Adapt or perish, IPEC urges insurers to explore new areas

📅 Published: August 16, 2025

📰 Source: zimbabwesituation

Curated by AllZimNews.com

The insurance and pensions sector is facing significant shifts that are reshaping operational frameworks and customer engagement strategies.

Ms Siwela said in today’s fast-paced and evolving landscape, continuous learning was imperative to maintain relevance, enhance competitiveness, and achieve personal fulfilment. “Ultimately, a commitment to lifelong learning is critical for fostering innovation, resilience and a thriving society. “The Insurance Institute is implementing a robust continuous professional development programme, encouraging all our members to register, log in, and check their learning hours,” she said.

She highlighted that motor insurance contributes over 40 percent of revenue, indicating a critical lack of product diversification within the sector.

On strategies to strengthen confidence and compliance, Ms Siwela said Ipec encouraged expansion into untapped areas, such as agriculture index insurance, to mitigate overreliance on traditional products.

Zimbabwe’s insurance market is experiencing a surge in demand for agricultural insurance due to the country’s heavy reliance on agriculture as a key economic sector.

Ms Siwela noted that new capital requirements, as provided through Statutory Instrument 67 of 2025, bolster financial stability and safeguard policyholder interests. 🔗

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