Electronic insurance cover reduces fraud next to Zero: Zinara

Electronic insurance cover reduces fraud next to Zero: Zinara

Harare – The Zimbabwe National Road Administration (Zinara) says it has managed to reduce insurance fraud next to Zero since introduction of electronic insurance cover on which firms are linked to Zinara and the Central Vehicle Registry.

The electronic insurance cover enables firms to link to Zinara and the Central Vehicle Registry

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Insurance sector key to driving economic transformation: World Bank

Insurance sector key to driving economic transformation: World Bank

HARARE, The World Bank (WB) says Zimbabwe’s insurance industry remains a key sector that has potential for growth, contributing towards the transformation of the country’s economy.

WB Zimbabwe senior economist Johannes Herderschee told Insurance24 at the side-lines of the WB Zimbabwe Economic Update (ZEU) launch that the growth

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Insurance penetration ratio targeted at 20% in the next two years

Insurance penetration ratio targeted at 20% in the next two years

Harare – The Insurance and Pensions Commission (IPEC) is targeting to increase insurance penetration ratio to 20% in the next two years from the current 3, 6 % through micro insurance which is largely affordable to low income earners.

Launching the micro insurance regulatory framework, Ipec Commissioner Tendai Karonga said micro

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Regulatory reporting protects policyholders and fund member interests: IPEC Commissioner

Regulatory reporting protects policyholders and fund member interests:  IPEC Commissioner.

HARARE- The Insurance and Pension Commission (Ipec) says regulatory reporting by the insurance and pensions industry ensures policyholders and fund member interests are protected thus boosting confidence sector.

IPEC Commissioner Tendai Karonga told stakeholders at the IPEC-ICAZ Seminar that regulatory reporting

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Treasury targets Pension Funds and Insurance Companies in $50mln Irrigation Bond

Treasury targets Pension Funds and Insurance Companies in $50mln Irrigation Bond

HARARE, Government will float a $50 million Irrigation Infrastructure Bond aimed at raising funds to support irrigation development and infrastructure under the Command Agriculture programme.

According to a term sheet seen by Insurance24, the Treasury bond has a coupon rate of 6% and 3-year maturity tenure.

The main targeted

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Insurance commission contributes 3% to Agribank’s total income in five months to May 2017

Harare – Agribank says income contribution from its Agri-Insure cluster for the 5 five months to May 2017 was 3% to total income thus the Bank is expanding initiatives to grow the commission income.

The Bank act as an agent for Alliance Insurance and offers products that range from vehicle cover ,households, personal assets, immovable property, crop insurance and accident cover among others.

Agribank

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Self-administered pension funds’ contributions jump 8pc, arrears 13pc

HARARE – Total contributions for self-administered pension funds surged 8 percent to $536.8 mln in FY2016, compared to $496.7 mln realised in the prior year. Data released in the 2016 Fourth Quarter Report of the Insurance and Pension Commission (IPEC) show that arrear contributions have also increased from $311.2 mln in 2015 to $350.7 mln last year.

Arrear contributions for fund administrators

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