Online Reporter
Business Reporter
The Insurance and Pensions Commission (IPEC) has evolved from a nascent regulator into a mature, sophisticated institution whose work is recognised across the African continent and globally, Deputy Minister of Finance, Economic Development and Investment Promotion, Kudakwashe Mnangagwa, has said.
Speaking as Guest of Honour at the Insurance and Pensions Symposium in Victoria Falls, where the commission is celebrating 20 years of regulatory oversight, the Deputy Minister noted that IPEC was established in 2006 under the Insurance and Pensions Commission Act during one of Zimbabwe’s most turbulent economic periods. He described the commission’s founding as an act of institutional courage and a deliberate statement that citizens’ long-term financial security must be protected regardless of the economic climate.
He commended the commission for progressively aligning its regulatory frameworks with international best practices, stating that risk-based supervision and stress testing have transformed oversight, ensuring capital adequacy and governance standards are no longer aspirational benchmarks but enforced realities.
The Deputy Minister affirmed government’s pride in IPEC and its commitment to the sector’s growth, noting that Vision 2030 and the National Development Strategy 2 identify financial services as a critical pillar. He announced that Government is working with IPEC to deploy index-based crop insurance protecting smallholder farmers, describing the expansion of agricultural insurance as smart economics.
He further revealed Government’s commitment to a systematic programme of insuring public assets, stating that Zimbabwe’s uninsured public infrastructure represents a profound fiscal risk to taxpayers. Reflecting on the industry’s resilience through hyperinflation, currency reforms, and the global pandemic, he called on the industry to partner with Government in turning these initiatives into reality.
