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Building resilience for the future of actuarial profession: Actuarial Society of Zimbabwe to host its Annual Convention in June 2023 – Zimbabwe Independent

Actuarial Society of Zimbabwe (ASZ)

IN recent years, the actuarial profession in Zimbabwe has seen substantial growth and improvement. In light of these advancements, it becomes crucial for actuaries to come together, share knowledge, and shape the future of the profession. The Actuarial Society of Zimbabwe (ASZ) holds annual conventions, a major gathering for the business and finance community, for precisely this reason.

The annual conventions have become the ultimate hub where brilliant minds unite, igniting a dynamic exchange of ideas, celebrating remarkable achievements and forging invaluable connections. With a common goal of propelling the growth of Zimbabwe’s insurance and financial services sector, the is extraordinary gathering beckons not only actuaries but key stakeholders in the finance sector which include executives, regulators, risk managers, Investment analysts, data scientists as well as underwriters year after year. Together they tackle the pressing challenges that confront the dynamic landscape of the insurance sector in Zimbabwe.

The upcoming 2023 ASZ Convention, scheduled to take place on the 8th and 9th of June at Cresta Lodge, promises to be an extraordinary event. With the theme “Rethinking the Actuarial Profession: Building Resilience for the Future,” the convention will explore how actuaries can adapt and more effectively contribute to the issues our generation which include but are not limited to AI, digitalization, climate change and sustainability, banking, risk-based capital, inclusive insurance, and more.

One of the remarkable aspects of the ASZ Convention is the opportunity it provides for professionals to connect and exchange ideas. Actuaries from Zimbabwe and beyond will have the chance to network and learn from each other’s expertise. In an ever-evolving world, where technological advancements and shifting market demands impact the actuarial profession, staying connected and embracing new ideas is crucial for success. The convention acts as a catalyst for collaboration and ensures that the actuarial field remains at the forefront of innovation.

Reflecting on the past ASZ Conventions, we can see the profound impact they have had on the profession. The 2022 Convention, held at the prestigious Meikles Hotel, explored the theme “Breakthrough to Excellence: Thriving in Turbulent Times.” It provided a platform to address the challenges brought by the post-Covid-19 era and chart a path towards building a resilient industry. Previous conventions, including the virtual gatherings in 2020 and 2021, focused on maintaining an edge in times of socio-economic upheaval and navigating the “new normal.”

The 2023 ASZ Convention presents an opportunity for all professionals, whether actuaries or individuals from the business and finance community, to attend and benefit from the discussions centred on building resilience. The convention will foster a spirit of togetherness, allowing attendees to connect with influential figures in innovation, strategy, leadership, micro-insurance, data analytics, and other emerging fields. It’s an occasion to expand one’s professional network and gain valuable insights into the future of the actuarial profession.

To stay ahead in today’s dynamic business landscape, attending the 2023 ASZ Convention is a must. The convention offers a unique opportunity to delve into the key topics shaping the future of the insurance industry, such as IFR17, weather index insurance, mortality table development for Zimbabwe, and ZICARP (the Solvency II equivalence for Zimbabwe). These topics are of great relevance to the business and finance community, even for those who may not have a background in actuarial science.

IFRS17, the International Financial Reporting Standard for insurance contracts, is a hot topic in the insurance industry. It sets out guidelines for how insurers should account for their contracts and report their financial performance. Understanding IFRS17 is crucial for businesses operating in the insurance sector, as it affects their financial statements and disclosures. The ASZ Convention provides an excellent opportunity to learn from experts in the field and gain insights into the implementation of IFRS17 in Zimbabwe.

Weather index insurance is another topic that has gained significant attention in recent years. With the increasing frequency and intensity of climate-related events, such as droughts and floods, businesses and individuals need innovative insurance solutions to protect themselves from weather-related risks. Weather index insurance uses weather data to determine payouts, making it a valuable tool for managing climate risks. At the ASZ Convention, participants can explore the potential of weather index insurance to enhance resilience of the agriculture sector and its implications for the financial industry.

Mortality table development for Zimbabwe is a critical aspect of actuarial work, particularly in the life insurance sector. Mortality tables provide insights into life expectancy and mortality rates, which are essential for pricing life insurance policies and assessing the financial risks associated with longevity. Actuaries play a vital role in developing accurate mortality tables that reflect the specific characteristics of the Zimbabwean population. The ASZ Convention can shed light on the latest advancements in mortality table development in Zimbabwe and its impact on the life insurance industry.

