Prof Ncube calls for stronger African reinsurance and capital retention
Finance, Economic Development, and Investment Promotion Minister, Professor Mthuli Ncube, has called for the strengthening of Africa’s reinsurance capacity and the retention of capital within the continent to accelerate development and financial sovereignty.
Speaking at the 29th African Reinsurance Forum in Harare, Prof. Ncube described reinsurance as “the silent engine behind confidence, entrepreneurship, and national development.” He said it was time for African governments and industry leaders to build an integrated and well-capitalised reinsurance ecosystem that supports trade, infrastructure, and resilience.
“Africa retains only about 30% of its reinsurance premiums, with more than 70% externalised,” said Prof Ncube.
“This represents lost investment capital, lost jobs, and lost opportunities for local industry development. We must turn this tide by strengthening our home-grown reinsurance institutions and rethinking the role of mandatory cessions to national and regional reinsurers.”
Prof. Ncube highlighted the importance of aligning the reinsurance agenda with the African Continental Free Trade Area (AfCFTA), which he said offers unprecedented opportunities for intra-African investment and industrialisation.
He also underscored Zimbabwe’s commitment to reforms in the insurance and pensions sector, citing advances in risk-based supervision, digitalisation, and inclusive insurance models targeting Micro, Small, and Medium-sized Enterprises (MSMEs). The adoption of Zimbabwe-specific mortality tables, he added, was a milestone in improving actuarial integrity.
Calling for climate-resilient innovation, Prof. Ncube urged reinsurers to mainstream parametric insurance, weather-indexed covers, and sovereign risk pools. “The role of reinsurers is not just to pay claims, but to predict, prevent, and prepare. “The future of Africa’s resilience is in our hands. We cannot outsource it. We must build it together, brick upon brick, policy by policy, premium by premium.”
The forum, hosted by the Insurance Council of Zimbabwe, was attended by over 500 delegates from 53 countries drawn from Africa, Asia and America.
