In a keynote address at the 29th African Reinsurance Forum in Harare, the Zimbabwe Insurance and Pensions Commission’s Commissioner, Dr Grace Muradzikwa, called on African reinsurers to treat uncertainty as a trigger for transformation in the continent’s insurance markets, including a shift from exporting risk to building domestic resilience. She highlighted Africa’s insurance penetration at below 3% and pointed to the informal economy as the main growth frontier, citing that more than 83% of the workforce is in the informal sector and arguing for inclusive insurance solutions for small businesses and low-income households. The address also urged reinsurers to support capital formation by keeping more premium flows onshore, noting that over 60% of reinsurance business is ceded offshore, and called for collaboration, technological innovation, and regulatory convergence to narrow the protection gap, leverage the African Continental Free Trade Area, and strengthen cross-border risk-sharing.
Zimbabwe Insurance and Pensions Commission 2025-10-17
Zimbabwe Insurance and Pensions Commission urges African reinsurers to embrace volatility and retain more premiums within Africa
At the 29th African Reinsurance Forum, Zimbabwe Insurance and Pensions Commission’s Commissioner, Dr. Grace Muradzikwa, urged African reinsurers to transform markets by building domestic resilience and reducing offshore risk exportation. She emphasized inclusive insurance for the informal sector, over 83% of Africa's workforce, and advocated for retaining more premium flows onshore. Dr. Muradzikwa also called for collaboration, technological innovation, and regulatory convergence to enhance cross-border risk-sharing and leverage the African Continental Free Trade Area.