Govt engages insurance industry
STAFF REPORTER
Mthuli Ncube, the Minister of Finance and Economic Development, on Wednesday said the government is prepared to work with insurance industry players to find ways to reduce escalating climate change risks,Business Times can report.
He claimed that in light of the increasing climatic vicissitudes, it is crucial for governments to support the provision of a guarantee for compensation for specific loss or damage to communities and investment.
Ncube was speaking at the ongoing Insurance and Pension Regulators Retreat for Africa in the capital Harare.
The event is being co-hosted by Insurance and Pensions Commission (IPEC) and the Africa College of Insurance and Social Protection of Tanzania.
“On behalf of the government of Zimbabwe, I wish to confirm our readiness to engage insurance industry practitioners on this very important subject of climate proofing and creating climate resilience,” Ncube said.
Grace Muradzikwa, the commissioner of IPEC, urged participants in the industry to take the engagements seriously in order to inform potential policy interventions, regulatory and supervisory reforms, as well as the review of the industry’s business models and processes to support sustainable, pertinent, and inclusive African insurance markets.
