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Zimbabwe: Regulator urges undercapitalized insurers to "consider merging"

July 4, 2014 - 6:00am

Zimbabwe's Insurance and Pensions Commission said in its short-term insurance report for the first quarter of 2014 that the capital position of 13 insurers "fell short of the minimum capital requirement," The Herald reported.

The regulator said "insurers who fail to comply with the minimum capital requirements" should consider merging, if other capital raising steps are unsuccessful. Meanwhile, nonlife insurers’ overall gross premium written rose 7% year-on-year to $71 million during the first quarter.

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