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
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.