The trend has been keenly felt by the insurance industry, where the once-marginal digital sales channel has seen a boom in premiums, with firms holding the best online positioning reaping the greatest rewards from the new revenue stream.

According to the Thai Life Assurance Association, new premium sales from digital channels totalled 52.1 million baht in March.

Digital sales alone contributed 0.3%

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The Financial Ombudsman Service continues to receive an influx of COVID-related complaints from consumers and small to medium-sized enterprises (SMEs), bringing to light new and complex issues that the industry would not have anticipated before the pandemic.

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As of writing, the Financial Ombudsman Service has received over 3,500 complaints related to COVID-19. Most complaints

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ZB Financial Holdings says regional expansion for ZB Reinsurances has been delayed by COVID induced slowdowns but the imitative is now at an advanced stage.

Staff reporter

However  the local unit  saw up to  6,8 % foreign sourced premiums in the half year ended June 30 2020  from  3,3 % same period last year    as the reinsurance company maintained strong relations

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In excess of ZW$ 4,7 billion has been invested in  Prescribed Assets by the insurance and pensions industry with  the regulator having made approval of  ZW$315 million worth of prescribed asset  this year alone. Staff reporter This in line with its thrust to ensure value preservation in these asset classes whilst ensuring the sector contributes to economic development. The approvals relates to a Z$250 million towards agricultural financing, Z$4,75 million  for the Guruve solar project and  Z$60 million towards the financing of  SMEs to increase their output this year. Prescribed assets are bonds or securities issued by the government, local authorities, quasi-government organizations or any other bond that may be accorded the prescribed asset status. Last year government directed that short term insurers have 5% of their portfolio in prescribed assets. However there has been an outcry over the performance of most available prescribed assets with  the industry pleading with the regulator to oversee the expansion of prescribed asset status to other performing classes as available paper did not consummate with high inflation levels prevailing in the economy. However Ipec commissioner Grace MIuradzikwa said   the commissioner has been   expanding   approvals into prescribed assets to ensure that they do not only speak to  governments developmental goals but  to value preservation criteria of  pension funds. “ The industry has invested  ZW4,7 billion in in  prescribed assets. We have been expanding approvals for the paper so that so that they do only spoke to governments’ developmental goals but also speaking  to the value preserving criteria for pension funds . Solar and renewable energy are of the areas we have been looking at and we intend  to  be focusing on such and other areas,” she said. However the Zimbabwe Association of Pension Funds in its recent AGM hinted  that  compliance to prescribed assets continued to  be a challenge due to lack   of  quality   paper on the market but urgent its members to  comply.  According to ZAPF some of the projects that had been accorded prescribed asset status include Datvest – Baines Intercare hospital,Invesci Asset Management – Datlabs pharmaceutical , Invest Solar –Solar farm , Mangwana Capital – Agriculture, Zimnat – Agriculture, Old Mutual, Zimnat, Motor Industry PF and IDBZ – Zimcampus  while ABC Asset Management project was still be considered by IPEC. “Compliance to Prescribed Assets continues to be a challenge due to lack of quality paper on the market. The Association has been active in assisting private players to set up prescribed assets in the market,” said ZAPF. Read more

The insurance and pensions industry has shown a great level of resilience despite the  deep-seated economic challenges  that has also been worsened by  the emergence  of Covid 19 ,Insurance and pensions commission has said.

Staff Reporter

The Pensions Sector recorded growth in asset base ,that is, an increase of 843% from June 2019 to June 2020,

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The National Social Security Authority (NSSA)  Acting General  Manager ,Arthur Manase has pleaded for a chance to grow the authority saying it had potential that can only be realised through avoiding sensationalism.

Staff Reporter

Manase was speaking at the 2020 Insurance and Pensions Journalists Mentorship Programme.

While he admitted that NSSA had had an unpleasant

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Staff Reporter

The Reserve Bank of Zimbabwe has instructed banks to submit monthly credit reports as it prioritises the identification of risk concentrations in the face of the impact of Covid 19 .

A credit risk is a hazard of default on a debt that may arise from a

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Brokers face a risk of coming under fire from two sides as the litigation and complaints over pandemic related business interruption from Covid-19 spread, with the potential for intermediaries to find themselves in the middle of an E&O storm.

With carriers stating that pandemic related business interruption was never envisaged to be covered under many business insurance policies, the insureds

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Asset managers and pensions funds are set to benefit from the launch of the  Zimbabwe Receivables Marketplace Limited (“ZRM”). The launch follows the signing of a Joint venture agreement between the Zimbabwe Stock Exchange Limited (“ZSE”) and Harare Receivables Exchange Limited in December 2019.

Staff reporter

Announcing the launch today ZSE CEO Justin Bgoni said investors such as Asset

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Banks have been permanently shutting down their branches as they embrace digitisation at a time the country is also struggling to get cash.This has been the norm with the whole financial services sector and now the emergence of covid has also brought its own challenges  that has pushed a greater need to embrace technology.This simply means the more the distance pensioners have to travel to access

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