Life Assurers grow in half year despite challenging environment
HARARE, The Life Assurance sector showed sign of growth in premium income and asset base for the half year ended 30 June 2018, despite the challenging economic environment.
Latest IPEC report shows that Gross premium written (GPW) increased to $200 million, representing a 16% increase from $173.1 million reported in the comparative period
SHORT TERM (NON-LIFE) INSURANCE REPORT FOR THE QUARTER ENDED 30 JUNE 2018
Executive Summary
HARARE, Total Gross Premium Written (GPW) by non-life insurers amounted to $144.18 million for the half year ended 30 June 2018, reflecting a 15.44% increase from $124.90 million reported for the comparative period in 2017.
On the other hand, GPW reported by non-life reinsurers declined from $60.19 million for
Economic situation threaten IIZ college construction project
HARAR, Economic instability is threatening the completion of insurance college being constructed by the Insurance Institute of Zimbabwe (IIZ) within the stipulated timelines, Insurance24 has learnt.
Completion of the college had been earmarked for end of 2019 with in excess of US$500 million having been set aside for the project.
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