Dr Muradzikwa urges African reinsurers to seize opportunities amid global volatility
Insurance and Pensions Commission (IPEC) Commissioner Dr. Grace Muradzikwa has urged African reinsurers to embrace volatility as a catalyst for transformation, innovation, and inclusive growth within the continent’s insurance markets.
Delivering the keynote address at the 29th African Reinsurance Forum in Harare, Dr. Muradzikwa said uncertainty presents a defining opportunity for Africa’s reinsurance industry to rethink its strategies and unlock untapped potential.
“Uncertainty does not just breed opportunity; it demands transformation. It demands that we transform from risk exporters to resilience builders,” she declared. “The risks are complex—let us be the simplifiers. The informal economy is vast—let us be the ones who finally see it, value it, and insure it.”
She noted that Africa’s insurance penetration remains below 3%, despite being one of the fastest-growing regions globally. With over 83% of the workforce in the informal sector, Dr. Muradzikwa said the continent’s future growth lies in developing inclusive insurance solutions that cater to small businesses and low-income households.
“Africa’s low insurance penetration is not a weakness—it is our massive growth frontier,” she emphasised.
Dr. Muradzikwa also challenged reinsurers to become architects of capital formation by retaining more premiums within Africa. Over 60% of reinsurance business is currently ceded offshore, she said, resulting in lost opportunities for local investment and resilience building.
She called for collaboration, technological innovation, and regulatory convergence to close the protection gap, leverage the African Continental Free Trade Area (AfCFTA), and strengthen cross-border risk-sharing mechanisms.
“We must move beyond being passive risk-takers. Our role must be to build ecosystems that build our markets,” she concluded. “Africa will not claim its rightful share by following old models—it must be bold, innovative, and unapologetically African.”
