Online Reporter
Nelson Gahadza
Zimpapers Business Hub
Zimbabwe’s insurance industry should aggressively expand into the informal sector, the Insurance and Pensions Commission (IPEC) says, and tap into significant business opportunities that have yet to be explored.
Speaking at the ongoing Southern Africa Insurance Indaba in Victoria Falls, IPEC director of insurance and microinsurance Ms Sibongile Siwela said the informal sector, which accounts for 76 percent of the Zimbabwean economy, presents the strongest avenue for increasing national insurance penetration, currently at a low 1,06 percent compared to a regional average of 3 percent.
“There is massive potential for growth of the penetration rate, and there are opportunities to take them to the informal market,” she said.
Ms Siwela said IPEC, working with the World Bank, had already started training insurers on developing products targeted at small to medium-sized enterprises (SMEs) and informal operators.
“Going into 2026, we encourage the industry to focus on the insurance for SMEs, and also the development of relevant products can assist us to grow the penetration rate,” she said.
Ms Siwela said underserved segments of the economy similarly need attention through the development of products that are relevant and affordable.
She said under its 2026-2030 strategy, the commission will reform its regulatory posture under the theme “beyond compliance and regulation for sustainability”.
