Pension funds and insurance industry players have billions of dollars invested with them in the form of pension and insurance policy contributions.
INSURANCE and pension funds lost at least $3 billion through bad investment decisions and excessive recurrent expenditure between 2009 — when the economy dollarised — and 2014, an industry investigation revealed.
A report by a commission of enquiry set up by former president Robert Mugabe to look into conversion of insurance and pension values from the Zimbabwe dollar — which was ditched after suffering value erosion due to hyperinflation — to the United States dollar said nearly $3 billion had been splurged on administration and other expenses that did not sustain growth of pension and insurance benefits.