Update on Nyaradzo Group Debate
Insurance Regulator Finally Speaks
The Insurance and Pensions Commission (IPEC, the statutory body regulating the insurance and pensions business in Zimbabwe, says it has taken note of the grievances that have been raised by the public regarding funeral assurance products’ design and pricing.
IPEC said they were already talking with the industry on the need for changes to product design and broader industry reform. There has been debate on social media platforms in recent days about Nyaradzo Group’s funeral benefits, with some commentators accusing the end-of-life industry firm of fraud.
Nyaradzo has been accused of ripping off its clients by revoking policies if the assured fails to pay subscriptions for three months when they will have been paying them consistently for three decades. In a statement, IPEC said it is seized with the concerns raised by the public and will update stakeholders on the outcome of its ongoing engagement with funeral assurers. Reads the statement:
“The Insurance and Pensions Commission (IPEC) has taken note of ongoing discussions on social media, regarding funeral assurance products and pricing in Zimbabwe. IPEC acknowledges the concerns that have been raised by the public on the matter and wish to advise that prior to the current discussions on the matter, IPEC, in line with its mandate of protecting the interests of policyholders, was already in engagement with funeral assurers through their association Zimbabwe Association of Funeral Assurers (ZAFA) on these and other issues.”
These engagements, which also centre around product design and pricing, are expected to culminate in reforms that will ensure the vibrancy and sustainability of the sector and the protection of policyholder interests.
IPEC will update stakeholders on the progress made.
