ZAPF 4TH QUARTER 2020 MAGAZINE

THE ZAPF 4TH QUARTER 2020 MAGAZINE

THE COVID 19 pandemic will be with us for an unknown period. This is the new normal. It has called for an absolute new way of doing business. Pension Funds have to adapt to the new changes in order to survive the ongoing macro-economic turbulences. Read through the ZAPF 4th quarter magazine, to get an insight, on how the sector is adapting to new ways

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Broker’s premium income in massive growth

Broker’s premium income in massive growth

Staff Reporter

HARARE, Premium income for the quarter ended September 30, 2020 for the insurance brokers increased by 785% in nominal terms to $2,4 billion from $268.68 million recorded during the comparative period driven by gradual premium increases in line with inflationary trends.

Net

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IPEC applauds funeral assurance sector for dignified send-offs

IPEC applauds funeral assurance sector for dignified send-offs

Staff Writer

HARARE, INSURANCE industry regulator, IPEC has applauded the funeral assurance sector for the role they are playing in giving dignified send-offs loved ones even under difficult circumstances brought about by the Covid 19 pandemic.

Grace Muradzikwa, the Commissioner Insurance, Pension & Provident Funds, said the Commission,

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Life Reassures GPW respond to premium increases

Life Reassures GPW respond to premium increases

Staff Writer

HARARE, The volume of life reassurance business written, in terms of Gross Premium Written (GPW), increased by 528,70% from ZWL$12.54 million reported for the nine months-ended 30 September 2019 to ZWL$78.84 million as at September 30, 2020.

Ipec, in its 9 months report on Life Reassurers, said the growth in GPW was attributable to an increase

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Rise in Covid-19 deaths could overwhelm an under-capitalised funeral insurance industry

Rise in Covid-19 deaths could overwhelm an under-capitalised funeral insurance industry

HARARE – The surge in COVID19 cases and related deaths has stretched the capacity of the funeral assurers. According to Zimbabwe Association of Funeral Assurers (ZAFA) general manager Taka Svosve, the demand for the funeral services is on an upward trajectory with capacity in an undercapitalized sector currently

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HIGHLIGHTS: Short-term insurance sector for the nine months ended 30 September 2020

HIGHLIGHTS: Short-term insurance sector for the nine months ended 30 September 2020

Staff Writer

HARARE, Total Gross Premium Written (GPW) by short-term insurers for the Zimbabwe dollar denominated business amounted to ZWL4.63 billion, reflecting an increase of 634.94% from ZWL629.97 million reported for the comparative period in 2019.

The total business written by reinsurers increased by 599.23%

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Cassava Insurtech business revenue grows

Cassava Insurtech business revenue grows

Staff writer

HARARE, Cassava Smartech’s revenue for its Insurtech business grew 131% for the period ended November 30, 2020, compared to Q2 on driven by a strong growth in short term insurance business which registered 165 increase on Q2 revenues.

This was also driven by the companies high end comprehensive diverse product portfolio which span

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Tassius Chigariro appointed Old Mutual Namibia CEO

Tassius Chigariro appointed Old Mutual Namibia CEO

HARARE, OLD Mutual Namibia has appointed Tassius Chigariro as its new group chief executive officer, with effect from the start of 2021.

Old Mutual Namibia’s current chief executive officer, Kosmas Egumbo, will take up a new position as executive responsible for Old Mutual’s life insurance and asset management companies across the rest

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Funeral Assurers pleads for review of minimum regulatory capital

Funeral Assurers pleads for review of minimum regulatory capital

Staff Reporter

HARARE, THE Zimbabwe Association of Funeral Assurers (ZAFA) has pleaded with the sector’s regulator IPEC for a review of the sectors minimum capital requirement which it said was higher than fellow insurers who trade in more than one product.

Solomon Chikanda, the ZAFA president, told stakeholders at a breakfast meeting,

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Government embraces a fully funded pension scheme

Government embraces a fully funded pension scheme

Staff Reporter

Government says it is moving from Pay as you go pension scheme to a fully funded pension scheme, which requires an equivalent of US$4,8 billion based on 2012 actuarial valuation report.

The objective is to gradually capacitate the Fund to ensure it attains its objective of promoting and protecting the pension contribution and rights of

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