The Zimbabwe Insurance and Pensions Commission used Insurance Awareness Day 2026 to urge consumers to make informed insurance decisions, stressing that insurance should be treated as a tool for financial protection rather than a product bought without understanding. The commission pointed to industry trends showing that many consumers start but do not complete the insurance purchase process, while others allow policies to lapse after taking them out, indicating gaps in understanding of product value, available cover and the consequences of losing coverage. Its guidance focused on three areas. First, consumers should read and understand policy terms and conditions before signing, including benefits, exclusions, claims processes and the responsibilities of both the insurer and policyholder. Second, insurance should be selected based on individual needs and risks rather than following what others buy, with different products serving different purposes across life, funeral, medical, motor, agricultural and property cover. Third, policyholders should keep coverage in force through regular premium payments, updated beneficiary information and periodic reviews to ensure policies still match changing family, business and risk profiles. The commission also said insurers, brokers, agents and other intermediaries are responsible for providing clear and accurate information, and that consumers with unresolved concerns can approach the regulator for guidance and assistance.
Zimbabwe Insurance and Pensions Commission2026-06-27
Zimbabwe Insurance and Pensions Commission urges consumers to understand policy terms and keep insurance cover active
The Zimbabwe Insurance and Pensions Commission said on Insurance Awareness Day 2026 that consumers should understand policy terms, choose cover that fits their needs and avoid allowing policies to lapse. It cited industry trends showing incomplete purchases and lapsed policies, and reminded insurers and intermediaries of their duty to provide clear information.