Capital increase of insurance companies

The Insurance Pension Commission (IPEC) intends to raise the minimum capital required to carry out an insurance activity in Zimbabwe. The current amounts of 300 000 USD for non-life insurers and 500 000 USD for life insurers are deemed too low. In 2011, 26 insurance companies are sharing a market worth only 159 million USD. The new criteria for minimum capital have not so far been disclosed. IPEC has also said that it would, henceforth, grant major importance to transparency, compelling all operators to publish their financial statements in due process with strict adherence to international standards.