December 2018

10Dec

Zimbabwe. IPEC endorses policyholder security

The proposed Policyholder Protection Fund for the insurance and pension industry is a welcome development as it will help assure policyholders that they will receive compensation due to them upon the occurrence of an insured event, the Insurance and Pensions Commission (IPEC) has said. The insurance and pension industry regulator said given the critical role played by insurance in the growth of the economy, it is critical that the market is stable against any market shocks or failure. IPEC’s remarks come...

December 10, 2018
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September 2018

17Sep

Zimbabwe’s Insurance And Pensions Commission (IPEC) Eyes Blockchain For Solutions

The Zimbabwean Insurance and Pensions Commission (IPC) is urging local insurance companies to make use of the ever-growing blockchain technology. Most industries are facing problems that can be solved by the blockchain technology. According to IPC, the technology will offer several advantages to the sectors. Some of the benefits are that the technology will make it easier for the companies to deal with the issues of low insurance and pensions penetration. IPC’s chairlady Mrs. Lynn Mukonoweshuro suggests that financial inclusion and...

September 17, 2018
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10Sep

Zimbabwe mulls pension reforms

Zimbabwe is proposing pension reforms as it seeks to come up with an efficient pension system, according to a draft document compiled by the Insurance and Pension Commission. This comes amid challenges besetting the industry, including low confidence levels, poor viability of pension funds, low coverage and poor corporate governance. “In view of the above challenges, the Insurance and Pensions Commission has taken an initiative to propose holistic reforms for the country’s pension sector in order to come up with an...

September 10, 2018
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September 2017

13Sep

Zimbabwe. Rhodesian pensioners in SA ‘turn destitute’ as Mugabe govt ‘scraps payouts’

Zimbabwean pensioners who served under the Rhodesian government before relocating to South Africa have reportedly turned destitute after President Robert Mugabe's government "scrapped their payouts without explanation". According to NewsDay, an organisation set up to keep track of the affected pensioners and their welfare, Flame Lily Foundation, said its 300 members aged between 78 and 101 had been "dumped" by the Zimbabwean government. The pensioners were said to have relocated to South Africa at independence in 1980. "We established a project to...

September 13, 2017
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June 2017

19Jun

Zimbabwe. Impact Investment: Powerful tool for pension funds

There is a growing trend for pensions funds to strategically invest in order to achieve their corporate societal  engagement  strategy. Impact investment, which support social change while making a financial return has become a powerful tool for institutions such as pension funds as well as insurance companies and corporates. Impact investment, a term coined in 2007, is an approach in which, financial assets are invested with two objectives in mind: The first being to achieve a financial return white the...

June 19, 2017
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16Jun

Zimbabwe: Mines Owe Pension Fund US $100 Million

Pension funds in the mining sector are owed almost US$100 million in unremitted contributions, mostly by large companies, despite an anticipated recovery in the capital-intensive industry. Mining overtook agriculture as the largest contributor to the economy more than four years ago, but the industry, like many other economic sectors, continues to default on pension contributions, blighting the retirement plans of many pensioners. Mining contributes 60% of the country's exports. According to the Mining Industry Pension Fund (MIPF) annual report for 2016, the...

June 16, 2017
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May 2017

18May

Zimbabwe. NSSA pensions to increase

Government is set to increase pensioners' benefits from the National Social Security Authority (NSSA) once the ongoing actuarial evaluation exercise is complete, a Cabinet Minister has revealed. Public Service, Labour and Social Welfare Minister, Prisca Mupfumira, said this during the National Assembly question and answer session yesterday. "At the moment, there is an actuarial evaluation going on that will determine the level of increment," she said. Full Content: Chronicle Remember to subscribe to our free weekly newsletter for more news or subscribe to...

May 18, 2017
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15May

Zimbabwe. IPEC drafts law to deal with pension funds trustees

The Insurance and Pension Commission has completed draft regulations that empower it to deal with errant trustees of pension funds, an official said. Commissioner Tendai Karonga said IPEC had observed several poor cooperate governance practices, prompting the commission to come up with tight controls. The draft regulations have already been submitted to the Ministry of Finance for approval. "We are in the process of developing new procedures to control the unacceptable behaviour by some of the trustees," said Mr Karonga "Basically it...

May 15, 2017
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