Online Reporter
Nelson Gahadza
Zimpapers Business Hub
Insurance firms should exploit mobile technology, data analytics and digital platforms to reach more people, reduce costs and innovate product features, taking advantage of Zimbabwe’s ongoing rapid digital transformation, industry experts have said.
Dr Carren Pindiri, senior lecturer and researcher in Economics at the University of Zimbabwe, said this at the ongoing Southern Africa Insurance Indaba 2025 in Victoria Falls, noting that if Zimbabwe’s currency, ZiG, and exchange stability are sustained, insurance demand is likely to rise in the future.
“As the industry grows, there’s demand not just for frontline insurance but support services, actuarial work, data analytics, risk modelling, and loss adjusting,” he said.
Dr Pindiriri said the insurance market in Zimbabwe was projected to reach a market size of US$2,54 billion in 2025, and within this market, non-life insurance would dominate with a projected market value of US$1,48 billion.
He said the average spending per capita in the insurance market was estimated to be US$146,43 in 2025, and with the projected economic growth, income growth and stable prices, the listed companies are projected to record positive performance.
“Global insurance demand is rising, driven by increasing risks from factors like climate change and geopolitical tensions; hence, the local insurance industry should innovate and come up with solutions that meet local and regional needs,” he said.
Global insurance is expected to grow by 5,3 percent annually over the next decade, outpacing overall economic growth.
Dr Pindiriri said that with many low-income households and informal economy participants, there was scope for microinsurance, low-premium, scaled-down cover tailored to those segments.
“With Zimbabwe’s currency and inflation challenges, there’s an opportunity to design insurance policies that mitigate currency risk, such as USD-indexed policies,” he said.
He noted that high informality is leading to low uptake of insurance products; hence, insurance players should expand and develop new microinsurance products.
“You need to form partnerships and work with cooperatives, community organisations, and microfinance institutions to reach the informal sector. In addition, intensify digital/mobile-based products and introduce incentives like no-claim bonuses,” said Dr Pindiriri.
Insurance Institute of Zimbabwe (IIZ) general manager Mr Davison Choeni said that as insurance professionals, they stood at the intersection of risk, resilience, and opportunity. “Our continent is evolving, our economies are rebuilding and repositioning, and our industry must respond with agility, foresight and innovation,” he said.
He added that the indaba gives a powerful space to challenge old assumptions, share practical solutions, forge partnerships and reimagine what is possible for the future of insurance in Africa. “Together, we will explore how our sector can drive sustainable growth, support development, and contribute meaningfully to national and regional economic agendas,” said Mr Choeni.
Mr Francis Nzwili, managing director of Continental Re Botswana, said African countries remained fragmented economically, and most countries were too small to operate on their own; hence, there is an opportunity for us to work together on insurance and reinsurance.
“As a reinsurer, you travel to do business across this country; there will be reasons why you did not go, or it’s not right. But for us to get there as an African continent, to develop and build the resilience for our continent, we need to work together,” he said.
He noted that there were many uninsured places in Zimbabwe’s market, likely due to limited capacity or a lack of expertise.
“There are many markets; you need to operate across markets under separate plans, and this makes a great cost for the region,” said Mr Nzwili.
The indaba, running under the theme “Reimagining insurance: Unlocking economic potential and building resilience in Africa,” will also be graced by Finance, Economic Development and Investment Promotion deputy minister David Mnangagwa.
