{"id":81183,"date":"2023-07-28T21:59:10","date_gmt":"2023-07-28T19:59:10","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/funeral-assurance-sector-us-business-up-638"},"modified":"2023-07-29T01:27:47","modified_gmt":"2023-07-28T23:27:47","slug":"funeral-assurance-sector-us-business-up-638","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/funeral-assurance-sector-us-business-up-638","title":{"rendered":"Funeral Assurance sector US$ business up 638%"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>THE Funeral Assurance sector has seen the growth of the US$-denominated business increasing by 638% with the South African Rand segment even rising much faster in just three months, the Insurance and Pensions Commission (IPEC) recent report has established.<\/p>\n

The developments come on the back of a general increase in foreign currency related business in the country, which according to the Reserve Bank of Zimbabwe data now accounts for almost 70% of local transactions.<\/p>\n

Accordingly, the Funeral Assurance Industry Report for the first quarter of 2023 shows the levels of foreign currency business generated is consistent with broad economic transaction dynamics.<\/p>\n

\u201cFor the foreign currency business, the sector recorded a total gross premium amounting to US$497,298 and ZAR179,104.<\/p>\n

\u201cGross Premiums Written (GPW) for US$ denominated business increased by 638,28% from US$67,359 while the South African Rand GPW increased by 4,600.90% from ZAR3,810 recorded during the comparable period in 2022,\u201d the report said.<\/p>\n

As at 31 March 2023, seven (7) out of the eight (8) Funeral Assurers were compliant with the Minimum Capital Requirement (MCR) of ZW$62,50 million, as prescribed in Statutory Instrument 59 of 2020.<\/p>\n

During the period, total assets for the funeral assurance sector increased by 37% from ZW$6,10 billion as at 31 December 2022 to ZW$8,36 billion as at 31 March 2023. The increase in the asset base was partly due to inflation-driven revaluation gains on asset values.<\/p>\n

All Funeral Assurers were non-compliant with the minimum Prescribed Asset requirements as at 31 March 2023 with an average Prescribed Asset ratio of 0.21% against the required ratio of 10%, as stipulated by Statutory Instrument 206 of 2019.<\/p>\n

\u201cThe Commission is concerned by the continued non-compliance levels with prescribed asset requirements. All eight (8) players are yet to develop and submit roadmaps in line with SI 206 of 2019. The Commission will be escalating measures to cause compliance,\u201d added the report.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. THE Funeral Assurance sector has seen the growth of the US$-denominated business increasing by 638% with the South African Rand segment even rising much faster in just three months, the Insurance and Pensions Commission (IPEC) recent report has established. The developments come on the back of a general increase in foreign currency […]<\/p>\n","protected":false},"author":84,"featured_media":81182,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[1493,2189,19],"class_list":{"0":"post-81183","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-policy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-zimbabwe"},"yoast_head":"\nFuneral Assurance sector US$ business up 638% - zimbabwe<\/title>\n<meta name=\"description\" content=\"THE Funeral Assurance sector has seen the growth of the US$-denominated business increasing by 638% with the South Afric ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/funeral-assurance-sector-us-business-up-638\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Funeral Assurance sector US$ business up 638%\" \/>\n<meta property=\"og:description\" content=\"THE Funeral Assurance sector has seen the growth of the US$-denominated business increasing by 638% with the South Afric ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/funeral-assurance-sector-us-business-up-638\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-28T19:59:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-28T23:27:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/07\/sm_1690570529.459136.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"402\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/funeral-assurance-sector-us-business-up-638\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/funeral-assurance-sector-us-business-up-638\",\"name\":\"Funeral Assurance sector US$ business up 638% - 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