Articles tagged 'insurance and pensions commission'

Insure passengers, public service vehicles implored 12 December 2018 HARARE - The Insurance Council of Zimbabwe (lCZ) has called on public service vehicle operators to prioritise insurance cover to ensure that victims are compensated in the event of an accident. ICZ said public service operators should ensure that all their vehicles are complaint with the Road ...
Embrace technology, insurance industry urged 10 September 2018 HARARE - Zimbabwe's troubled insurance sector has been urged to embrace digital transformation and use data insights to reduce fraud and increase penetration rate. The country's insurance industry is still reeling from hyperinflation, which happened a decade ago and wiped out people's savings ...
New rules to shake-up insurance sector 11 May 2018 HARARE - Players in the local insurance industry will in three years' time be required to adopt a new version of the International Financial Reporting Standard 17 (IFRS 17) issued by the International Accounting Standards Board (IASB). Experts told The Financial Gazette that the new regulation...
Zim to establish insurance crimes unit 23 April 2018 HARARE - Zimbabwe is set to establish an independent insurance crimes unit to fight rising fraud claims amounting to $165 million annually in the country. Over the past few years Zimbabwe has witnessed an increase in insurance fraud largely due to an increase in cyber-crimes and complexities i...
Liquidity challenges hit life assurers 13 March 2018 HARARE - New business written by the life assurance sector for both individual life and group business decreased by 26 percent and two percent respectively in the quarter to September 2017 on the back of the deepening liquidity crisis, the Insurance and Pensions Commission (Ipec) has said. In ...
Insurers regulator to de-register errant firms 3 July 2017 HARARE - The Insurance and Pensions Commission (Ipec) is threatening to de-register insurance companies and brokers that are failing to meet client claims on time in the wake of a worsening economic situation, the businessdaily can report. With the operating environment buckling to a serious l...
Insurance firms struggle to meet requirements 22 September 2016 HARARE - Credit Insurance Zimbabwe (Credsure) and Sanctuary Insurance Company (Sanctuary), have failed to meet the $1,5 million minimum threshold during the first half of this year due to deteriorating economic conditions, an Insurance and Pensions Commission (Ipec) report has shown. This come...
Pension funds default increases 15 September 2016 HARARE - Millions of Zimbabweans who are counting on pension benefits to fund their retirements risk being severely disappointed amid indications of rising pension fund defaults. A recent report by the Insurance and Pensions Commission (Ipec) revealed that in the six months to June this year, ...
Altfin still in the woods 15 June 2016 HARARE - The Insurance and Pensions Commission (Ipec) says it has placed Altfin Insurance under its watchful eyes to protect policyholder values and interests. This was after Altfin registered a negative growth of 32 percent in the quarter to March 2016, followed by CBZ Life and Heritage which...
Insurance firms under threat 8 April 2016 HARARE - Zimbabwe's insurance companies are facing an uncertain future after the Insurance and Pensions Commission (Ipec) has hiked minimum capital requirements by 66 percent to $2,5 million. The insurance watchdog yesterday said although all non-life insurance companies had complied with the ...
Ailing economy bites insurance sector 22 April 2015 HARARE - Eight short-term insurance companies reported losses in the full year to December 2014 as Zimbabwe's moribund economy continues to affect the country's insurance industry. A report by the Insurance and Pensions Commission (Ipec) released yesterday revealed that the increase in losses ...
Firms accumulate $170m pension arrears 14 May 2014 HARARE - Companies are increasingly failing to remit employees’ pension contributions due to mounting economic challenges, accumulating arrears of up to $170 million, the Insurance and Pensions Commission (Ipec) said. The regulator, in its report on the state of the pensions industry in the qu...