IPEC, World Bank and FSD Africa Partner to Bridge Protection Gaps for MSMEs
The Insurance and Pensions Commission (IPEC), in partnership with the World Bank and FSD Africa, successfully hosted a two-day training workshop in Harare on 4–5 September 2025, focusing on the development of innovative insurance products to close the protection gap for Zimbabwe’s Micro, Small and Medium-sized Enterprises (MSMEs).
The workshop brought together a wide range of stakeholders, including insurers, brokers, and representatives from the Ministry of Finance, Economic Development and Investment Promotion; Ministry of Women Affairs, Community, Small and Medium Enterprises Development; Ministry of Industry and Commerce; and the Small and Medium Enterprises Development Corporation (SMEDCO).
Zimbabwe’s MSME sector is the backbone of the national economy, accounting for a substantial share of employment and household incomes. However, MSMEs remain highly vulnerable to risks such as fire, theft, health emergencies, and economic shocks. The majority operate under fragile conditions with limited access to capital, credit, or formal safety nets.
In her opening remarks, IPEC Commissioner, Dr Grace Muradzikwa emphasised that protecting MSMEs requires a collective effort from regulators, policymakers, insurers, development partners, and civil society organisations.
She said MSMEs face various insurable risks, such as recurrent fire outbreaks over the years.
“We have seen markets reduced to ashes, merchandise worth millions lost, and countless livelihoods disrupted,” said Dr Muradzikwa.
“For many MSMEs, these disasters are not just temporary setbacks, they represent the end of a dream, the loss of years of hard work, and the onset of financial ruin. In the absence of adequate insurance, recovery becomes difficult, if not impossible.”
The training, facilitated by actuaries – World Bank consultant, Mr Rob Rusconi and FSD Africa Principal, Innovation for Resilience, Mr Elias Omondi underscored the need for innovation in product design and distribution channels.
Participants explored approaches for creating insurance solutions that are simple, affordable, and tailored to the realities of MSMEs. Flexible payment models, mobile-based distribution, and community-driven networks were highlighted as key pathways to improving accessibility.
The training concluded with a strong call for practical, solution-oriented actions to design products suited to MSME risks, build trust and awareness among entrepreneurs, leverage technology, and align MSME protection with national financial inclusion strategies.
IPEC remains committed to working with partners to foster an inclusive insurance industry that leaves no one behind.
