Sports / Local
Zimbabwe insurers urged to adapt or perish
2 hrs ago | Views
The Insurance and Pensions Commission (Ipec) has called on Zimbabwean insurers to adapt to digital transformation while expanding into untapped sectors to boost resilience and competitiveness.
Speaking at the Insurance Institute of Zimbabwe Winter School, Ipec's director of insurance and micro-insurance, Ms Sibongile Siwela, said embracing change was no longer optional for the sector.
"In this era of digital transformation, adapting to change is not optional. It is essential for the insurance industry," Ms Siwela said. "The sector is navigating significant shifts that are reshaping operational frameworks and customer engagement strategies."
She cited mobile technology integration as a key driver of innovation, noting that insurers are increasingly using mobile solutions for premium collection and claims management, resulting in more efficient customer interactions.
Ms Siwela emphasised the importance of continuous learning in today's fast-evolving landscape. "A commitment to lifelong learning is critical for fostering innovation, resilience, and a thriving society. The Insurance Institute is implementing a robust professional development programme to support this," she said.
Highlighting the sector's over-reliance on motor insurance, which contributes over 40 percent of revenue, Ms Siwela urged insurers to diversify into untapped products such as agricultural index insurance. She said Zimbabwe's heavy reliance on agriculture presents a growing demand for innovative insurance solutions to mitigate risk.
On regulatory and operational stability, Ms Siwela noted that new capital requirements under Statutory Instrument 67 of 2025 would strengthen financial resilience and safeguard policyholder interests. She also encouraged insurers to manage currency volatility and enhance awareness of policyholder rights and claims processes to build trust.
Ms Siwela further recommended broader asset allocation beyond operational properties, particularly in the funeral sector, to ensure liquidity and long-term stability.
Zimbabwe's insurance market is projected to reach a gross written premium of US$2,51 billion in 2025, underscoring the sector's growth potential amid ongoing digital transformation and diversification efforts.
Speaking at the Insurance Institute of Zimbabwe Winter School, Ipec's director of insurance and micro-insurance, Ms Sibongile Siwela, said embracing change was no longer optional for the sector.
"In this era of digital transformation, adapting to change is not optional. It is essential for the insurance industry," Ms Siwela said. "The sector is navigating significant shifts that are reshaping operational frameworks and customer engagement strategies."
She cited mobile technology integration as a key driver of innovation, noting that insurers are increasingly using mobile solutions for premium collection and claims management, resulting in more efficient customer interactions.
Ms Siwela emphasised the importance of continuous learning in today's fast-evolving landscape. "A commitment to lifelong learning is critical for fostering innovation, resilience, and a thriving society. The Insurance Institute is implementing a robust professional development programme to support this," she said.
Highlighting the sector's over-reliance on motor insurance, which contributes over 40 percent of revenue, Ms Siwela urged insurers to diversify into untapped products such as agricultural index insurance. She said Zimbabwe's heavy reliance on agriculture presents a growing demand for innovative insurance solutions to mitigate risk.
On regulatory and operational stability, Ms Siwela noted that new capital requirements under Statutory Instrument 67 of 2025 would strengthen financial resilience and safeguard policyholder interests. She also encouraged insurers to manage currency volatility and enhance awareness of policyholder rights and claims processes to build trust.
Ms Siwela further recommended broader asset allocation beyond operational properties, particularly in the funeral sector, to ensure liquidity and long-term stability.
Zimbabwe's insurance market is projected to reach a gross written premium of US$2,51 billion in 2025, underscoring the sector's growth potential amid ongoing digital transformation and diversification efforts.
Source - The Chronicle
