Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • March 2016
03

News from Zimbabwe

Open-access content Thursday 25th February 2016 — updated 5.50pm, Wednesday 29th April 2020

A commission of inquiry was set up in Zimbabwe in 2015 to investigate the process of converting the value of pensions and life assurance benefits following the dollarisation of the Zimbabwean economy in 2009.

A commission of inquiry was set up in Zimbabwe in 2015 to investigate the process of converting the value of pensions and life assurance benefits following the dollarisation of the Zimbabwean economy in 2009. The commission is to determine if there was any prejudice in the process used for conversion valuations. 
                   

Though the commission is yet to conclude on its findings, it is generally agreed that the whole conversion process could have been more transparent, through consultative engagement of the key interested parties. The commission is scrutinising the role played by the key market participants, with some focus on actuarial professionals and the various unconventional valuation approaches.

The conversion process was mired with a plethora of challenges for actuaries. First, there was an acute shortage of actuaries, with only two practising in Zimbabwe. There was also difficulty in setting assumptions owing to the instability of key macro-economic fundamentals, including prior hyperinflation, and very few funds to benchmark accrued benefits at rates commensurate with the underlying inflation rate. In some cases, this led to the unintended transfer of fund assets from older generations to both younger generations and shareholders.

The conversion process has been a steep learning curve for the actuarial profession, as well as the insurance industry at large in Zimbabwe. When the Actuarial Society of Zimbabwe (ASZ) was re-launched in 2010 to represent actuarial interest in Zimbabwe, its tag-line was 'Doing things right'. This emphasises the need to firm up on professionalism and have a collective approach to confront the industry's problems.


David Mureriwa

Chief actuary of African Actuarial Consultants and president of the ASZ 17 February


This article appeared in our March 2016 issue of The Actuary.
Click here to view this issue
Filed in
03

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Environmental, Social and Governance- GI Actuary

England, London
£70000 - £170000 per annum
Reference
145888

Calling All Australian Actuaries

England, London
£50000 - £120000 per annum
Reference
145887

Calling all GI Actuaries looking to move into contracting

England, London
£700 - £1000 per day
Reference
145886
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