IPEC Commissioner’s Breakfast Meeting: A Collaborative Industry Engagement
The Insurance and Pensions Commission (IPEC) hosted its highly anticipated Annual Commissioner’s Breakfast Meeting on Friday last week in Harare, bringing together key industry executives to discuss topical issues within the sector.
IPEC Commissioner, Dr Grace Muradzikwa convened the meeting where closure of the pre-2009 pension compensation was among the topical issues raised. Both IPEC and the Zimbabwe Association of Pension Funds (ZAPF) underscored the importance of finalising the matter, which would help in restoring confidence in insurance and pensions.
In her opening remarks, Dr Muradzikwa said platforms like the Commissioner’s Breakfast Meeting allowed for open engagement and knowledge sharing between IPEC and the industry.
“It is through such interactions that we can align our collective efforts towards fostering a resilient, inclusive, and responsive industry that serves policyholders and pension scheme members effectively,” she said.
“As we navigate the ever-evolving financial landscape, it is imperative that we address emerging risks, enhance regulatory compliance, and embrace innovation to strengthen our industry.”
Dr Muradzikwa said IPEC would continue engagements with stakeholders to address bottlenecks impeding the compensation of pension scheme members affected by the pre-2009 loss of value.
ZAPF Director-General, Mrs Sandra Musevenzo expressed the industry’s commitment to see the pre-2009 compensation finalised.
Insurance Council of Zimbabwe chief executive officer, Mr Donald Muthe hailed the Farmer’s Basket Agricultural Insurance Product, which has been upscaled to eight rural provinces. More than 20, 000 smallholder households have been onboarded for the 2024/2025 agricultural season.
Life Offices Association Vice Chairperson, Mr Tendayi Kanjanda appreciated the extension of the multicurrency system to 2030 but implored Government to ringfence assets that support long-term insurance and pensions products to guarantee value preservation beyond 2030.
Insurance Brokers Association of Zimbabwe Chairperson, Mr Tawanda Korovedzai hailed Government for the domestication of marine insurance.
Zimbabwe Association of Funeral Assurers called for policy adjustments to ensure industry viability.
The annual breakfast meeting serves as a platform for open dialogue between IPEC and industry leaders, reinforcing the Commission’s dedication to enhancing the regulatory environment and promoting sustainable growth within the insurance and pensions industry.
