ICZ reflects on fire related claims

HARARE, Damage to properties by fire is a cause for concern as claims will go up across the whole industry chain, an official has said.

This follows a number of fire incidents recently in Harare and other parts of the country that has resulted in loss of millions of dollars.

Musa Bako, the chairman of the Insurance Council of Zimbabwe (ICZ) in an interview said fires

Funeral Assurers urged to hedge risk in reinsurance.

                   …..As retention ratio averages 99,96%

HARARE, Reinsurance uptake by Funeral assurers remain low as evidenced by average retention ratio of 99, 96%, this according to the latest IPEC report for the June quarter for the industry.

The Regulator said this is despite numerous calls by the Commission for industry

ICZ paid over $300 000 to Rusape bus disaster victims

HARARE, The Insurance council of Zimbabwe committed in excess $300 000 on the Rusape bus disaster  but said government and responsible authorities should hasten to take care of the quality of drivers on public transport, quality of roads and others issues that are claiming the lives of innocent people.

ICcz makes pay outs for victims of road accidents

Executive summary…Funeral Assurers report..Half year 2018 to June 30

HARARE, There were 9 registered and operating funeral assurance companies as at 30 June 2018, the same number recorded as at 31 March 2018.

All registered life assurers also wrote funeral assurance business for the half year which ended on 30 June 2018. The details of this business is in the life assurance industry report.

Gross

Contribution arrears top $600 million in 2017, Public sector entities constitute bulk of the arrears

Own correspondent

Vic Falls – A significant amount of the contribution arrears to pension funds which are now topping US$600 million are owed by the public sector entities which include local authorities and state owned entities, the Insurance and Pensions Commission (Ipec) has said.

Contribution

Insurance sector challenged to tap into non-traditional products

Own correspondent

Vic Falls- Minister of Public Service, Labor and Social Welfare Sekai Nzenza has called on the insurance sector to employ innovation and tap into the non-tradition micro insurance products to as a solution to massive company closures among a plethora of problems the sector is facing.

The prevailing economic situation

Funeral Assurers pins hope on 2019 budget

By Insurance24

HARARE,  Funeral Assurers are longing for 2019 National budget that speaks to production, which in turn increases employment levels and drive uptake of the sectors products.

“First and foremost we expect that the budget makes a strong and serious thrust towards the productive sector.

“The Minister’s focus should be aimed at reviving the

Insurers also prone to price hikes

By Insurance24

HARARE, The Insurance Brokers Association of Zimababwe (IBAZ) says the current seed hikes which is likely to result in low production will not spare the insurance sector as it will translate in low insurance uptake.

Zimbabwe is struggling with price hikes in all sectors but seed prices are threatening the viability of the sector.
Government

Gvmnt demands finality to pension values conversion issue

HARARE, Government has challenged insurance regulator, Ipec and pensions industry players to bring finality on question of transparency regarding the conversion of values from the ZW$ to the US$.

Finance and Economic Development, Secretary George Guvamatanga, in a speech read on his behalf at an inaugural Ipec Insurance and Pensions media awards

Ipec pensions reforms long overdue: ZAPF

HARARE, Zimbabwe Association of Pension Funds (ZAPF) says the proposed Ipec reforms were long overdue and embrace the spirit behind the proposals as insuring the   remains relevant.

Ipec is set to introduce some solid measures aimed at improving the country’s pension industry in line with international standards.

This has come at a time when the country’s