The Insurance and Pensions Commission (IPEC) has deregistered two non-life insurance companies Heritage Insurance and Excellence Insurance for failing to meet the prescribed minimum capital threshold of $1.5 million.
The two firms which had been suspended from initiating and renewing any business follow KFMS Insurance which was deregistered by the regulator last quarter. This brings the number of non-life insurers to 20 from 22 in the last quarter.
“It is hereby noticed that in terms of section 23 of the Insurance Act (Chapter 24:07), the following insurance companies have had their certificates of registration cancelled: KFMS Insurance Company, Heritage Insurance Company of Zimbabwe and Excellence Insurance Company,” IPEC commissioner Manette Mpofu said in a notice today.
In the regulator’s report to June 30, all the operating non-life insurance companies, except Credit Insurance Zimbabwe and Sanctuary Insurance Company reported capital positions which were above $1.5 million.
Zimbabwe’s direct non-life insurance industry has been witnessing a decline in the volume of business generated.
The volume of business written by non-life insurers in terms of total gross premium written (GPW) dropped five percent from $120.31 million for the half year ended June 30, 2015 to $114.33 million for the half year ended June 30, 2016.-The Source
(140 VIEWS)
At least four million people in Zimbabwe reported that they had gone without food on…
Four of the world’s largest banks are all in China. Assets of the Industrial and…
Zimbabwe is one of the 27 countries in the world where the richest 0.1% of…
Zimbabwe has been ranked third among the least free countries in Southern Africa but it…
I had always considered it a curse for a wife to die before her husband.…
This is a true story about the challenges and loneliness I faced when my wife…