The Zimbabwe Insurance and Pensions Commission held its 7th Annual General Meeting in Harare, using the forum to report on 2024 sector performance and key supervisory and legislative milestones. The Commission also outlined current industry challenges and its forward priorities for regulatory and operational strengthening. IPEC’s Board Chair reported that the insurance and pensions sector grew 4.8% in 2024, compared with 2.4% in 2023, against overall economic growth of 2%. Key 2024 milestones highlighted included piloting the Farmer’s Basket parametric insurance product in Goromonzi, disbursing USD 522,000 to eligible pensioners under the pre-2009 compensation programme, approving the domestication of marine insurance, and gazetting the IPEC Amendment Bill, which is expected to introduce a Policyholder Protection Fund. The Commissioner reported delivery of five out of six strategic outcomes for 2024, while citing low average pension benefit payouts, pension contribution arrears from sponsoring employers, and slow uptake of micropensions as ongoing issues. Next steps include advocating for promulgation of the IPEC Bill, strengthening digital supervisory systems, advancing financial inclusion and climate-risk resilience, and enhancing market conduct and governance reforms.
Zimbabwe Insurance and Pensions Commission 2025-07-01
Zimbabwe Insurance and Pensions Commission reports 4.8% 2024 sector growth and Policyholder Protection Fund plans at its 7th AGM
The Zimbabwe Insurance and Pensions Commission reported a 4.8% growth in the insurance and pensions sector for 2024 at its 7th Annual General Meeting, highlighting key milestones such as the Farmer’s Basket parametric insurance pilot and the IPEC Amendment Bill. Challenges include low pension payouts and contribution arrears. Future priorities focus on digital supervision, financial inclusion, and governance reforms.