Ipec allows for USD payments for Zimdollar policies
Staff Writer
HARARE, The Insurance and Pensions Commission (Ipec) has said as part of measures to mitigate financial vulnerabilities caused by the novel corona virus, policyholders may now pay their insurance premiums I foreign currency using free funds at the prevailing rate on the date of payment.
“This means that in respect of policies that are
Equities and investment property accounts for 71% of self-administered funds’ assets
Staff reporter
EQUITIES investments and investment property at $4.06 billion accounted for 71,59% of the total asset base for Self-Administered Funds for the year ended December 31, 2019.
The Insurance and Pensions Commission (Ipec), in its quarterly (Q4) pensions report said the quantum of investment in these two
Pension funds key to reignite Zimbabwe’s infrastructure development
HARARE – Without sound infrastructure development such as roads, rail, ports and energy and social infrastructure development the country stands little chance of jumpstarting the economy.
For asset owners such as pension funds, which have assets of over Z$10 billion under management, infrastructure development offers an attractive
Unrealised gains/ currency reforms boost short-term insurer’s earnings
Staff Reporter
HARARE, THE short-term insurers 2019’s after tax profit increased 766,99% to $359,2 million compared to $41,47 million in 2018 mainly driven by movements in unrealised gains as well as currency reforms.
Ipec in an industry report, said there was a slight movement in the combined ratio for the short-term insurers
Insurance Council of Zimbabwe (ICZ) ploughs back to community
Staff Reporter
HARARE, The Insurance Council of Zimbabwe (ICZ) has said organisations should value social responsibility programmes which brings positive changes to beneficiaries.
ICZ chairperson Panganai Sanangurai, said the association takes seriously the role of being a socially responsible, and every year identify a community in need
Self-administered funds records $2,68 billion surplus in 2019
Staff Reporter
HARARE, Self-administered funds recorded a financial surplus of $2.68 billion for the 12 months ended 31 December 2019, reflecting a nominal increase of 527.16% from $427.80 million for the same period in 2018.
IPEC in its quarterly report for the 4th quarter 2019, said the comparative increase was on account of higher
Deposit Protection Corporation increases cover level
Staff reporter
HARARE, Pursuant to the provisions of section 41(1) of the Deposit Protection Corporation Act [Chapter 24:29], the public is hereby advised that effective 1 January 2020, the deposit protection cover level has been increased from ZWL1,000 (One Thousand Zimbabwean Dollars) to a maximum of ZWL10,000 (Ten Thousand Zimbabwean Dollars)
Insurance and Pensions Apex Council pleads to re-dollarisation
Staff reporter
HARARE, The Zimbabwe Insurance and Pensions Apex Council (ZIPAC) has pleaded with the Finance minister to allow the sector to re-dollarise in the face of a growing informal sector.
Zipac board chair Tassius Chigariro, yesterday told the industry during the inaugural insurance and pensions industry breakfast meeting which
Government commit to reform insurance and pensions sector
Staff Writer
FINANCE Minister Mthuli Ncube has said government is seized with legal reforms targeted at the legislation governing insurance and pensions and expect three bills to be sent to parliament by the first half of the year.
In his inaugural meeting with industry players, Ncube said the bills have taken too long at drafting stage.
“I
Zimbabwe’s insurance industry to suffer low product demand
Staff Reporter
ZIMBABWE’s insurance industry is expected to endure low demand for a broad range of insurance lines owing to a tough economic environment, a research report has revealed.
BMI Research, which is part of Fitch Solutions, in a report, Zimbabwe Insurance Report, (summary) said similar to other sectors of the country’s