IPEC Holds 7th Annual General Meeting in Harare
The Insurance and Pensions Commission (IPEC) successfully held its 7th Annual General Meeting (AGM) yesterday at the Hyatt Regency, The Meikles Hotel in Harare.
The meeting brought together key stakeholders, including the Office of the President and Cabinet, represented by the Corporate Governance Unit, Ministry of Finance, Economic Development and Investment Promotion, Parliament, the Office of the Auditor General, the Accountant General, and the State Enterprises Restructuring Agency, fellow financial sector regulators, and industry stakeholders.
In his remarks, IPEC Board Chairperson, Mr Albert Nduna noted that while the economy grew by a modest 2%, the insurance and pensions sector demonstrated resilience, registering a 4.8% growth in 2024, double the 2.4% recorded in 2023.
He highlighted some key milestones registered in 2024, including:
- The piloting of the Farmer’s Basket parametric insurance product in Goromonzi.
- Disbursement of US$522,000 to eligible pensioners under the pre-2009 compensation programme.
- Approval of the domestication of marine insurance to retain capital locally.
- Gazetting of the IPEC Amendment Bill (H.B. 7, 2024), which will among other things, introduce a Policyholder Protection Fund.
IPEC Commissioner, Dr Grace Muradzikwa, reported that the Commission achieved five out of six strategic outcomes for 2024.
She highlighted some challenges bedevilling the insurance and pensions industry, including low average pension benefit payouts, pension contribution arrears from sponsoring employers, and slow uptake of micropensions.
Going forward, IPEC will advocate for the promulgation of the IPEC Bill, strengthen digital supervisory systems, financial inclusion and sector resilience against climate risks, and enhance market conduct and governance reforms.
