ICZ reviews third party compensation limits.

By Wellington Makonese

THE review of third party vehicle insurance premiums and compensation limits has been met with calls for timeous payment of claims by insurance companies.

The Insurance Council of Zimbabwe has reviewed third party insurance premiums and compensation limits effective January 25, with motorists and the general public speaking about the difficulties they face to have their claims settled.

“It is one thing to review the premiums and compensation but it’s unfortunate the process is winding, I plead with them to consider how they operate, most people I have met complain about the time and process to get their pay outs and cover and if getting service is a challenge increasing premiums is not a necessity.”

Experts elaborated on the necessity for reviewing the premiums and expressed the need for society to be versed with terms of insurance.

“Indeed, it’s inevitable to increase premiums in RTGS in the environment insurance is something motorists need but some do not know what they are entitled to but they have the obligation to visit companies in case of an accident but acting in good faith what they only need to do is to provide evidence on the accident be it in public transport or what, delays only come when information has gaps but education of the society is critical,” said Stanford Murerwa, an Insurance Expert.

“Insurance is an absolute necessity hence if premiums are increased expectations are their service improves and reviews are done through actuarial valuations, however administratively we have to improve as well, said Ignatius Matungamire, an Economic and Insurance analyst.

Annual premium cover for a private car has been reviewed to ZWL $13 625, while compensation limits for full third party property damages along with bodily injuries and death have all been pegged at ZWL$1 million.
Statutory limits have been pegged at ZWL$218 000.