The Insurance and Pensions Commission joins the rest of the World in commemorating International Insurance Awareness Day, which is observed on 28 June, annually.

The day was set aside to serve as a reminder to people to review their insurance coverage to ensure that they are adequately protected.

With the Covid-19 pandemic disrupting the world, insurance cover gaps have been exposed.

As a result, the role of insurance has been brought into sharp focus, as the need for insurance for both individuals and organisations has become more critical than ever.

Individuals lost their jobs while companies’ operations were suspended or scaled down for prolonged periods as governments throughout the world introduced Covid-19 containment measures.

Zimbabwe was no exception. Various sectors were affected and continue to be affected, in the process dealing a major blow to individuals and businesses’ incomes.

As the regulator, we encourage insurance companies to develop more appropriate products that meet the needs of consumers, to protect them against eventualities such as the Covid-19 pandemic.

There are misconceptions that insurance is only for the rich. Everyone needs insurance irrespective of your economic status. As long as you own something that is valuable to you, enquire with your financial advisor, insurance company or broker on the available insurance products to insure those valuable assets.

As part of the Insurance Awareness Day commemorations, we encourage you to do the following:

1. Check whether all your valuable assets are insured, if not contact an insurance company, broker or agent to get a quotation for insuring the same;
2. For those with insurance policies, check if your premiums are up-to-date, if not, engage your insurance company, broker or agent on what you need to do to be covered;
3. For those with insurance, verify the value of your insured assets, to ensure that you are adequately covered;
4. Contact us or any registered insurance company, broker or agent to learn more about insurance; and
5. Deal with registered insurance companies, brokers or agents only.