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The Zimbabwean government has expressed deep concern over the prevailing “misery type of living” experienced by a significant number of retired civil servants. The government believes that this distressing situation is primarily attributable to the lack of knowledge and life skills among retirees, particularly regarding retirement planning.
According to an internal memorandum from the Ministry of Primary and Secondary Education, the government has recognised the urgent need to empower prospective retirees with essential retirement planning skills. The memorandum seen by Pindula News states that after conducting a pilot retirement planning program in collaboration with the Public Service Commission in November and December 2023, the Human Resources Department (HRD) is now requesting the names of civil servants who hold positions of Deputy Director Grade and below and are fifty years of age or older. Read the memorandum in part:
<blockquote>
The Ministry intends to capacitate all the prospective retirees on retirement planning. This move is necessitated by a misery type of living by most members who were civil servants due to lack of knowledge and life skills after retirement. The government is concerned about life after retirement of its employees hence the need to capacitate its employees on retirement planning for better life after exiting the employment.
</blockquote>
However, the memorandum fails to address other significant factors contributing to the difficulties faced by retired civil servants. These factors include extremely low wages during their active service, meagre pension payouts, and an economy plagued by corruption and mismanagement. After dedicating 30 or 40 years of service to the nation on meagre salaries, retired public sector workers receive pensions that are barely sufficient for their basic needs. Many struggle to afford even the most essential food items, as their monthly pension payouts can be as low as US$20, which is significantly less than their monthly contributions.

<ul>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2024/01/04/we-usually-get-us20-per-month-or-zw92000-pensioners/">We Usually Get US$20 Per Month Or ZW$92,000 – Pensioners</a></li>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/12/27/school-heads-demand-usd-pensions-for-retirees/">School Heads Demand USD Pensions For Retirees</a></li>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/10/23/zimbabwe-seeks-to-compensate-pensioners-who-lost-savings-during-hyperinflation/">Zimbabwe Seeks To Compensate Pensioners Who Lost Savings During Hyperinflation</a></li>
</ul>
Furthermore, the Zimbabwean dollar’s continuous devaluation over the years has severely eroded the value of pensions and salaries, exacerbating the challenges faced by retirees. Despite the government’s recognition of the need for retirement planning programs, it is crucial to address the underlying systemic issues such as low wages, insufficient pensions, and economic instability to ensure a more dignified and secure retirement for civil servants.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Zimbabwean Government Says It's Concerned Over Misery-Type Life Of Retired Civil Servants

The insurance sector in Zimbabwe is moving towards complete dollarisation, as per data from the Insurance and Pension Commission (Ipec). Industry participants wrote businesses worth approximately US$300 million in the previous year.
For short-term insurers in foreign currency, Gross premium written (GPW) increased by 42% to US$143.85 million. The main sources of foreign currency business were motor and fire insurance, which together made up 51% of the total business written during the period. Gross premium written (GPW) refers to the total amount an insurer writes during a specific period, before any deductions for expenses such as ceding and commissions. 
Zimnat Lion, Old Mutual, Cell Insurance, Alliance and Nicoz Diamond Insurance dominated the market with a combined market share of 83% in terms of foreign currency-denominated GPW, <a href="https://www.newsday.co.zw/business/article/200010589/insurance-sector-moves-towards-dollarisation">NewsDay</a> reported citing a report by Ipec. The Ipec report read in part:
<blockquote>
Only motor insurance line of business had negative growth of 15%. Consistent with the 2021 trend in foreign currency-denominated business, the major classes of business written by short-term reinsurers were fire and motor insurance business contributing a combined 62% of the gross premium written for the year ended December 31, 2021.
</blockquote>
<h2>The trend isn’t peculiar to the Insurance sector</h2>
The latest statistics availed by the Zimbabwe National Statistics Agency show that the whole economy is fast dollarising with 78% of transactions for food purchases now being done in foreign currency.
According to central bank governor John Mangudya, the financial industry in Zimbabwe has more US dollars than local currency. About 70% of the total deposits in the banks are in foreign currency, with the remainder being in Zimbabwe dollars.
This is mainly because the Zimbabwe dollar has been losing value against the USD since its reintroduction in 2019.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe's Insurance Sector Moving Towards Complete Dollarisation

