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ZiG spawns upheavals in insurance industry
Insurers have been scrambling to reassure policyholders as market jitters resurface in the wake of the introduction of Zimbabwe Gold (ZiG) in April. With memories of the devastating currency shifts in...Published: 24 Nov 2024 at 10:13hrs | 253 | by Staff reporter
Windfall for 33,000 pensioners
The Mining Industry Pension Fund (MIPF) is preparing to compensate pensioners who lost benefits during Zimbabwe's hyperinflationary period between 2006 and 2009. The initiative comes amid reports that...Published: 04 Nov 2024 at 06:49hrs | 4327 | by Staff reporter
Local Bank proposes US$35bn loan to Zimbabwe Government
Time Bank of Zimbabwe has proposed a US$35 billion syndicated loan to the government to address compensation obligations for various groups, including previous farm owners and foreign lenders, as part...Published: 27 Aug 2024 at 12:42hrs | 3109 | by Staff reporter
Government takes over third-party motor vehicle insurance
THE Government is finalising new regulations to set up a State-controlled third-party motor vehicle insurance scheme that will assume the responsibility of underwriting compulsory vehicle liability in...Published: 31 Mar 2024 at 08:07hrs | 2 | by Staff reporter
FML bosses fleece policyholders
FIRST Mutual Life Assurance (FML) managers set up an employee mortgage scheme and an employee staff loan scheme without the knowledge of the board, resulting in policyholders being prejudiced of more ...Published: 21 Mar 2024 at 19:45hrs | 2 | by Staff reporter
Fast growing Zimbabwe diaspora spurs demand for funeral plans
In December 2023, Mavis Clinic Manyonga travelled to the Republic of Ireland from Zimbabwe, looking forward to spending the Christmas holidays with her daughter, Valerie Munashe Makuwe, a nurse in tow...Published: 09 Feb 2024 at 18:51hrs | 2 | by Staff reporter
Zimbabwe pensioners to be compensated for 2007-9 losses
PENSIONERS who lost their life savings during the 2007 to 2009 hyper-inflation era will receive compensation from February 2024, a senior Insurance and Pensions Commission (Ipec) official has said....Published: 17 Nov 2023 at 05:05hrs | 8 | by Staff reporter
Zimbabwe govt tweaks PSMAS medical aid
Government has stopped subsidising adult dependants on PSMAS Medical Aid with immediate effect to lessen the burden on Treasury and PSMAS, while ensuring the viability of the medical cover.In ...Published: 08 Jan 2023 at 09:32hrs | | by Staff reporter
Zimbabwe funeral policies face scrutiny
Following a public outcry against funeral assurance, the Insurance and Pensions Commission is engaging the Zimbabwe Association of Funeral Assurers on policy design and benefits to address concerns th...Published: 27 Oct 2022 at 06:06hrs | | by Staff reporter
Chiwenga, civil servants fight over Psmas
CIVIL servants representative group Zimbabwe Confederation of Public Sector Trade Unions (ZCPSTU) is headed for another showdown with Vice President and Health minister Constantino Chiwenga over the l...Published: 24 Jun 2022 at 08:20hrs | | by Staff reporter
Outcry over insurance service gaps
THE Insurance Council for Zimbabwe (ICZ) was inundated with widespread complaints from the public over lack of transparency by insurers.This was highlighted at the recently held Zimbabwe Inter...Published: 13 May 2022 at 19:10hrs | 1 | by Staff reporter
Pensioners get compensation for lost savings
GOVERNMENT has started paying pensioners a maximum of US$100 in compensation for losses suffered after the country adopted the multi-currency system in 2009.A commission of inquiry was once se...Published: 22 Jan 2022 at 05:23hrs | | by Staff reporter
'Funeral insurers overcharge clients'
Zimbabwe's funeral insurance players may be overcharging clients, the latest sector report from the Insurance and Pensions Commission suggests. The regulator has noted significant incongruity between ...Published: 13 Apr 2021 at 06:21hrs | | by Staff reporter
COVID-19 remodelled Nyaradzo Funeral Services' business
The COVID-19 pandemic has ushered in a new way of approaching issues among Zimbabweans who witnessed a huge number of fellow citizens succumbing to the pandemic after the second wave that hit the coun...Published: 08 Mar 2021 at 05:44hrs | 2 | by Staff reporter
How to avoid funeral policy claim rejection
IN Zimbabwe, getting claims settled by funeral policy insurers now seems to be very challenging. Many think insurers give flimsy excuses, but in most cases, the blame lies with policyholders.W...Published: 12 Feb 2021 at 15:53hrs | 1 | by Farai Francis Zhara
