IPEC engages funeral assurers over funeral assurance products.

Judith Phiri, Business Reporter

THE Insurance and Pensions Commission (IPEC) says it is engaging funeral assurers through their association, the Zimbabwe Association of Funeral Assurers (ZAFA) following concerns being raised by the public on funeral assurance products in Zimbabwe.

In a statement, the Commission said it had taken note of ongoing discussions.

“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,” said the Commission.

IPEC said 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.

The Commission said it will update stakeholders on the progress regarding the exercise.

“Meanwhile, policyholders with complaints against any of IPEC’s regulated entities, can raise their complaints with IPEC.”

Time and again, IPEC has called on insurers to be more accountable and transparent in their conduct.

With the Commission at times raising concerns that policy documents were not written legibly and had insufficient detail especially on cash in lieu and insurable interest issues which have become potential sources of fraud.