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IPEC fines non-compliant companies

Harare Bureau: THE Commissioner of Insurance and Pensions has started penalising pension funds and insurance companies that failed to comply with prescribed asset ratio requirements as at December 31, 2015. In July 2014, the Ministry...

IPEC fights insurance fraud

Golden Sibanda: THE Insurance and Pension Commission is working with the insurance firms to put tamper proof features on cover notes to deter fraud. This comes as a significant number of people have lost money and...

Nicoz seeks new investor

HARARE: ­ Zimbabwe's largest short­term insurance firm, NicozDiamond (Nicoz), is seeking a new investor following the collapse of recent capital­raising initiatives. Nicoz company secretary Gloria Zaravanhu yesterday said discussions on the transaction contemplated by the...

Nicoz completes first phase houses

HARARE ­ Short­term insurer Nicoz Diamond (Nicoz) says it has completed the first phase of its Hatfield Diamond Villas cluster houses with the units now on the market for rental purposes. Nicoz managing director Grace...

El Nino eats into $6m agric insurance

Enacy Mapakame: THE prevailing weather conditions that are being induced by the El Nino will likely eat into the earnings of local crop insurers. Local crop insurance business generate an average of $6 million from the...

ZB opens Mozambican unit

Livingstone Marufu ZB Reinsurance, a wholly-owned subsidiary of ZB Financial Holdings, has been given the green light to roll out services in Mozambique by the Insurance Institute of Mozambique (ISSM) and has started underwriting its...

Nervy times at Fidelity Life

Enacy Mapakame and Livingstone Marufu A FORENSIC audit of Fidelity Life Assurance’s financial statements that started in April has been extended to August amid indications the auditors — KPMG Accountants — are keen to investigate...

Legal Matters: Insurance companies are not the devil

Insurance as a business is largely divided into two broad categories: short-term and long-term. The first is technically called indemnity or property insurance, while the second is non-indemnity or life insurance. Short-term is so-called...

Fidelity Life Assurance on a roll

Livingstone Marufu Business Reporter FIDELITY Life Assurance, buoyed by the runaway success of its housing projects in Harare South, is now angling to increase its land bank for business and office stands as management feels this...

Stinging charge sheet for Fidelity bosses

Darlington Musarurwa and Africa Moyo STINGING allegations of breaches of exchange control regulations, fraud and financial impropriety have become the core of a possible charge sheet against Fidelity Life Assurance (FLA) directors – Mr Simon...
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