ZICARP, the Solvency II equivalence for Zimbabwe, is a regulatory framework that ensures the financial stability and solvency of insurance companies. ZICARP is a set of rules and requirements being implemented to protect policyholders and maintain the stability of the insurance industry. Zimbabwe’s adoption of this framework demonstrates its commitment to aligning with international standards and fostering a robust insurance sector. The ASZ Convention offers a platform to discuss the implications of ZICARP and its significance for insurers, regulators, and stakeholders in Zimbabwe.

In addition to the ASZ Convention, the Actuarial Society of Zimbabwe will co-host the inaugural Actuarial, Finance, Risk and Insurance Congress, scheduled for July 23 to 28, 2023, at the majestic Victoria Falls. The AFRIC Congress, focusing on actuarial, finance, risk, and insurance topics, aims to bring together academic and professionals. It will address pressing issues faced by the industry on the continent and provide a platform for networking with global experts.

In conclusion, the 2023 ASZ Convention is a must-attend event for actuaries, risk managers, executives, investment analysts or anyone with an interest in developments in the insurance sector. It brings together professionals from the actuarial, risk management, data science, and related fields to discuss key topics such as IFRS17, weather index insurance, mortality table development, and ZICARP. The convention not only fosters a spirit of togetherness within the actuarial profession but also provides valuable insights into the future of the industry. By attending the convention, one can expand their knowledge, network with industry experts, and stay informed about the latest trends and developments in the business and finance landscape.

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UK: Son of Dynamos legend defiant amid threat of protestors … – New

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By Marcus Townend for The Daily Mail

  • Epsom chairman Brian Finch is remaining calm amidst the threat of protestors
  • The Derby was a target for protestors who stormed onto the track last year
  • The Jockey Club has won an injunction from the High Court ahead of the event 

LONDON: THIS Saturday’s Betfred Derby will present challenges Brian Finch never envisaged after he made history last year when appointed as not only the first black chairman of Epsom but any British racecourse.

The Jockey Club have been granted a High Court injunction in an attempt to stop animal rights protesters from disrupting the most important Flat race of the season.

And the good news for the Jockey Club is that the man in charge is a cool, experienced and measured head who was born and grew up in Zimbabwe as it transitioned from Ian Smith’s white minority rule.

He went on to build an international business career which took him to some global hotspots, including working in war-struck Congo. Epsom will not be that next weekend but tensions will undoubtedly be high with the injunction unlikely to deter disruptive action from the Animal Rising protesters who forced their way onto Aintree racecourse to delay the Grand National in April.

That cost the Jockey Club £70,000 in additional security measures and the unprecedented security for Epsom already comes at a cost of £150,000.

Epsom chairman Brian Finch

Finch, 60, said: ‘We all have different views. The protesters’ view is that we shouldn’t be using animals for sport but the reality is five million go to watch racing in this country so what about their views?

‘If you want to debate it, let’s debate it. What I have an issue with is their view that “I’m right and I’ll come in and stop your event”. Not only will I stop it, but I’ll come on to your private property to do that. How does that work? I don’t know if it’s acceptable in society.

‘I am glad the Jockey Club have taken the steps they have to try to not only protect their property but also protect the safety of the horses, staff, participants and spectators who have paid money to be there. We can only prepare for what we think might happen.

‘Let’s not forget the Derby’s been going 243 years. It was even run during two World Wars. The protesters are entitled to their view but it shouldn’t be imposed on others.’

Finch says his Epsom role makes him feel like a ‘little boy living the dream’.

His love of sport was fostered in Harare where his late father James played football for Zimbabwe’s top club Dynamos. He was a mixed race man playing for a predominantly black team who would go on to manage the club and the national team as well as having trials for Tranmere Rovers.

It was Brian’s uncle who first took him to Borrowdale racecourse. His first job was in a bank and on half-day Wednesdays he earned ‘pocket money’ as a bookmakers clerk at the track.

The Derby was shown on Zimbabwe TV and watching The Minstrel’s dramatic 1977 Derby win cemented his jockey Lester Piggott as one of Finch’s sporting heroes.

‘When I got to meet him I was like a kid in a candy shop even though he didn’t say much,’ Finch said with a smile.

His passion for the race is underlined by the fact he named his son Troy after the 1979 winner.

Finch is passionate to promote the historic mile-and-a-half race but also make a wider difference to a sport which has struggled to cross ethnic boundaries in this country.

He admits the lack of black faces on British tracks initially made him reluctant to go to the races here. He is adamant there is plenty of interest in horseracing across the ethnic divides, it’s just that some do not see the racecourse as a welcoming environment.

‘It was a lot easier to watch on TV,’ he said. ‘I went to smaller meetings at Kempton and Sandown where you never saw a man of colour and I was never quite sure how I’d fit in. I think it’s something racing has to work on. It’s not a barrier racing has created, it’s more a perception from the outside. It’s about how we can help get rid of that perception.’

