Zep-Re opens business park in Lusaka

Zep-Re opens business park in Lusaka

Zep-Re opens business park in Lusaka

Zambia’s President, Dr Edgar Chagwa Lungu, has officially opened a Zep-Re business park in Lusaka and pledged his continuing support for the insurance sector. President Lungu stressed the importance of insurance in sustaining a healthy and growing economy, and commended the company for making its largest investment in Zambia. “Zep-Re has actively participated in mitigating losses suffered in the market…

Zimbabwe’s insurers face massive hike in capital requirements

Zimbabwe’s insurers face massive hike in capital requirements

Zimbabwe’s insurers face massive hike in capital requirements

Zimbabwean insurers are facing a massive hike in capital requirements after the country’s finance minister Mthuli Ncube increased the minimum capital requirements to 15 times their previous level. The move follows similar changes announced in Nigeria and Ghana, as the continent’s regulators move to ensure that insurers are well capitalised to protect value for policyholders and pension members. The new…

East and southern Africa states celebrate 25 years of COMESA

East and southern Africa states celebrate 25 years of COMESA

East and southern Africa states celebrate 25 years of COMESA

The Common Market for Eastern and Southern Africa (COMESA), which includes financial services, is celebrating 25 years. ZEP-RE has been one company celebrating the 25-year milestone, saying: “The common market has had tremendous impact on the lives and people of the region and this milestone is celebrated in recognition of the transformation that the economies across eastern and southern Africa…

Zimbabwe to tighten money-laundering rules for insurers

Zimbabwe to tighten money-laundering rules for insurers

Zimbabwe to tighten money-laundering rules for insurers

Zimbabwean insurers will face tougher anti-money-laundering (AML) rules after the country was placed on the Financial Action Taskforce (FATF) watch list. The Insurance and Pensions Commission (IPEC) said it will review licensing mechanisms for local insurers to ensure they comply with international AML regulations. This followed lack of progress in addressing deficiencies that were first flagged in 2016. IPEC commissioner…

Zambia budget creates risks for debt sustainability

Zambia budget creates risks for debt sustainability

Zambia budget creates risks for debt sustainability

Zambia’s 2020 budget could increase risks to the sovereign’s external debt sustainability unless new sources of grant funding or concessionary lending are found, Fitch Ratings has warned. The ratings agency said the budget envisages a significant increase in such funding but does not identify the likely sources. “The budget forecasts a revenue increase to 22% of GDP, driven by expected…

Zimbabwe tightens rules for insurers

Zimbabwe tightens rules for insurers

Zimbabwe tightens rules for insurers

Zimbabwean insurance companies have been told they must now undergo monthly audits to ensure their assets are sufficient to cover their clients’ properties in the event of a loss. The government is reported to have gazetted the new regulations that will, among other things, ensure minimum prescribed asset ratios for insurers as announced by finance and economic development minister Mthuli…

Insurers welcome move to simplify policy language in Namibia

Insurers welcome move to simplify policy language in Namibia

Insurers welcome move to simplify policy language in Namibia

Insurers have welcomed the news that the Namibian finance minister has tabled a Financial Institutions and Markets (FIM) bill, which will require insurance policies, certificates of coverage and any other relevant documents to be written in plain and simple language. It aims to ensure that consumers understand what they sign up for when they are buying insurance. The goal is…

UN to work with Zimbabwe to reduce road risks

UN to work with Zimbabwe to reduce road risks

UN to work with Zimbabwe to reduce road risks

Zimbabwe’s economy is being held back by the high fatality rate on its roads, according to the United Nations’ (UN) Economic Commission for Africa (ECA). The ECA said it is working with Zimbabwe to see how the country can significantly reduce road casualties in the southern African nation, so it can serve as an example for the rest of the…

New Zimbabwe regulator calls for a fresh approach

New Zimbabwe regulator calls for a fresh approach

New Zimbabwe regulator calls for a fresh approach

Zimbabwe’s insurers need to move on from ancient history and position themselves at the heart of the economy, said the newly appointed head of the Insurance and Pensions Commission. Grace Muradzikwa, former managing director and executive director at NicozDiamond Insurance, told The Standard: “Like any other sector of the economy, the industry has its own challenges. I hope through collaborative…

Botswana insurers warned to improve governance as new Insurance Act takes effect

Botswana insurers warned to improve governance as new Insurance Act takes effect

Botswana insurers warned to improve governance as new Insurance Act takes effect

Insurers must step up to meet the higher standards required by Botswana’s new Insurance Industry Act, warns the regulator. Oaitse Ramasedi, chief executive officer of the Non-Bank Financial Institutions Regulatory Authority (NBFIRA), said: “The authorityregulates and supervises in line with international standards and best practice, and the risk-based approach used is indeed international best practice. “It is in this regard…

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