ZAPF MAGAZINE Q4 2019

Poor underwriting methods threat to insurers

Staff writer

Poor underwriting methods have been identified as one of the threats to the survival of insurance companies and have serious hindrance to service delivery.

Delivering her keynote speech at the ongoing workshop hosted by Insurance Council of Zimbabwe (ICZ) and Association of Insurers and Reinsurers of Developing Countries, Elizabeth Wyns-Dogde,(

Arrear pension benefits rise 100% in Q3, 2019

Staff Writer

The Insurance and Pensions Commission (Ipec) says the arrear pension benefits have shot up 100% to $87, 07 million in Q3 2019 from $77,77 million in half year 20 19 while  unclaimed benefit liabilities marginally declined $32,44 million in the comparable period.

In its Q3 pension’s industry report, Ipec said the increase in the arrear pension

Insurance brokers’ role being underplayed.

HARARE, Insurance service seekers haves over the years relied on insurance brokers for advice on insurance products and risks among others.However there has been an emergency of such services a banc assurance and insurance agents that are cutting the role of the brokers. In the past brokers have accused them of conditional selling of insurance saying

New IIZ president spells out vision

Staff Reporter

VIC Falls: The Institute of Insurance of Zimbabwe (IIZ) has elected Mapiye Chigorondondo as its new president at the just ended annual general meeting in Victoria Falls.

Chigorondondo who has over 26 years’ experience in the industry in the insurance industry takes over from Ushe Mungaraza who served the institute as president for two years.
His

Government reviewing insurance and pension industry- Finance minister

Noah Kupeta

HARARE, Government is working with the Insurance and Pension Commission (IPEC) to review the regulation of the insurance and pension industry in a bid to preserve the value of pension benefits and policy holders, a government official has said.

Presenting his 2019 Budget statement, Finance and Economic Development Minister

Prioritise treating customers fairly-IPEC Board Chairperson

 Noah Kupeta 

IPEC Board Chairperson, Albert Nduna

The Insurance and Pension Commission (IPEC) board chairperson Albert Nduna has called upon industry players to treat customers fairly to gain confidence and trust among its stakeholders.

Albert Nduna said IPEC acknowledges that macroeconomic stability and predictability of macroeconomic fundamentals

IPEC to support agriculture-Mthuli Ncube

 Noah Kupeta

HARARE, The Insurance and Pension Commission (IPEC) is working on a comprehensive raft of measures to support agricultural production with a view to boost macro-economic performance and the country’s gross domestic product, Finance and Economic Development minister, Professor Mthuli Ncube has said.

While presenting the 2020 National Budget Statement

Comply with revised minimum prescribed asset thresholds- Mthuli Ncube

 Noah Kupeta 

HARARE, Finance and Economic Development minister Professor Mthuli Ncube has said most insurance players remain non-compliant with the revised minimum prescribed asset thresholds as at 30 September 2019 following the review of the minimum prescribed asset thresholds.

In his 2019 National Budget Statement, Professor

Insurance sector minimum capital requirements reviewed upwards

Staff Writer

HARARE, FINANCE minister Mthuli Ncube has reviewed minimum capital requirements for the insurance sector, indicating that this was necessitated by the obtaining macro-economic environment.

Mthuli made the adjustments in his 2020 national budget, under the theme Gearing for Higher Productivity, Growth and Job Creation. However,