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ZICB, NPA ink MoU against insurance fraud

Ganised and opportunistic insurance fraud and crime To achieve prosecution and conviction of offenders and recover lost value through working with the law enforcement and anti-corruption

THE Zimbabwe Insurance Crimes Bureau ZICB) and the National Prosecuting Authority (NPA) signed a memorandum of understanding (MoU).

e MoU formalised and cemented their partnership in the fight against organised insurance fraud and other crimes affecting the insurance industry.

e short-term insurance industry set up a dedicated insurance fraud unit called the ZICB in the wake of an upsurge of insurance fraud. e industry continues to be negatively affected by fraudulent and criminal activities.

Locally, very few insurance fraud cases come to the attention of the public as insurers traditionally handle such issues internally, unfortunately in many instances without successful convictions.

e globally adopted standard is that insurance fraud is estimated at 30% of incurred claims.

e short-term insurers set up the Crimes Bureau with the following objectives:

•Creation

of a central repository of insurance data for the purpose of data mining to pursue detection, investigation and prevention of or

• agencies in Zimbabwe with a bid to deter insurance fraud and crime.

Creation of a database for insurance fraud industry statistics and reports.

e signing of the MoU will strengthen the coordination of activities in the fight against insurance fraud through the appropriate support from the NPA.

e Crimes Bureau will greatly benefit from the guidance provided by the Prosecuting Authority in attaining successful convictions in the justice system were cases of insurance fraud and crime have been investigated and brought before the courts.

e insurance industry shall work together with the Prosecuting Authority and other law enforcement agencies to design, plan and implement an appropriate capacity building programme to enhance the ability to effectively handle insurance fraud and crimes. It is crucial that parties to this MoU provide each other with the necessary technical support. is will include raising awareness on insurance, interventions necessary in the justice system, compilation of reports as well as evaluation processes.

INTERNATIONAL INSURANCE AWARENESS DAY

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2022-06-24T07:00:00.0000000Z

2022-06-24T07:00:00.0000000Z

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