Insurers urged to deploy digital technologies to unlock growth
PHILLIMON MHLANGA IN VICTORIA FALLS
Zimbabwe’s insurance sector must accelerate the adoption of digital technologies—ranging from mobile platforms to advanced data analytics—to widen coverage, reduce operational costs and craft innovative products fit for a fast-digitising economy, industry experts have said.
Dr Carren Pindiriri, senior lecturer and researcher in Economics at the University of Zimbabwe, told delegates at the Southern Africa Insurance Indaba 2025 in Victoria Falls that sustained currency and price stability would bolster consumer confidence and stimulate long-term insurance uptake.
“As the industry grows, there’s demand not just for frontline insurance but support services, actuarial work, data analytics, risk modelling, and loss adjusting,” he said.
He projected Zimbabwe’s insurance market to reach US$2,54 billion in 2025, with non-life insurance expected to dominate at US$1,48 billion. Per-capita spending is forecast at US$146,43, buoyed by improving economic fundamentals and stabilising prices.
Dr Pindiriri noted that global insurance demand is climbing in response to increasingly complex risks—climate change, geopolitical tensions and cross-border vulnerabilities. “Global insurance demand is rising, driven by increasing risks from factors like climate change and geopolitical tensions; hence, the local insurance industry should innovate and come up with solutions that meet local and regional needs,” he said.
He said microinsurance represented a major opportunity, particularly among low-income households and the informal sector, which remains largely uninsured. “With Zimbabwe’s currency and inflation challenges, there’s an opportunity to design insurance policies that mitigate currency risk, such as USD-indexed policies,” he said.
To drive penetration, he urged insurers to strengthen outreach beyond formal markets. “You need to form partnerships and work with cooperatives, community organisations, and microfinance institutions to reach the informal sector. In addition, intensify digital/mobile-based products and introduce incentives like no-claim bonuses,” he said.
Insurance Institute of Zimbabwe (IIZ) general manager, Davison Choeni, said the industry stood “at the intersection of risk, resilience, and opportunity,” with African economies entering a phase of reconstruction and repositioning.
“Our continent is evolving, our economies are rebuilding and repositioning, and our industry must respond with agility, foresight and innovation,” he said. The indaba, he added, offered a crucial platform to challenge outdated models and accelerate sector-wide transformation. “Together, we will explore how our sector can drive sustainable growth, support development, and contribute meaningfully to national and regional economic agendas.”
Continental Re Botswana managing director, Francis Nzwili, said Africa’s fragmented markets were limiting the continent’s capacity to build insurance resilience. “African countries remain fragmented economically, and most countries are too small to operate on their own; hence, there is an opportunity for us to work together on insurance and reinsurance,” he said.
He said Zimbabwe still had large uninsured segments, partly due to limited capacity and technical depth. “There are many uninsured places in Zimbabwe’s market, likely due to limited capacity or a lack of expertise,” he said. “There are many markets; you need to operate across markets under separate plans, and this makes a great cost for the region.”
