ZB suspends plans for offshore insurance unit in anticipation of improved nostro and foreign currency situation.
Insurance24 Reporter
HARARE, ZB Financial Holdings says has in the meantime put on hold plans to set up offshore insurance services in order to monitor how the new country administration will address nostro and foreign currency issues.
Chief executive officer Roy Mutandagayi told Insurance24
IPEC projects insurance penetration ratio at 4% in 2018 riding on new socio-political dispensation
Insurance24 Reporter
HARARE, The Insurance and Pensions Commission (IPEC) is targeting the insurance penetration ratio to at least 4% by end of 2018 from the current 3.6% largely on the back of new socio-political dispensation driven economic growth.
IPEC Commissioner Tendai Karonga told Insurance24 that
President Mugabe resigns
Insurance24
HARARE, President Mugabe has resigned as Parliamentarians were in the middle of discussing his impeachment. Speaker Jacob Mudenda announced his resignition… Wilds scenes of jubilation now all over Harare, the capital City.
Mugabe had ruled the country for the past 37 years.
More details to follow
Netone launches OneCover, a Funeral micro- mobile insurance product
Insurance24 Reporter
HARARE, Mobile network company Netone has unveiled an affordable micro mobile insurance OneCover that offers Funeral insurance to its subscribers.
The product offer according to acting chief executive officer Brian Mutandiro is underwritten by First Mutual Life.
“OneCover seeks to drive inclusion through affordable
Zimre Holdings exits “for sale” NicozDiamond Insurance
HARARE, Diversified insurer, Zimre Holdings Limited is negotiating sale of its shareholding in short term insurer NicozDiamond as the group seek to divest from the ensuing acquisition of a majority stake in Nicoz by First Mutual Holdings limited.
ZHL holds 30.03% in NicozDiamond with the National Social Security Authority (NSSA) currently
NicozDiamond Insurance to merge with Tristarinsurance as FMH seek to raise $17.25 mln
Insurance24 reporter
HARARE, First Mutual Holdings will raise $17.25 million through a renounceable rights offer with the proceeds earmarked for the proposed acquisition 80.92% of the entire issued share capital of NicozDiamond Insurance Limited.
According to a circular published, both transactions will require shareholder
Central Bank sets up $5 Fund to facilitate repatriation of dividends for foreign investors
Insurance24 reporter
HARARE, The Reserve Bank of Zimbabwe (RBZ) says it will establish a $5 mln Portfolio Investment Fund that will facilitate repatriation of dividends as well as sales by foreign investors.
Presenting the Monetary Policy Statement, Governor Dr John Mangudya said the Central Bank has noticed
Bulk funeral companies defiant on minimum capital requirements
Insurance24 Reporter
HARARE, Only three funeral assurers Doves, First Funeral and Moonlight funeral companies were compliant with the $2.5 million minimum capital requirement as at March 2017.
Currently there are 9 funeral assurers with a total capital position of $38 530 000 as at March 2017, which is an improved position from $38 316
About 70% of ZSE stocks funded by insurance companies and pension funds: IPEC
Insurance24 Reporter
HARARE, The Insurance and Pension Commission (IPEC) says almost 70% of Zimbabwe Stock Exchange (ZSE) stocks is funded by insurance companies and pension funds as institutional investors and these are probably the strongest local investors.
Commissioner of Insurance, Pension and Provident Funds Tendai
Insurance and pension industry asset base at $4.4 billion as at March 2017: Chinamasa
Insurance24 reporter
Harare-The asset base for the insurance and pension industry totaled $4.4 billion as at 31 March 2017 with pension funds accounting for $2.28 bln of the total.
According to Finance Minister Patrick Chinamasa’s Annual Budget Review presented this afternoon, Non-life insurers asset base amounts