Ipec’s Insurance Awareness Day message

Review your insurance coverage

tHe insurance and pensions Commission (ipec) joins the rest of the World in commemorating international insurance awareness day, which is observed every year on June 28.

The day was set aside to serve as a reminder to everyone, to review their insurance coverage to ensure that they have the insurance they need and that they are adequately covered.

While the value of insured assets generally changes overtime, this is more pronounced in an inflationary environment, where the values appreciate faster as they track inflation. For example, the value of a vehicle that was insured for ZW$5 million in december last year, will be much more today.

Therefore, ipec encourages the public to use the insurance awareness day commemoration to check if all their valuable assets are insured and for the correct value. if they are not insured, they can engage licenced insurance companies or intermediaries for quotations and buy a policy, which meets their specific needs.

For policy holders who have not revalued their insured assets, they should advise their insurance company or broker of the current market value, to ensure that they are adequately protected. Being adequately covered, helps to ensure that insurers restore policy holders to where they were before the unfortunate event occurred.

to commemorate the insurance awareness day celebrations, ipec and insurance entities held a road show at Chipadze stadium in Bindura on July 2, 2022.

The road show was also broadcast live on radio Zimbabwe, reaching listeners countrywide.

ipec and insurance associations used the road show to educate the public about insurance matters, their rights and responsibilities and the importance of insurance to mitigate risk.