ZIMBABWE’S insurance and pensions industry is poised to play an increasingly strategic role in the country’s economic transformation, with the government reaffirming its commitment to creating a stable operating environment and unlocking new growth opportunities across the sector.
Speaking at the Insurance and Pensions Symposium held in Victoria Falls to commemorate the Insurance and Pensions Commission (Ipec)’s 20th anniversary, Deputy Minister of Finance, Economic Development and Investment Promotion, Kudakwashe David Mnangagwa, described the industry as a critical pillar of national development and a partner in achieving the country’s Vision 2030 aspirations.
The symposium brought together regulators, policymakers, insurers, pension funds and industry experts to reflect on two decades of progress and chart a path for the future.
Mnangagwa said the growth of Ipec from a fledgling institution established during one of Zimbabwe’s most challenging economic periods into a respected regulator was evidence of resilience and sound leadership.
“Twenty years is not merely the passage of time. It is a testament to resilience. It is an enduring affirmation that institutions built on sound principles, governed with integrity, and driven by a clear developmental mandate, can not only survive but grow stronger,” Mnangagwa said.
“Ipec has done precisely that and today, the Ministry, fellow regulators and the insurance and pensions industry, celebrate with you.”
Keep Reading
- New ministers speak out
- Govt yet to collect wealth tax
- Minerals looted, communities left in ruin
- Mutapa Fund seals US$1bn financing deals
The deputy minister said government views the insurance and pensions industry as central to the country's development agenda, particularly under Vision 2030 and the National Development Strategy 2 (NDS2), which identifies deeper financial markets and broader financial inclusion as strategic priorities.
“A robust insurance and pensions industry is not peripheral to these goals, it is central to them,” he said.
According to Mnangagwa, government's focus on fiscal discipline, exchange rate stability and debt management is intended to provide the macroeconomic foundations necessary for long-term savings institutions to flourish.
“The 2026 National Budget reflects government’s commitment to an enabling macroeconomic environment. Fiscal discipline, exchange rate stability, and the management of public debt are not ends in themselves, they are foundations upon which business confidence is built, upon which long-term savings can be mobilised, and upon which the insurance and pensions industry can expand its reach and deepen its impact.”
Beyond macro-economic stability, government is actively pursuing policy initiatives designed to expand the reach and relevance of insurance products throughout the economy.
Among the flagship programmes highlighted by the minister is the Farmers’ Basket Agricultural Index-Based Insurance initiative, which seeks to protect farmers from climate-related and production risks.
“Government has been deliberately working with Ipec and the industry to design and deploy index-based crop insurance that protect smallholder farmers. The expansion of agricultural insurance is not charity, it is smart economics,” he said.
The deputy minister also outlined opportunities in marine insurance and the insurance of public assets, areas that government believes could unlock significant business growth while strengthening national resilience.
He acknowledged the industry’s resilience through decades of economic volatility, including hyperinflation, currency reforms and global disruptions.
“You have weathered hyperinflation, currency reforms, regulatory transitions and reforms, global pandemics, and geopolitical disruptions. At every turn, the industry has demonstrated a resilience that speaks to the character of the institutions and the people that comprise it,” he said.
“Government acknowledges, with deep appreciation, that through all the economic headwinds of recent decades, the insurance and pensions industry continued to pay claims, continued to honour its obligations to policyholders and pension scheme members, and continued to invest in Zimbabwe’s economy.”
One of the most significant policy issues discussed at the symposium was government’s long-term vision of transitioning towards a mono-currency framework.
Recognising the implications such a transition could have for long-term financial contracts, Mnangagwa assured industry stakeholders that government would pursue a consultative and carefully managed process.
“It is government’s firm commitment that the envisaged mono-currency transition will not disrupt the insurance and pensions industry.
“We are mindful of the lessons of history, and we are determined not to repeat the mistakes of the past, particularly with respect to the erosion of long-term financial obligations.”
He invited industry experts to actively contribute technical recommendations to help shape the transition framework.
“We are listening. We urge Ipec and industry associations to formalise their positions and submit substantive technical recommendations to the ministry.”
The deputy minister also reiterated government's commitment to resolving the long-standing issue of pre-2009 pension and insurance value erosion, describing it as essential to rebuilding confidence in long-term savings institutions.