The insurance industry has engaged government in crafting a policy to restore normal operations through solving viability challenges that are threatening the survival of several companies.
Consultations are in progress to put in place measures that will ensure that insurance companies comply with regulations aimed at facilitating adequate funds for the benefit of the insuring public and companies.
Insurance Council of Zimbabwe Chairman, Mr.Â Elisha Moyo said while the sector has welcomed governmentâ€™s recent crackdown process on firms that failed to fulfill regulatory systems, it is important that policies are implemented to facilitate growth.
Â â€œWe have engaged government in trying to ensure that the sector will in the future conform to the required systems and we hope this will work,â€ said Mr. Moyo.
Mr. Moyo said the policy will also take into consideration the recapitalisation of insurance firms as several companies are experiencing funding challenges following the change from the use of the local dollar to multiple currencies.
Â â€œWe are still in need of fresh funds to sustain our operations right now all is not well in terms of funding so government should really take that initiative into account,â€ Mr. Moyo added.
The proposed policy which is expected to be operational before the end of this year, is among other factors expected to provide viable pricing systems, review current minimum capital thresholds for insurance companies as well as facilitate a profitable operating climate for the industry.