Zimbabwe

Axco provides details on the life insurance sector including Zimbabwean market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Zimbabwe the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Zimbabwean pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Zimbabwe report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Prior to the financial crisis that culminated in the almost total loss of value of the Zimbabwe dollar and its subsequent demonetarisation, Zimbabwe had had a relatively strong life insurance market. Following the abandoning of the Zimbabwe dollar in 2009, the industry was essentially restarted from a zero base.

The Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) (Amendment) Regulations, 2020 (No 4) (SI 2020-280), issued in November 2020, made it possible for pension and provident funds to receive contributions in a foreign currency, from entities approved by a legal instrument to settle local contracts or pay local employees ....

Although the number of COVID-19 cases did not initially appear large, new cases accelerated towards the end of 2020 and, together with health service provider strikes, made healthcare management difficult. Limited testing may mask a deeper problem.

Almost all private provision for medical costs is made by medical aid societies ....