 96%, this according to the latest IPEC report for the June quarter for the industry.
The Regulator said this is despite numerous calls by the Commission for industry
Revealed: what will drive insurance on during slowing global economic growth
HARARE, Emerging Asia will be the region that will drive the insurance industry amid solid but slowing global economic growth over the next two years, according to research from Swiss Re.
According to a report by the Swiss Re Institute, titled ‘Global economic and insurance outlook 2020’, the still-positive economic
ICZ paid over $300 000 to Rusape bus disaster victims
HARARE, The Insurance council of Zimbabwe committed in excess $300 000 on the Rusape bus disaster but said government and responsible authorities should hasten to take care of the quality of drivers on public transport, quality of roads and others issues that are claiming the lives of innocent people.
ICcz makes pay outs for victims of road accidents