Zimnat, an insurance company in Zimbabwe has responded to reports pertaining to Diaspora Funeral Cash Plan (DFCP) policies. There were varying reports following changes to the above existing policies. Below is ZIMNAT’s full response to the reports.
<blockquote>The relationship between Zimnat and Destiny Financial Services T/A as DFCP
Since January 2012, Destiny Financial Services has been an appointed agent of Zimnat Life Assurance for the DFCP product with the primary mandate to promote, market and extend the sale of funeral cover plans to Zimbabweans in the diaspora through online channels for a commission. To this end and in line with insurance laws, Zimnat operated and continues to operate as the underwriter. An underwriter is a registered life office whose primary responsibilities are to assume the insured risk against payment of the applicable premium, issue policy documents, maintain the policy and settle claims from policyholders in line with the terms and conditions of the product. The relationship between the client and the underwriter begins the moment a policy application has been accepted and a policy document has been issued, subject to payment of premiums.
The Nature of the DFCP Product
DFCP is a long-term funeral cover where one pays premiums for twenty years (20) and is covered for the rest of their lives after the premium paying period. An important point is that premiums must be paid consistently to maintain cover. A lapse will occur where a policyholder fails to pay premiums for a consecutive period of three (3) months. If a policy lapses, unfortunately, all benefits under the policy are lost.
The insurance industry in a highly regulated industry. The DFCP product is registered, as is required by law, with the Insurance and Pension Commission (IPEC) of Zimbabwe and the exchange control division of the Reserve Bank of Zimbabwe (RBZ). IPEC, the insurance regulator in Zimbabwe, and RBZ have approved the issuing of policies in foreign currency for Zimbabweans living in the diaspora. These policies shall be maintained and paid out in foreign currency.
The migration of policies to another insurer
The DFCP policy is a contract between the policyholder and the underwriter. Both the policyholder and underwriter have to agree to a migration of the policy to another underwriter or to any material change of the products or its terms and conditions. A third party, such as a marketing agent like Destiny Financial Services, has no power to migrate a policy to another underwriter or otherwise change the product or its terms. Zimnat has not moved or authorised the movement of policies or contract to any new provider or underwriter.
Security of funds against currency and country risk
Due to the prevailing macro-economic environment in Zimbabwe and upon the request of Zimnat, RBZ has granted authority to ring-fence funds related to DFCP for investment offshore. This guarantees the ability of Zimnat as the underwriter to settle claims in the currency contracted.
Further to this, it is important to underscore the security of policyholder funds with Zimnat for the following reasons:
<ul>
<li>Zimnat is a leading financial services brand in Zimbabwe</li>
<li>Zimnat is in partnership with Sanlam, which is the largest non-banking financial services company on the African continent</li>
<li>Zimnat has a Global Credit rating of A-</li>
<li>Zimnat works with the best local and global reinsurers available</li>
<li>Zimnat employs and has access to the best actuaries in the world</li>
</ul>
Zimnat responses to some specific allegations made through the media
<ol>
<li>“The currency volatility in Zimbabwe is very bad for long term investments like DFCP…… adoption of RTGS as the official currency wiping off people’s USD savings, investments and policies.”</li>
</ol>
Our Response
<ul>
<li>IPEC and the Reserve Bank of Zimbabwe (RBZ) have given authority to ring-fence funds related to DFCP for investment offshore with a view to guarantee the ability of Zimnat as the underwriter to settle claims in the currency and to the value contracted.</li>
<li>The Government of Zimbabwe has been unequivocally supportive of diaspora related products. Circular 13 of 2019 from IPEC dealing with the authority to offer selected insurance policies in foreign currency, coming after the gazetting of Statutory Instrument (S.I) 142 Of 2019, gives provisions to this effect.</li>
<li>As a policy, Zimnat engages internationally reputed Re-Insurers to carry any risk that Zimnat cannot carry, including but not limited to currency-related risk. In simple terms, Zimnat has in place sufficient protections to guarantee the settlement of all DFCP claims in foreign currency.</li>
</ul>
<ol start="2">
<li>“Policy holders lost money on Gadziriro (“USD” Funeral cover)”</li>
</ol>
Our Response
<ul>
<li>Gadziriro (“USD” Funeral cover) is a local product. As promulgated by Circular 13 of 2019 from IPEC dealing with the authority to offer selected insurance policies in foreign currency, coming after the gazetting of Statutory Instrument (S.I) 142 of 2019, existing foreign currency- denominated products (like Gadziriro) shall run to their natural expiry. Claims will be settled in the contracted currency.</li>
</ul>
<ol start="3">
<li>“Zimnat Life operates 100% in Zimbabwe and invest in bond notes/ RTGS”</li>
</ol>
Our Response
<ul>
<li>Zimnat is part of the Sanlam Group, which is the largest non-banking financial services company on the continent, with a footprint across 33 countries and has over 90 operating businesses in Africa and Asia. Our investment portfolio is likewise diversified into different investment locations, investment types and investment currencies.</li>
</ul>
<ol start="4">
<li>“Zimnat Is Refusing to be dropped as an Underwriter”</li>
</ol>
Our Response 
<ul>
<li>It is not possible to drop an underwriter from an insurance policy or contract. The alleged dropping of Zimnat as an underwriter by Destiny Finance is a non-event.</li>
<li>Zimnat cannot stop a non-exclusive agent like Destiny Finance from engaging an underwriter of their choice, particularly to sell new business. However, Zimnat as a responsible financial services provider with a fiduciary responsibility to policyholders has an obligation to all existing clients to give them sound financial advice. Zimnat also has an obligation to support existing policyholders in their decision making with regards to their policy.</li>
<li>In this instance, our existing policyholders stand to potentially lose in the event of lapsing their policy. It is not possible for Destiny Finance to transfer the Zimnat Life policy to another insurer. It is therefore incumbent upon the policyholder to satisfy themselves as to the terms and conditions of any prospective new policy on offer. Zimnat is available to provide clarity, support and any other services that might be required by its clients.</li>
</ul>
Zimnat’s commitment to our current and future clients
Zimnat will honour and pay all obligations as they fall due for policies that remain valid. Zimnat looks forward to maintaining policies for our existing policyholders. Should you require any clarification, kindly call us or WhatsApp us +263772175991 or reply to the email <a href="mailto:customercare@zimnat.co.zw">customercare@zimnat.co.zw</a>.
 
 
 
 </blockquote>

FULL TEXT: ZIMNAT Responds To "Reports" On Changes To Diaspora Funeral Cash Plan (DFCP) Policies

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