Why funeral assurance dominates Zim’s insurance market

📅 Published: August 15, 2025

📰 Source: theindependent

Curated by AllZimNews.com

In Zimbabwe, funeral assurance is not just insurance; it is culture, economics, and psychology rolled into one.

While life insurance products such as endowments and whole life policies have long struggled for traction, funeral assurance has cemented its reign as Zimbabwe’s most popular insurance product, accounting for a staggering 74% of total life insurance revenue in Q1 2025, according to the latest Ipec report.

At the heart of this dominance lies a simple truth: Zimbabweans want tangible value, especially in an economy battered by inflation, currency switches, and income volatility.

Where other insurance products offer abstract promises subject to exchange rates, inflation erosion, or complex conditions, funeral assurance delivers visible, timely, and guaranteed services: a coffin, transport, tents, and dignity. “People can’t risk uncertainty when burying a loved one.

With funeral assurance, the value is seen, not imagined,” says one Harare based policyholder.

According to the Q1 2025 Ipec report: Nyaradzo Life, a funeral specialist, controls 50,13% of all insurance revenue in Zimbabwe and underwrites only funeral business.

Doves Life, also funeral-focused, comes second at 12,58%.

Combined, these two firms command over 62% of the market, outpacing diversified insurers such as Old Mutual, Zimnat, and First Mutual.

Such dominance raises a question: What is driving this intense public trust in funeral assurance? 🔗

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