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07 Sep, 2020
Tawanda Musarurwa Senior Business Reporter
Zimbabwe’s pensions and insurance sector is showing resilience to the Covid-19 crisis, with players in the sector continuing to pay out benefits and claims during the peak phase of the pandemic.
Despite the sector being weighed down by the double whammy of reduced contributions and premiums on the one hand and under-performing investment assets on the other, the sector has continued to play its essential role.
But even before the impact of the pandemic began to be felt around March this year, the sector was already trying to cope with the effects of a hyper-inflationary environment.
“Despite all these challenges, the industry has demonstrated resilience. Notwithstanding all these macro-economic challenges and the Covid-19 pandemic, the industry remains resilient as indicated by the fact that it has continued to operate and continued to pay claims and benefits even during the lockdown,” said Insurance and Pensions Commission (IPEC) Commissioner Dr Grace Muradzikwa recently.
“For instance, the insurance sector paid about $726 million in claims from April to June 2020. And the pensions sector paid benefits worth $483 million between January and June 2020.” – The Herald
Content retrieved from: https://www.herald.co.zw/pensions-insurance-sector-show-resilience/.
