Buy from registered firms: Ipec

The Insurance Pensions Commission (Ipec) has urged the public to buy insurance products from regulated insurance institutions amid rising incidences of fake policies.

BY KUDZAI MUCHENJEKWA

Addressing members of the public at a roadshow in Gweru on Saturday, Ipec spokesperson Lloyd Gumbo said would-be policyholders have to verify on the regulator’s website if the companies they want to buy policies from are registered under Ipec.

“We are encouraging people to check if the company they want to register with is registered under Ipec on our website or the companies can provide a certificate from Ipec,” Gumbo said.

“This is to avoid buying fake policies and failing to recover one’s money when faced with a predicament.”

There has been a spike in the sale of fake policies, especially on third party motor insurance.

Insurance Council of Zimbabwe technical manager, Nicholas Sai said the council was doing its best to curb insurance fraud and has come up with digitisation to halt the scourge.

Ipec said people should read and fully understand the terms and regulations of the policies they buy to avoid being duped.

The insurance and pensions regulator is holding roadshows throughout the country to give people a better understanding of insurance with a view to encourage to buy insurance products and cushion themselves against future mishaps.

Various insurance companies like Old Mutual, First Mutual and EcoSure were present at the Gweru roadshow, where they showcased their products to residents.

Ipec is a statutory body mandated to regulate the insurance and pensions industry with the objective of developing the industry for protection of insurance policy holders and pension fund members’ interest.

According to Ipec, about 23 510 pensioners could be living in poverty, yet they have money that they have not claimed from their pension funds for years, resulting in $25 million unclaimed benefits as at December 31 2017.