The Zimbabwe Insurance and Pensions Commission published a recap of remarks by Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube at the 29th African Reinsurance Forum in Harare, urging African governments and industry leaders to strengthen the continent’s reinsurance capacity and retain more capital within Africa. He framed reinsurance as a key enabler of confidence and development and called for an integrated, well-capitalised reinsurance ecosystem that supports trade, infrastructure, and resilience. Ncube said Africa retains only about 30% of its reinsurance premiums, with more than 70% externalised, and argued this translates into lost investment capital, jobs, and local industry development. He urged a stronger role for home-grown reinsurance institutions and a rethink of mandatory cessions to national and regional reinsurers, alongside alignment with the African Continental Free Trade Area. The remarks also referenced Zimbabwe’s insurance and pensions reforms, including advances in risk-based supervision, digitalisation, inclusive insurance models for Micro, Small, and Medium-sized Enterprises, and the adoption of Zimbabwe-specific mortality tables, and promoted climate-focused solutions such as parametric insurance, weather-indexed covers, and sovereign risk pools.
Zimbabwe Insurance and Pensions Commission 2025-10-17
Zimbabwe Insurance and Pensions Commission reports minister call to curb 70% externalisation of Africa’s reinsurance premiums
At the 29th African Reinsurance Forum, Finance Minister Mthuli Ncube stressed the need for African governments to boost reinsurance capacity to retain more capital. He noted Africa externalizes over 70% of reinsurance premiums, losing investment opportunities, and urged developing a well-capitalized reinsurance ecosystem. Ncube also discussed Zimbabwe's insurance reforms, including risk-based supervision and climate-focused solutions like parametric insurance.