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…

Mozambique cyclones hit hard

Mozambique cyclones hit hard

Mozambique cyclones hit hard

Few countries in Africa have encountered and withstood such difficult weather-related and destabilising events as Cyclone Idai and Kenneth. Officials said they were unable to respond to the challenging circumstances that resulted from unprecedented damage caused by back-to-back cyclones. Institutional weaknesses further magnified these problems: lack of an advance evacuation plan, low insurance coverage for properties, lack of resources, poorly…

Zimbabwe insurers call for public inquiry as policyholders struggle with inflation

Zimbabwe insurers call for public inquiry as policyholders struggle with inflation

Zimbabwe insurers call for public inquiry as policyholders struggle with inflation

Insurers in Zimbabwe have warned parliament that it needs to launch a new commission of inquiry to establish the value of insurance policies between 2016 to date, as they have been eroded by inflation. The problems with inflation are affecting both the general insurance market and the life sector. A commission of inquiry had already been launched to determine the…

Mozambique receives funding to build risk management

Mozambique receives funding to build risk management

Mozambique receives funding to build risk management

Mozambique’s Disaster Risk Management (DRM) and Resilience Program has been given a $90m grant from the World Bank’s International Development Association (IDA). This financing will support the implementation of the government’s second DRM masterplan, which seeks to improve financial protection against natural disaster, including the operationalisation and capitalisation of the recently established Disaster Management Fund; strengthen disaster preparedness and response;…

OESAI names new secretary general

OESAI names new secretary general

OESAI names new secretary general

Linet Macharia has been appointed as the secretary general and CEO of the Organisation  of Eastern and Southern Africa Insurers (OESAI). Ms Macharia will be responsible for the day-to-day running of the OESAI, implementing the organisation’s strategy and marketing, developing relationships with OESAI key stakeholders, and creating value for OESAI members and the industry through various OESAI services and activities.…

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