Zimbabwe funeral parlours overwhelmed by COVID-19
AS AUTHORITIES continue to battle to contain the deadly coronavirus, amid alarming deaths and new infections in the country, Zimbabwe's stretched funeral parlours say they are now being overwhelmed by...Published: 17 Jan 2021 at 13:34hrs | | by Staff reporter
Mnangagwa orders US-dollar payment on foreign currency pensions
PRESIDENT Emmerson Mnangagwa Friday ordered US dollar pension pay-outs on all investments under which workers injected foreign currency.This comes after thousands of Zimbabwean workers were be...Published: 28 Nov 2020 at 07:08hrs | | by Staff reporter
Outcry over steep medical aid subscriptions
MEDICAL aid companies are in the eye of a storm as policyholders are accusing them of ripping them off through drastic increases in contributions, most of which are wiping out their salaries.D...Published: 11 Oct 2020 at 10:02hrs | 1 | by Staff reporter
Medical aid companies ripping policyholders off
MEDICAL aid companies are in the eye of a storm as policyholders are accusing them of ripping them off through drastic increases in contributions, most of which are wiping out their salaries.D...Published: 11 Oct 2020 at 08:00hrs | | by Staff Reporter
Compensate pensioners, policy holders: Senate
MIDLANDS Senator Lillian Timveous has introduced a motion in Senate which calls for government to craft a regulatory framework that will deal with compensation of pensioners and policyholders whenever...Published: 01 Aug 2019 at 21:55hrs | | by Staff reporter
Zimdollar return hits pensions
Zimbabwe Association of Pension Funds (ZAPF) is saying the introduction of Statutory Instrument (SI) 142 has reduced confidence in policyholders and shareholders in the pensions industry that has been...Published: 26 Jul 2019 at 08:28hrs | | by Staff reporter
Insurance companies milking the public again
Dear Editor,There was a Commission of Inquiry set up to look at how insurance companies failed to compensate policyholders after the loss of value prior to 2009. The shareholders of these insu...Published: 10 Jun 2019 at 17:53hrs | | by Mandla Ndlovu
'Pensioners to be paid in US dollars'
THE Insurance and Pensions Commission (IPEC) has engaged the World Bank to come up with a model aimed at ensuring policyholders and pensioners who paid premiums and contributions from 2009 to February...Published: 19 May 2019 at 09:11hrs | | by Staff reporter
Mnangagwa govt's failures may trigger public anger
Over the past year, President Emmerson Mnangagwa and his government have totally ignored calls from Zimbabweans to change the corrupt and inefficient way in which government is run. Zimbabweans from a...Published: 17 May 2019 at 07:19hrs | | by Martin Tarusenga
RBZ ring-fences pension values
The Reserve Bank of Zimbabwe (RBZ) will continue to help pension companies preserve the value of their funds in United States dollars, the bank's Governor, Dr John Mangudya, said on Friday.As ...Published: 24 Feb 2019 at 06:33hrs | | by Staff reporter
Industry in $600m pension arrears, Parliament told
THE Insurance and Pensions Commission (IPEC) yesterday disclosed to Parliament that industry owed more than $600 million in pension arrears against a retirement fund value of $5 billion."The i...Published: 15 Jan 2019 at 06:28hrs | | by Staff Reporter
Net closes in on under-capitalised assurers
The Insurance and Pensions Commission (Ipec), is closely monitoring three under-capitalised life assurance firms - Evolution Life, Heritage and Fidelity Life - after the assurers closed the third quar...Published: 08 Jan 2019 at 20:58hrs | | by Staff reporter
Life assurance profits down 63% in Q3
ZIMBABWE'S life assurance industry recorded 68 % decline in after tax profits to $314,85 million in the nine months to September 2018 compared to $979,27 million during the same period in 2017, the in...Published: 08 Jan 2019 at 09:20hrs | 1 | by Staff reporter
Regal Insurance suspended
Regal insurance has been suspended from underwriting any business following its failure to settle policy claims, the NewsDay has established.Documents seen by this paper show that the company ...Published: 28 Dec 2018 at 20:43hrs | 1 | by Staff reporter
Mthuli Ncube boost for insurance sector
FINANCE Minister Mthuli Ncube says government has reviewed upwards the minimum prescribed asset thresholds for the insurance and pension industry which were introduced in 2010 in order to improve reso...Published: 30 Nov 2018 at 09:29hrs | | by Staff reporter
ZPC boss exonerates Undenge
