WAICA Re’s entrance to spur competitiveness: IPEC
By Insurance24
HARARE, THE Insurance and Pensions Commission (IPEC) sees an improvement in the insurance industry capacity through on boarding of WAICA Re in the sector as premium will be retained locally.
WAICA RE , a sub-regional reinsurance group headquartered in west Africa W last week launched in Zimbabwe through colonnade
Bogus legal aid societies on the brink
HARARE, The Insurance and Pensions Commission (ipec) has directed all Legal Aid Societies to register with the Commission in a bid to protect policy holders from bogus societies.
In his 2019 budget, Finance minister Mthuli Ncube announced that all legal aid societies and medical Aid societies will now be regulated by Ipec.
However, there are several legal aid
Life Assurers grow in half year despite challenging environment
HARARE, The Life Assurance sector showed sign of growth in premium income and asset base for the half year ended 30 June 2018, despite the challenging economic environment.
Latest IPEC report shows that Gross premium written (GPW) increased to $200 million, representing a 16% increase from $173.1 million reported in the comparative period
SHORT TERM (NON-LIFE) INSURANCE REPORT FOR THE QUARTER ENDED 30 JUNE 2018
Executive Summary
HARARE, Total Gross Premium Written (GPW) by non-life insurers amounted to $144.18 million for the half year ended 30 June 2018, reflecting a 15.44% increase from $124.90 million reported for the comparative period in 2017.
On the other hand, GPW reported by non-life reinsurers declined from $60.19 million for
Economic situation threaten IIZ college construction project
HARAR, Economic instability is threatening the completion of insurance college being constructed by the Insurance Institute of Zimbabwe (IIZ) within the stipulated timelines, Insurance24 has learnt.
Completion of the college had been earmarked for end of 2019 with in excess of US$500 million having been set aside for the project.
Government redirect 5% of Third Party Insurance Cover to an Accident Compensation Fund
HARARE, Government will effective December 01, 2018 redirect 5% of the third part insurance cover to an accident compensation fund whose modalities are yet to be announced.
This has been driven by the increase in the number of accidents on the country’s roads, which have resulted in serious injury and,
Government establishes Policy Holder Protection Fund
HARARE, Government is set to establish a Policy Holder Protection Fund, which is meant to protect clients in the insurance and pension industry.
According to the 2019 National Budget, the pool fund is similar to the Deposit Protection Corporation (DPC) which compensate depositors in case of bank failure.
“In order to create a pool of resources
IIZ president vows to complete new curriculum development
TROPICAL Reinsurance Company managing director Ushe Mungaraza who was elected for the second term as the president of the Insurance Institute of Zimbabwe (IIZ) says he will see the completion of the development process of the new curriculum before the end his term in office.
IIZ is set to unveil a new curriculum that responds
Ipec to regulate Legal Aid Societies and Medical Aid Schemes
Legal Aid Societies and Medical Aid Schemes will effective June 2019 fall under the regulation of the Insurance and Pension Commission (IPEC).
While Medical Aid Societies are currently regulated by the Ministry of Health and Child Care as provided for under the Medical Services Act, IPEC has, however, been arguing that they should
Government reviews prescribed asset requirements for Insurance and Pensions industry
HARARE, Government has Reviewed Prescribed Asset Requirements for the Insurance and Pension industry In order to improve resource mobilisation to support key national projects.
The current minimum prescribed asset thresholds for the insurance and pension industry were introduced in 2010.
Short-Term (non-life)