Construction Industry Pension Fund records $3,2 mln surplus in 2017
HARARE, Construction Industry Pension Fund which recorded a surplus of $3,2 mln in 2017, says will increase pensions payouts backdated 1 January 2018 by 10% while declaring interest of 9% p.a. and a bonus of 4% for 2017.
According to a recent actuarial valuation for the fund prepared by Pentact Private limited for the year
AHFoZ considers medical aid subscriptions in US Dollars
HARARE, Association of Healthcare Funders of Zimbabwe (AHFoZ) has mulled approaching employer organizations to request that medical aid subscriptions be paid in US dollars to avert service provision challenges.
Reports are that several pharmacies are already selling drugs on hard currency only (USD) with prices of transacting through the bond
Zim losing over 106 employees annually: NSSA
HARARE, Zimbabwe is losing over 76 employees every year due to occupational safety and health challenges with 51 having died in the 8 months to August 2018 out of 3841 serious injury cases recorded during the period.
Numbers from NSSA show that 106 employees died in 2014 out of 5736 serious injury cases reported while 54 died in 2015 out of 5380
Government abandons Pay-As-You-Go pension arrangement
HARARE, Government as part of wage bill containment will do away from an unfunded Pay-As-You-Go pension arrangement by adopting a funded Defined Benefit Pension Scheme or Defined Contribution Scheme arrangement in line with best practice in other jurisdictions.
This is contained in a Transitional Stabilisation Programme (TSP) report by government
Block chain technology could be solution to asset and wealth management
HARARE, Block chain technology could be the solution to a myriad of challenges that continue to haunt the asset and wealth management as well as the pensions industry, Insurance 24 has learnt.
Besides economic challenges affecting the whole country, the industry is still gripped with governance issues and lack of knowledge.
Equities investments buoys Pensions industry base in H1, 2018
HARARE, Pensions industry asset base increased 5,2% to $4,38 billion in the 6 months to June 30 2018 from $4.16 billion in Q1 2018 driven by an increase in the value of quoted equities $1.60 billion in H1 from $1.38 billion Q1 2018.
Insurance and Ipec commissions’ (IPEC) H1 report shows that the total assets translated to
Funeral industry employees get 3% salary and wages increase
HARARE, The Funeral Industry and Employers Association of Zimbabwe (FIEAZ) has reached a collective bargaining agreement which will see a 3% increase of salaries and wages for all funeral industry employees.
According to at latest government gazette, the agreement was reached with the National Employment Council for the Funeral Industry.
Motor and personal insurance drive non-insurers growth in Q1 2018
HARARE, Non-life insurers reported a 10, 3% growth in total Gross Premium Written (GPW) in Q1 2018 to $75, 3 million $68, 2 million attained same period in 2017.
The increase in GPW was mainly attributable to growth in business generated from motor insurance, as well as personal liability insurance classes.
According to
Insurance brokers target doubling market share
HARARE, Insurance Brokers are targeting to double their market share to 80 percent within the next two years on the back of anticipated increased economic activity.
The brokers, who are regulated by the Insurance and Pensions Commission (Ipec) and offer advice to prospective policy
Unclaimed insurance benefits reach $30 mln; Ipec plans to publish names of policy holders yet to claim their benefits
Own Correspondent
MUTARE, The value of unclaimed pension benefits has risen to $30 mln with about 48 000 pensionable claims on the books of insurance companies lying unclaimed.
The Insurance and Pensions Commission (IPEC) together with industry players are carrying out awareness campaigns