Zimbabwe, five insurers penalized by license withdrawal

Zimbabwean supervisory authorities have responded severely to irregularities discovered at the level of five players on the insurance market. Insurance and Pension Commission (IPEC) said it had acted with a view to protecting the rights of the insured as per insurance code.

Excellent Insurance Company and KNFS Insurance Company have been suspended because of their poor financial situation. Global Insurance Company and New Reinsurance Company had their operations interrupted for flawed management. Finally, Navistar Insurance Brokers has been blamed for ethical breach.