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Gibson Mhaka
MEDIA professionals play a key role in shaping public understanding, particularly regarding complex topics like insurance and pensions where myths and misconceptions abound, Insurance and Pensions Commission board chairperson Albert Nduna has said.
Speaking at the 4th edition of the Insurance and Pensions Media Awards (IPMA) held last Friday in Harare, Nduna said their commitment to objectivity and unwavering dedication to informing and educating the public empowers individuals to make informed decisions about their financial well-being.
“Media professionals’ commitment to objectivity and unwavering dedication to informing and educating the public is key in shaping our understanding of the world and inspires us to aspire for a better future. Generally, there are myths and misconceptions about insurance and pensions, the world over but the media play an important role in demystifying some of these misconceptions.
“In today’s rapidly evolving world of social media, the need for bona fide media has never been greater as they serve as the guardians of truth and the catalysts for change. Individuals and businesses alike encounter risks that can impact their financial stability and operations. Insurance is one of the tools that they can use to mitigate these risks by providing financial protection in the event of a loss. To this end, the need for clear and insightful journalism on insurance and pensions has never been more critical,” said Nduna.
He said insurance and pension matters journalists explore, along with the debates they ignite, contribute significantly to shaping public discourse, influencing policy, driving positive change, and ultimately achieving sustainable development.
“That is what developmental journalism is all about, bringing positive change by not only highlighting problems but also identifying and promoting solutions. For example, given the effects of climate change on agriculture, especially smallholder farmers who rely on the rains, it is of paramount importance that journalists not only shine a spotlight on the devastation that climate change causes but also educate the public about the importance of insurance in mitigating climate-related risks. That will surely serve as a catalyst for transformation,” he said.
He added: “To the industry captains, the insurance and pensions industry should also prioritise fair treatment of policyholders and pension scheme members in line with the Treating Customers Fairly Framework. Treating customers fairly should not just be a regulatory compliance issue but a deliberate organisational policy, which is essential for building trust and upholding ethical standards. This will no doubt earn the industry trust and confidence of the public.
“One of the low hanging fruits in restoring confidence in pensions in Zimbabwe, is the compensation of pension scheme members for the pre-2009 losses as per the compensation regulations gazetted last year”.
Nduna emphasized that in an era of rapid advancements in information and communication technologies (ICTs) and the rise of Fintech and Techfin platforms, the insurance industry must innovate.
“They must come up with insurance and retirement savings products that meet the evolving needs of the previously excluded in terms of accessibility, affordability, and usage to deepen financial inclusion. The insurance and pensions industry plays a crucial role in economic development by providing financial protection, promoting long-term savings and investment, and supporting overall economic stability and growth.”
He also acknowledged the challenges the insurance and pensions industry has faced. However, he stressed that these shouldn’t hinder optimism and determination for the future.
“I urge stakeholders including us as the regulator, the insurance and pensions industry and the media to collaborate in promoting financial literacy to raise the public’s awareness of insurance and pensions in mitigating the effects of risks and avoiding old age poverty. This will help individuals to approach the future with confidence and dignity,” said Nduna.
Meanwhile, the awards meant to recognise and reward journalistic excellence in coverage of insurance and pension-related topics, also saw B-Metro senior reporter Gibson Mhaka scooping the runner-up for the Inclusive Insurance Journalist of the Year award. For his efforts, he received a certificate and a cash prize. Chronicle’s Prosper Ndlovu was also runner-up under the Economic Contribution category.
Online Reporter