Dr Grace Muradzikwa, head of the the Insurance and Pensions Commission (IPEC), has outlined a regulatory agenda centred on innovation, data-driven supervision and the deliberate extension of insurance and pensions products to underserved segments of society.
She set out the road ahead for IPEC to deepen financial inclusion and modernise regulatory supervision, at the regulator’s 20th anniversary Gala Dinner and Commissioner’s Charity Ball held on 5 June, reported the newspaper, Sunday Mail. At present, Zimbabwe’s insurance penetration rate remains among the lowest in the region.
IPEC was established in 2006 under the Insurance and Pensions Commission Act with a mandate to regulate and supervise insurers, reinsurers, insurance intermediaries, pension funds and provident funds in Zimbabwe.
Commenting on the challenges faced since 2006, Dr Muradzikwa said, “Like many institutions within the financial sector, IPEC and the industry had to navigate periods of economic volatility, hyperinflation, currency transitions and evolving market dynamics. These experiences were difficult.”
“But they also strengthened the Commission’s resolve to continuously improve regulatory oversight, strengthen consumer protection and contribute towards restoring confidence in long-term savings institutions,” she said.
Dr Muradzikwa said that the question confronting Zimbabwe’s insurance and pensions sector is no longer simply whether the industry has survived its most turbulent decades. The question is whether the institutions can evolve quickly enough to serve the majority of Zimbabweans who remain outside the formal financial system.
Proceeds from the Charity Ball will be channelled towards purchasing insurance and pensions, as well as educational books for primary and secondary schools, an initiative Dr Muradzikwa described as foundational to building a financially literate society.
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