FMHL proposes transfer of TristarInsuarance business to NicozDiamond
HARARE, FMHL has approached government to make an application to transfer TristarInsuarance Company business to NicozDiamond in terms of section 33 (4) (A) of Insurance Act [Chapter 24.07.
FMHL during the year consummated a transaction in which it acquire NicozDiamond majority stake held by the National Social Security Authority
AHFoZ considers medical aid subscriptions in US Dollars
HARARE, Association of Healthcare Funders of Zimbabwe (AHFoZ) has mulled approaching employer organizations to request that medical aid subscriptions be paid in US dollars to avert service provision challenges.
Reports are that several pharmacies are already selling drugs on hard currency only (USD) with prices of transacting through the bond
Zim losing over 106 employees annually: NSSA
HARARE, Zimbabwe is losing over 76 employees every year due to occupational safety and health challenges with 51 having died in the 8 months to August 2018 out of 3841 serious injury cases recorded during the period.
Numbers from NSSA show that 106 employees died in 2014 out of 5736 serious injury cases reported while 54 died in 2015 out of 5380
AXA Becomes Global Insurance Partner of UK’s Liverpool Football Club
HARARE, AXA becomes the “official global insurance partner” for Liverpool Football Club, which is part of the English Premier League.
In addition to providing excellent global brand visibility and raising AXA’s profile among sports fans around the world, the multi-year partnership is particularly good news for football
Government abandons Pay-As-You-Go pension arrangement
HARARE, Government as part of wage bill containment will do away from an unfunded Pay-As-You-Go pension arrangement by adopting a funded Defined Benefit Pension Scheme or Defined Contribution Scheme arrangement in line with best practice in other jurisdictions.
This is contained in a Transitional Stabilisation Programme (TSP) report by government
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Zurich to acquire Adira Insurance, a leading insurer in Indonesia Zurich Insurance Group (Zurich) announced today that it has entered into agreements to acquire 80% of PT Asuransi Adira Dinamika (Adira Insurance), a top 10 property and casualty (P&C) insurer in Indonesia, from PT Bank Danamon Indonesia (Bank Danamon) and a minority investor. |
| Zurich to become the largest foreign P&C insurer in Indonesia
Transaction reinforces Zurich’s strategy of achieving positions of scale in target markets Acquisition includes long-term strategic cooperation agreements with two of Indonesia’s leading financial institutions The transaction includes two separate long-term strategic cooperation agreements with Bank Danamon, Indonesia’s fifth-largest bank by market capitalization, and with Adira Finance, the country’s second-largest motorcycle and auto financing solutions provider. The total consideration amounts to IDR 6.15 trillion (approximately USD 414 million) with potential future incremental payments subject to business performance. With this transaction, Zurich will become the largest foreign P&C insurer in Indonesia. “Zurich has earmarked Asia Pacific to be a major engine of growth for the Group, and Indonesia is a key market for us. Today’s transaction demonstrates our commitment to Indonesia and is an excellent opportunity to expand our regional business, enabling more customers to fulfill their insurance needs,” said Jack Howell, Zurich’s Chief Executive Officer for Asia Pacific. “We are excited to join forces with Bank Danamon and Adira Finance. Both are well-established brands and have an extensive distribution network. Together with Zurich’s international expertise, best-in-class underwriting and risk management capabilities, we are confident in the long-term success of the business.” Indonesia is one of the world’s most attractive insurance markets. It is Southeast Asia’s largest economy with a strong growth trajectory and a rapidly expanding middle class. These factors, coupled with low levels of insurance penetration, present significant upside potential for the insurance market. Established in 1996, Adira Insurance generated gross written premiums of USD 158 million in 2017. This was driven by a diversified P&C product offering and strong distribution capabilities. Adira Insurance has leading market positions in motor and takaful insurance in Indonesia. The parties expect the transaction, which is subject to regulatory approvals and other customary closing conditions, to be completed within the next six months. Following completion, Zurich will hold an 80% stake in Adira Insurance, and Bank Danamon will hold a 20% stake. |
Block chain technology could be solution to asset and wealth management
HARARE, Block chain technology could be the solution to a myriad of challenges that continue to haunt the asset and wealth management as well as the pensions industry, Insurance 24 has learnt.
Besides economic challenges affecting the whole country, the industry is still gripped with governance issues and lack of knowledge.
Equities investments buoys Pensions industry base in H1, 2018
HARARE, Pensions industry asset base increased 5,2% to $4,38 billion in the 6 months to June 30 2018 from $4.16 billion in Q1 2018 driven by an increase in the value of quoted equities $1.60 billion in H1 from $1.38 billion Q1 2018.
Insurance and Ipec commissions’ (IPEC) H1 report shows that the total assets translated to
Funeral industry employees get 3% salary and wages increase
HARARE, The Funeral Industry and Employers Association of Zimbabwe (FIEAZ) has reached a collective bargaining agreement which will see a 3% increase of salaries and wages for all funeral industry employees.
According to at latest government gazette, the agreement was reached with the National Employment Council for the Funeral Industry.
Investments boost Nyaradzo’s funeral business market share
Own correspondent
Vic -Falls, Nyaradzo Life Assurance Company’s investments into capacity over the years has seen it commanding 70% market share in funeral business and 26% in life insurance to date.
The group has been enlarging its footprint from funeral life insurance, events management, furniture and many others as it looks