ZIMBABWE Power Company managing director, Noah Gwariro yesterday sprung to the defence of former Energy minister Samuel Undenge, who is accused of criminal abuse of office after he allegedly ordered t...Published: 07 Jun 2018 at 07:18hrs | 1 | by Staff reporter
Civil servants oppose Medical Aid Societies Bill
Civil servants are opposing proposed legislation seeking to regulate the functions of medical aid societies, describing the new Bill as unnecessary ostensibly because it seeks to duplicate the functio...Published: 26 Aug 2017 at 16:02hrs | | by Staff reporter
Pensioners suffer massive prejudice
THE Government-appointed Commission of Inquiry probing the conversion process of pension and insurance benefits after dollarisation in 2009 has wound up its work and will have a comprehensive repo...Published: 29 Jan 2017 at 09:24hrs | | by Staff reporter
Stinging charge sheet for Fidelity bosses
STINGING allegations of breaches of exchange control regulations, fraud and financial impropriety have become the core of a possible charge sheet against Fidelity Life Assurance (FLA) directors - Mr S...Published: 19 Jun 2016 at 12:13hrs | 1 | by Darlington Musarurwa and Africa Moyo
Zimdollar pensioners to be compensated
The ministry of Finance is seeking to compensate thousands of policyholders and pensioners who lost their savings in the conversion to US dollars from Zimbabwean currency in 2009. Finance...Published: 28 Mar 2016 at 10:04hrs | | by Staff Reporter
Zimbabwe insurance firms accused of robbing policy holders
PENSION and insurance players in Zimbabwe are not maintaining accurate and comprehensive data which allows for precise calculation of pension and insurance funds and member benefit entitlements....Published: 29 Nov 2015 at 07:44hrs | | by Staff reporter
Policyholders take Old Mutual to task
In South Africa they have got Theo Botha - irrepressible shareholder activist - and Zimbabwe could be getting its own version in the form of businessperson Chester Mhende. About two decade...Published: 23 Apr 2015 at 08:38hrs | 1 | by Staff reporter
ZB Life Assurance accused of fraud
ZB Life Assurance is embroiled in a messy wrangle with a group of policyholders, who are demanding their premiums back citing misrepresentation on the benefits of the insurance product. There ...Published: 13 Sep 2013 at 05:29hrs | | by Business reporter
Afre shareholders approve $8.631mn capital raising, removal of 3 directors
Afre shareholders approved the raising of $8.631 million through a rights issue, and the removal of 3 directors with 99% voting in favour of the 5 resolutions at an EGM held this morning.The ...Published: 26 Oct 2012 at 09:15hrs | | by Business reporter
Bulawayo to host the Insurance Institute conference
THE Insurance Institute of Zimbabwe will hold its annual conference in Bulawayo from November 6 to 9. The conference will run under the theme: "Insurance - The diamond for National growth in Zimbabwe ...Published: 28 Oct 2011 at 04:14hrs | | by Staff reporter
AFRE proposed AGM and Extraordinary General Meeting
The ZSE, SEC and Commissioner of Insurance Pension and Provident Funds has issued a notice to investors, insurance policyholders, pension fund members, depositors and other stakeholders relating to th...Published: 22 Sep 2011 at 11:53hrs | | by Business reporter
Afre Corporatio​n Limited approach shareholde​rs for funds
An improvement in operational performance across Afre’s subsidiaries has motivated management to approach shareholders for additional funding so as to take advantage of new busine...Published: 18 Aug 2011 at 07:53hrs | | by Business reporter
Econet rejects TrustCo Mobile's plea
Zimbabwe's largest mobile phone operator, Econet Wireless has rejected TrustCo Mobile's plea to reinstate the contract under which the Namibian firm supplied the software platform for Econet's mobile...Published: 09 Jun 2011 at 20:15hrs | | by Mafu Sithabile
Old Mutual defends Zimbabwe diamonds investments
OLD Mutual prides itself on being a paragon of good corporate governance and business ethics. Now the insurer is being haunted by its continued investment in two Zimbabwean companies that are at...Published: 31 Mar 2011 at 04:35hrs | 1 | by Sure Kamhunga
Zim pensioners paid below poverty datum line
Zimbabwean pensioners who hold policies at Old Mutual Zimbabwe (OMZ) are being paid out as little as US$20 (R138) a month √¢‚Ǩ‚Äú less than the universal poverty datum line of $1 a day √...Published: 25 Mar 2011 at 04:36hrs | | by Donwald Pressly
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