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)
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