That verdict make Finch’s appointment significant, something he now acknowledges.

He added: ‘I recognise the responsibility that comes with the post, to do good and make sure I’m not the first and the last!

‘I can have the right conversations, show that I’m capable, encourage others to come with me and through that give the Jockey Club a bigger pool of people to look at for various roles.

‘It won’t be overnight but I hope during my tenure at Epsom it is something we can really get going with. I have lots of ideas that are swirling around in my head.’

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UK: Zim health and social care Indaba set for Northampton … – New

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By Staff Reporter

ZIMBABWEAN professionals and businesses in the UK’s growing health and social care sector will have an opportunity to network with other players in the industry and learn new trends when they take part in the Health and Social Care Meet and Greet in Northampton on June 17.

The event organised by WS Marketing and Golden Careers Management Ltd will be held at Holiday Inn Rugby Northampton M1 and hosted by presenter Kevin Ncube.

Diaspora Insurance is one of the event’s key partners and will be showcasing their services on the side-lines of the high profile indaba.

Diaspora Insurance specialises in crafting and distributing insurance and risk management solutions tailored to meet diasporans’ needs.


In an interview with, organiser Wilson Mathe said the upcoming Meet and Greet is  aimed at promoting collaboration among health and social care providers in the UK.

“Until all our friends who are in the Health and Social Care Industry in UK get a fair share of the £27 billion plus, we will continue to Meet and Greet and share ideas,” Mathe said.

“Sometimes your break through is just around the corner. That one person at this event may change your entire life. In order to succeed in this industry, you need to associate with the correct people, create new networks, support those in need and deliver whenever possible.

He added: “This is a one of a kind event, aiming at those that may need further support or guidance. Those who are coming, bring your business cards. Bring your company’s marketing material. Be prepared to at least share your journey so far. We create new networking and business opportunities. We will share Healthcare  industry information that may be beneficial to everyone.”

Some of topics which will be discussed during the Meet and Greet event include:

  • CQC and Ofsted Registration process / cash flow projections
  • How to get clients and tenders
  • Immigration and Sponsor license
  • Semi-independent living
  • Complex care
  • What’s in the business of care
  • Women in business
  • Professionalism, boundaries and relationships
  • Business ethics and experience

Headline speakers and resource persons at the Northampton event include Chengetayi Shoko from NHS, managing director of Ultra Healthcare and Ultra Healthjobs Godfrey Mushandu, Pardon Tapfumaneyi of PT Law and Associates, the CEO of Tulia Group Rumbidzai Bvunzawabaya, Gelly Manzira of Valour Healthcare, Simon Chinya of Blur Healthcare Associates, Joyce Kapesa of Joyous Consultancy, as well as the directors of Lime Healthcare.

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Econet bemoans eroded tariffs; injects US$66 mln for network … – New

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By Alois Vinga

ECONET Wireless Zimbabwe Limited (EWZL) has bemoaned the negative impact of inflation eroded tariffs on operating costs amid a move to inject US$66 million for a network modernisation exercise.

Presenting the group’s performance for the year ended February 28, EWZ board chairman, Doctor James Myers said while the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has done a commendable job in aligning tariffs accordingly, the rate at which inflation is moving is eroding the tariffs.

“Tariffs continue to fall behind inflation because of rapid changes in the macro-economic environment, this disparity occurs because tariffs for the sector are determined in the local currency, based on movements in inflation and in the exchange rates.

“This puts significant pressure on operating costs on the backdrop of grid power load shedding challenges.

“The prevailing tariff environment is a threat to the long-term viability of the local telecoms sector and curtails the ability of the sector to invest appropriately to meet customer demand, thereby undermining the quality of service,” he said.

RELATED: Econet to launch digital biometric detection in KYC system to counter cyber security risks

During the period, Myers said the business invested US$66 million as part of its network modernisation program in line with the thrust to support business sustainability, which has been hampered by several years of under investment, due to ongoing macro-economic challenges.

“Group revenue recorded a 20% rise driven by growth in voice and data usage of 19% and 58%, respectively. The Regulator granted the sector three tariff adjustments of 61% each and a fourth adjustment of 50% during the year.

“The tariff adjustments were not adequate to offset the increase in inflation which closed at 230% in January 2023,” he said.

Myers decried the fact that the local currency lost value by more than 85% during the year under review which had a negative impact on overall profitability.

The Group incurred exchange losses of ZWL$77 billion which translated to 23% of revenue against a prior year comparative rate of 6% of revenue.

“The consumption of digital services is expected to continue growing. We have a strong platform to anchor our transition to a fully-fledged digital services provider.

“Exploiting 4G and 5G network enabled opportunities will be key to keep abreast with emerging global trends and improve service delivery,” added Myers.

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