IPEC Commissioner, Grace Muradzikwa, told delegates at the Zimbabwe Economic Development Conference (ZEDCON) that the insurance and pension industry in Zimbabwe currently includes about 104 insurance companies and 967 pension funds (half inactive), with pension assets around $2.5 billion and insurance assets over $1 billion. Quarterly industry revenues stand near $450 million.
IPEC is actively restoring sector confidence by strengthening supervision, legal reforms (including new garnishment powers for unpaid pension contributions), capping excessive service provider fees, and monitoring investment performance.
It has broadened the prescribed asset framework to include alternative and offshore investments, recognizing the need for diversification while mindful of geopolitical risks.
Significant pension fund investments back Zimbabwe’s infrastructure, notably $60 million in renewable energy projects like hydropower and solar, plus housing, agriculture, and capital markets – which depend heavily on pension and insurance funds (around 60% of stock market investments).
IPEC is also innovating in market development by piloting flexible, seasonal micro-insurance and pension products tailored for MSMEs and the informal sector (which accounts for about 76% of the economy). Plans include strengthening labor legislation, leveraging regulatory sandboxes for product testing, and promoting financial inclusion.
The Commissioner highlighted how IPEC`s corporate social responsibility initiatives support elderly care and medical outreach, reflecting a holistic approach to sector development beyond finance.
Looking forward, IPEC emphasizes sustaining pension value through macroeconomic stability and smooth currency transition, addressing legacy pension arrears, and encouraging viable infrastructure investments.
