IFC and Zimbabwe’s insurance regulator, the Insurance and Pensions Commission (IPEC), recently announced a partnership to create a market for agricultural insurance products in Zimbabwe to protect smallholder farmers from weather-related crop damage and other shocks. Through the partnership, IFC will assess the risks smallholder farmers face, how…
The Insurance and Pensions Commission joins the rest of the World in commemorating International Insurance Awareness Day, which is observed on 28 June, annually. The day was set aside to serve as a reminder to people to review their insurance coverage to ensure that they are adequately protected.…
The Insurance and Pensions Commission (IPEC) has launched a revamped solvency management system for the insurance industry. Dubbed Zimbabwe Integrated Capital and Risk Programme (ZICARP) Framework, the new system aims to, among other objectives, improve consumer protection and assurance to policyholders and beneficiaries. It also provides incentives to…
Chief executive officers and finance directors who deduct pension contributions but do not remit the same to pension funds will face civil and criminal penalties in their personal capacities if the proposed Pension and Provident Funds is passed into law. Pension contribution arrears is one of the biggest…
Mr Ranson Dube loved his family and always wanted the best for them. He would sacrifice spending time with them during weekends, instead spending most of his time at work to supplement his salary so that he could provide for them. He wanted to send his children to…
A pension fund recently lost 80% of the buildings that it had bought from the sponsoring employer, because it failed to register them in the fund’s name. The sponsoring employer was liquidated and all its assets, including the buildings bought by the pension fund, were counted as still…
Funeral assurance is a special branch of insurance where the benefit from the insurance company is used to meet the costs of the funeral upon the death of the insured. The benefit provided by the funeral assurer comes in the form of a funeral service, a cash benefit…
Life is priceless. Although money cannot replace life, life cover provides the necessary financial security to individuals and their dependants. A life policy can provide cover for your entire life or for a specifically set period, such as throughout a child’s tertiary education. The policy pays out a…
Cash before cover simply means that insurance companies will not guarantee insurance cover until and unless the insured has paid premiums that are due. This is applicable whether it is at policy inception or renewal. An insurance contract is premised on the principle that if you have not…
All owners and operators of passenger public service vehicles operating in Zimbabwe are required by the Road Traffic Act to have passenger liability insurance. This is an insurance policy, which covers passengers’ death, permanent disability, medical or funeral expenses in the event of an accident involving a passenger…