Online Reporter
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The Insurance and Pensions Commission (IPEC) says protecting Micro, Small and Medium-sized Enterprises (MSMEs) against business risks requires a collective effort from regulators, policymakers, insurers, development partners and civil society organisations.
IPEC Commissioner, Dr Grace Muradzikwa, said this at a two-day workshop in Harare held last week in partnership with the World Bank and Financial Sector Deepening (FSD) Africa, which focused on the development of innovative insurance products to close the insurance protection gap for Zimbabwe’s MSMEs.
“MSMEs face various insurable risks, such as recurrent fire outbreaks over the years and we have seen markets reduced to ashes, merchandise worth millions lost, and countless livelihoods disrupted.
“For many MSMEs, these disasters are not just temporary setbacks; they represent the end of a dream, the loss of years of hard work and the onset of financial ruin. In the absence of adequate insurance, recovery becomes difficult, if not impossible,” she said.
The workshop brought together a wide range of stakeholders, including insurers, brokers and representatives from the Ministry of Finance, Economic Development and Investment Promotion, Ministry of Women Affairs, Community, Small and Medium Enterprises Development, Ministry of Industry and Commerce and the Small and Medium Enterprises Development Corporation (SMEDCO).
Zimbabwe’s MSME sector is the backbone of the national economy, accounting for a substantial share of employment and household incomes.
However, MSMEs remain highly vulnerable to risks such as fire, theft, health emergencies, and economic shocks as the majority operate under fragile conditions with limited access to capital, credit, or formal safety nets.
The training, facilitated by World Bank consultant, Mr Rob Rusconi and FSD Africa principal, innovation for resilience, Mr Elias Omondi, underscored the need for innovation in product design and distribution channels.
“Participants explored approaches for creating insurance solutions that are simple, affordable and tailored to the realities of MSMEs.
“Flexible payment models, mobile-based distribution and community-driven networks, were highlighted as key pathways to improving accessibility,” said Dr Muradzikwa.
She noted that the training concluded with a strong call for practical, solution-oriented actions to design products suited to MSME risks, build trust and awareness among entrepreneurs, leverage technology and align MSME protection with national financial inclusion strategies.
Dr Muradzikwa said IPEC remained committed to working with partners to foster an inclusive insurance industry that leaves no one behind.
Online Reporter