HARARE – The Insurance and Pensions Commission (IPEC) successfully convened its 7th Annual General Meeting (AGM) yesterday at the Hyatt Regency, The Meikles Hotel in Harare, bringing together key stakeholders from government, parliament, and the financial sector.
IPEC Board Chairperson, Mr. Albert Nduna, announced that despite a modest 2% national economic growth, Zimbabwe’s insurance and pensions sector demonstrated remarkable resilience in 2024, achieving a substantial 4.8% growth – double the 2.4% recorded in 2023.
Mr. Nduna highlighted several significant milestones for 2024, including the successful piloting of the Farmer’s Basket parametric insurance product in Goromonzi, designed to protect farmers against climate risks. Additionally, US$522,000 was disbursed to eligible pensioners under the pre-2009 compensation program, and the domestication of marine insurance was approved to retain capital within the country.
A key legislative development was the gazetting of the IPEC Amendment Bill (H.B. 7, 2024), which is set to introduce a crucial Policyholder Protection Fund.IPEC Commissioner, Dr. Grace Muradzikwa, reported that the Commission achieved five out of its six strategic outcomes for 2024.
However, she acknowledged persistent challenges plaguing the industry, notably low average pension benefit payouts, significant pension contribution arrears from sponsoring employers, and the slow uptake of micropensions.
Looking ahead, IPEC’s strategic priorities include advocating for the promulgation of the IPEC Bill, strengthening digital supervisory systems, enhancing financial inclusion, bolstering the sector’s resilience against climate risks, and implementing robust market conduct and governance reforms to ensure a more stable and consumer-centric industry.
