IFRS 17 Implementation in the Zimbabwean Insurance Sector
By Stella Mupatsi and Taurai Jamu
Zimbabwean insurance companies are currently in the process of implementing International Financial Reporting Standard 17 (IFRS 17), a new accounting standard applicable to insurance contracts and investment contracts with discretionary participation features.
This standard replaces
Why Umbrella Funds are Part of the Solution to Our Pension Fund Woes!
GANDY GANDIDZANWA & ITAI MUKADIRA
With one of the world’s highest unemployment levels, an ultra-expensive financial services sector, and an SMEs-driven economy, the Zimbabwean pension fund industry is most perfectly placed for a speedy-but-structured transitioning into a robust and dynamic umbrella-fund-dominated sector. continue
Premium reviews drive life assurance sector performance
Staff Writer
The life insurance sector says premium reviews and growth in US dollar business continue to drive the industry’s performance and margins, offsetting inflationary pressures.
According to the Insurance and Pensions Commission’s (IPEC) second quarter life assurance report for June 2023, gross premium written (GPW) grew 575 percent
Africa remains underinsured: Mthuli
Staff writer
Finance Minister Mthuli Ncube has said Africa remains desperately underinsured, with an average insurance penetration of 2.7% in 2022 against a global insurance penetration of 7%.
In his speech at the ongoing Insurance and Pensions Regulators Retreat for Africa yesterday,he said it was surprising to note that the uptake of Bitcoins and other virtual
ICZ eyes increasing rural insurance penetration
Staff Writer
THE Insurance Council of Zimbabwe (ICZ) says it is planning to increase the insurance penetration rate from the current 2,6% by equipping the rural farming community with knowledge about insurance.
Speaking at a recent handover of prizes for the Rural Schools Insurance Awareness Essay Competition, ICZ vice chairperson and chairperson of
Pension Funds Infrastructure Investments – Who Benefits?
The contentious issue surrounding infrastructure development investing for pension funds is the question – is it the role of the private sector, pension funds in particular, to develop infrastructure? Is this not instead the sole responsibility of the government of the day? Further, is it not that pension funds’ first responsibility
Ipec directs pension industry to cushion pensioners
Staff Writer
The Insurance and Pension Commission (Ipec) has immediate directed the pension industry to apply ZW$36 000 in the determination of
commutation and preservation amounts for pensioners as it seeks to cushion pensioners from the ever deterioration pension benefits.
The monthly pension applicable for commutation and preservation purposes
ICZ makes timely Covid-19 donations
Staff Writer
HARARE, The Insurance Council of Zimbabwe (ICZ) donated 40,000 litres of diesel to the Civil Protection Unit which will be used through the Ministry of Health and Child Care and 270 grocery hampers worth $925,000.
The fuel donation was presented to President Emmerson Mnangagwa by the Chairman of ICZ, Patrick Kusikwenyu.
Kusikwenyu said that the third
Dear reader, please find attached the Zimbabwe Association of Pensions Fund (ZAPF) second quarter 2021, E-magazine…Happy reading….ZAPF Q2_Magazine f
Arrival of ETFs – Are Pension Funds in Luck?
In recent years active investment management has come under more scrutiny than ever before. The reason is clear – of late, most active managers, particularly those focused on large-cap stocks, have struggled to beat their benchmarks.
Picking stocks is hard, picking other people to pick stocks for you is even harder – and this is the daily challenge