Insurance industry hit by debtors

Insurance industry hit by debtors
IPEC encouraged insurers to write business on a strictly “no premium, no cover” basis.

IPEC is encouraging insurers to write business on a strictly “no premium, no cover” basis.

ZIMBABWE’s insurance industry, which has been issuing policies on credit, has been hit by large premium debtors, The Financial Gazette has learnt.
The Insurance and Pension Commission (IPEC) and players in the sector said the situation was threatening the viability of insurance companies, which now had huge debtors in their books.
Some of these had resulted in high provisions for doubtful debts or complete write-offs.

Read full story in The Financial Gazette paper

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