Is Insurance industry doing enough to curb fraudulent claims? as Zimbabwe Insurance Crimes Bureau comes into effect.
By Insurance24
HARARE, Fraudulent insurance claims are not peculiar to Zimbabwe alone, but has become a Global phenomenon. But is the Insurance Industry doing enough to curtail this?. In Zimbabwe alone, fraud claims constitute estimated 30 to 40 percent of claims paid annually.
These
Insurance firm, Nicoz Diamond Insurance Limited, (NDIL) says it has received a notification from First Mutual Holdings Limited (FMHL) of its intention to make a mandatory offer to buy out the remaining minorities by scheme of arrangement.
Last year, FMHL received regulatory approval for the acquisition of the entire issued share capital of NicozDiamond Insurance, and subsequently the National
Over 2 million covered by micro-insurance products: IPEC
By Insurance24
HARARE, Over 2 mln Zimbabweans are subscribed to various micro-insurance products being offered largely as a result of their affordability. Several life assurers and health insurers have over the past 2 years developed micro-insurance products that range from as little as 50 cents.
Nhau Chivingira of the Insurance and Pensions
Capital levels should be directly related to level of risk: ICZ
By Insurance24
HARARE, Insurance industry is expecting an improved outcome in 2018 on the back of the new political and economic order but says a risk based approach regarding regulatory capital should be in place.
The Insurance sector had been affected by economic hardships which have affected payments of claims while on the other hand
Government re-looks at another National Reinsurance Company after ZHL exit
By Insurance24
HARARE, Government is re-looking at the creation of and supporting a National Reinsurance Company with a legal cession status as in other regional countries but insurance companies are still expected to play a developmental role in communities they operate.
Cession refers to the portions of the obligations in
Government urges tobacco farmers to insure their crop, as TIMB approves 4 service providers
By Insurance24
HARARE, Government says envisages a model where tobacco farmers grow out of debt and be self-reliant, thus it becomes incumbent upon the farmer to insure their crop to cushion themselves from the debilitating effects of climate change.
Acting President Constantino Chiwenga officially opening the
Executive Summary: Short Term (Non-Life) Insurance Report for Quarter ended 30 September 2017
By Insurance24
HARARE, The non-life industry continued to experience environmental as well as other sector-specific challenges. Underlined by the bull-run on the stock market and product innovations, however, the sector showed signs of resilience and above-inflation growth rates in both premium income and
Private sector to compensate loss of value suffered by policy holders and pensioners during ZW/USDollar conversion….Life Assurance sector gross premium increase 4% in Q3
By Insurance24
HARARE, The Commission of Inquiry that looked into the conversion of insurance and pension values from the Zimbabwe dollar to the United States Dollar has concluded that it is of the view that a fair and just compensation
Funeral Assurers net premium up 11% in Q3 2017, as only 3 firms meet the $2.5 mln minimum capital requirement
By Insurance24
HARARE, Net Premium Written for Funeral Assurers for the quarter ended 30 September 2017 (Q3) grew 11% to $125.36 million compared to same period last year, the Insurance and Pensions Commission (Ipec) says in its quarterly report.
Life assurers accounted for 76.24 percent of
Road Accident Funds in perpetual losses, hence not sustanable: IPEC
By Insurance24
HARARE, Road Accident Funds worldwide are in perpetual losses since they are in most cases not adequately funded, the Insurance and Pensions Commission (IPEC) has said.
Last year Zimbabwe through the Ministry of Transport and Infrastructure Development mooted establishment of a road accident fund as a mechanism to pool