The Insurance and Pensions Commission (IPEC) says Zimbabwe should explore innovative solutions to help mitigate the impact of climate change-related risks and build resilience against its associated disasters.
The government is finalising new regulations to set up a state-run motor third-party liability vehicle insurance scheme to underwrite compulsory vehicle liability insurance.
The Insurance and Pensions Commission (IPEC) has directed insurers to process and settle claims promptly, following a flood of complaints from policyholders who have been calling for regulatory intervention over delays in claims settlement by insurers.
The Zimbabwean life insurance market faces problems in terms of cost, according to Mr Robson Mtangadura, actuarial director of the Insurance and Pensions Commission (IPEC).
The insurance industry has now implemented new regulations that stipulate that insurance premiums have to be paid for the insurance coverage to be effective.
The key challenges faced by the life insurance sector include the credibility of the data used in the mortality tables, Mr Prosper Matiashe, president-elect of the Actuarial Society of Zimbabwe (ASZ) has said.
The International Finance Corporation (IFC) and Zimbabwe's insurance regulator, the Insurance and Pensions Commission (IPEC), are collaborating to introduce agricultural insurance products to Zimbabwe.
Total Gross Premium Written (GPW) by short-term insurers in Zimbabwe climbed by 441% in nominal terms to ZW$103.87bn during 2022 from ZW$19.19bn in 2021. In real terms, the GPW increased by 57%, according to a report published by the the Insurance and Pensions Commission (IPEC).
The Insurance and Pensions Commission (IPEC) is considering implementing a "No premium, no cover" rule on insurers in a bid to curb rising premium arrears.
The insurance sector in Mozambique has denominated over 70% of the gross premium underwritten in foreign currencies as hyperinflation rages in the country.