Four insurance companies receive warning

Zimbabwe’s Insurance and Pension Commission, IPEC, has issued warnings to four insurers, Cell Insurance, Excellence Insurance, Quality Insurance and Tristar Insurance.

IPEC blames these four companies for not observing the regulation in force regarding minimum capital required, the latter being set at 1.5 million USD by Zimbabwe’s federal bank.

Several insurers had, in the past, their license withdrawn for such violations. Moreover, IPEC has noted accelerated insurance policy underwritings at Cell Insurance over the first six months of the year, hinting that the company may not be able to honor its commitments in the event of a major claim.