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IPEC, a body governing the operations of insurance and pensions industry in Zimbabwe, said this in response to questions from our correspondent over allegations of profiteering and unscrupulous dealing by some insurance companies.
According to IPEC, as of 2010 Zimbabwe had nine companies registered under Life Assurance, Life Reassurance (two), Short Term Insurance (11), and Short term Reinsurers (27).

“We don’t have a data base. We largely operate at policy level rather than administrative. The gross premium written in the life sector is $148 324 064, funeral — $33 484 651 and non life $158 968 667,” IPEC prudential manager Mr Munyaradzi Machinjika said.
He said at least $46 094 810, $3 970 591 — funeral and $80 749 000 for nonlife.

Mr Machinjika said although the commission had no database to give a specific number of insurance claims denied most claims were dismissed because of various reasons.
“We have no data base. Reasons generally include non-payment of premiums, claim falls outside policy terms and conditions. For example loss due to political causes,

suicide etc,” he said.

Mr Machinjika could also not give the number of claims rejected saying the commission had no database.
“However, we sometimes act as arbitrator for policyholders and industry players in terms of the Insurance Act Chapter and Pensions and Provident Fund,” he said.
The commission also said it had noted a decline in claims due to improved medication accessibility especially in view of the Aids pandemic and generally improved deployment of risk management by industry players.

Although IPEC could not disclose the number of insurance firms penalised for breaching the Insurance Act it said they had fined firms up to $5 000 for an offence and deregistered some players.