Insurers call for collaboration to drive growth
SAMANTHA MADE
Zimbabwe’s insurance industry has issued a strong call for enhanced collaboration, innovation, and inclusivity, arguing that these elements are critical for driving growth and long-term development in an evolving economic landscape.
This call was made during the insurance transformation breakfast meeting held in the capital last week
Speaking at the event, the Commissioner of the Insurance and Pensions Commission (IPEC) Grace Muradzikwa —represented by Robson Mtangadura—emphasized that collaboration is more than a strategy; it is a foundational legacy that has enabled the sector to achieve key milestones.
“Insurance is a business of risk. Risk transfer, risk pooling, and risk sharing bind us together from brokers to insurers. This collaborative model ensures that no single entity bears unsustainable burden while policyholders gain stability and protection. Of course, this is the essence of financial resilience. Colleagues, collaboration is not just a strategy. It’s a legacy,” Muradzikwa said.
She highlighted the Commission’s continued engagement with industry stakeholders, government, and development partners, noting that such partnerships have led to transformative achievements.
“The Commission has witnessed a remarkable partnership and collaboration with the industry, government, and development partners,” she said.
One key milestone, she noted, is the development of Zimbabwe’s mortality tables—an essential tool for optimizing and preserving actuarial resources. Another is the agriculture insurance consortium, facilitated by the IPEC, which has strengthened climate resilience among smallholder farmers.
“The agriculture insurance consortium facilitated by ICZ has brought climate resilience to smallholder farmers. Over 20,000 farmers enrolled this season, which is 2024 to 2025, across eight provinces through a farmer’s basket, which is an innovative product that was developed under the IPEC-led innovation lab, which combines inputs, extension services, and index insurance. This initiative is reshaping rural health rules and enhancing financial inclusion,”Muradzikwa said.
She also urged players across the insurance value chain to prioritize innovation in order to remain relevant and effective in the face of shifting market needs. This includes developing modernized products, rethinking traditional business models, and putting inclusivity at the heart of insurance design.
“The industry must also involve modernized products, rethink business models, and prioritize inclusivity. The decline of life assurance, which is now equipped by short-term insurance, is a signal of misalignments with social needs. I know it’s not the core of what we talk about in development and stuff, but I think let’s try to think beyond that,” Muradzikwa said.
Old Mutual Insurance Managing Director Gloria Zvaravanhu echoed the call for collective action, emphasizing that collaboration is now central to achieving profits that serve a broader purpose.
“Collaboration is key when we’re talking about profits for purpose because in an environment such as ours, there is no single organization that can solve our complex issues. So whether it’s complexities that are coming out of regulation, complexities that are coming out of the operating environment, we still need to get together and bend together,” Zvaravanhu said.
She stressed that the industry’s challenges require unified responses, and that through platforms such as industry associations and joint innovation labs, companies can align their efforts to drive mutual value.
By “bend[ing] together,” she said, insurers can pursue profitability that benefits not just shareholders, but also people, communities, and future generations.
“By prioritizing collaboration, businesses can ensure that their pursuit of profits also benefits people and customers, both now and in the future,” she added.
