US$ transactions heighten life assurance risks

In the same period last year, life assurance’s topline stood at US$110,05 million. The Insur­ance and Pensions Commission (Ipec) said in its half-year report that funeral assurance products alone accounted for 72 percent of total insurance revenue, with group life assurance contributing a further 11 percent.

Mishma Chakanyuka                                                                                                                                                                                            THE Insurance and Pensions Com­mission (IPEC) has urged life assurers accepting cash premiums to strengthen their transaction monitoring processes in view of the risks associated with the escalating proportion of US$ transac­tions. This comes as US$ cash transactions continue to dominate Zimbabwe’s econ­omy, accounting for over 90 percent of physical cash transactions…

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