Staff Writer
Victoria Falls — Zimbabwe is charting a bold course toward becoming a regional financial powerhouse through initiatives such as the Victoria Falls International Financial Services Centre, Insurance24 reports.
In this journey, Deputy Finance Minister Kudakwashe Mnangagwa said the insurance industry has been anchored as a cornerstone of economic progress.
Mnangagwa was speaking at the ongoing Southern Africa Insurance Indaba in Victoria Falls.
Addressing delegates from across the region, Mnangagwa said Zimbabwe’s financial-sector ambitions can only be realised through a transformed, resilient and forward-looking insurance industry capable of mobilising global capital and fostering investor confidence.
He highlighted the often underappreciated value of insurance, saying: “Insurance is like that quiet friend always in the terraces, never shows up, but when things go wrong, they’re the one who saves the day. It turns chaos into calm and uncertainty into opportunity.”
He said the government viewed the Indaba — now repositioned as a Southern African platform — as central to collective regional progress.
“It is both an honour and a privilege to address this distinguished gathering… a platform that embodies not only professional excellence but also a shared continental ambition: to build a resilient, inclusive, and prosperous Africa,” he said.
Mnangagwa praised the Insurance Institute of Zimbabwe (IIZ) for transforming what was once a national event into a Pan-African forum.
He said this shift “reflects visionary leadership” and signals a recognition that “our challenges are interconnected, our opportunities are collective, and our solutions must be home grown and collaborative.”
The minister said the 2025 theme, Reimagining Insurance: Unlocking Economic Potential and Building Resilience in Africa, aligns with Zimbabwe’s Vision 2030 agenda, which seeks Upper-Middle-Income Status built on strong insurance, banking and commerce systems.
“Upper-middle-income societies are powered by the financial triad of insurance, banking, and commerce systems that safeguard wealth, mobilise resources, and accelerate sustainable economic growth,” he said.
Mnangagwa stressed that insurance is indispensable to achieving the United Nations Sustainable Development Goals, noting the sector “directly and indirectly supports nine of the SDGs, mobilising capital, building resilience, and empowering progress.”
Meeting both SDGs and the AU’s Agenda 2063, he said, required a radical break from traditional models. “A paradigm shift is imperative,” he said. “Insurers and regulators must redefine the societal role of insurance and close the vast protection gap.”
He said Africa’s development aspirations hinge on insurance’s ability to mobilise long-term capital for infrastructure, green investments, credit market strengthening, and climate resilience in agriculture, SMEs and vulnerable communities.
Mnangagwa added that the Indaba’s new regional identity underscores Africa’s commitment to integration.
He said bodies such as AIO, OESAI, ARC and AfCFTA are helping build “a regional insurance ecosystem capable of absorbing shocks, sharing capacity, and financing Africa’s development from within.”
Outlining the path forward, he urged the industry to embrace digital transformation paired with customer-centricity. “Technology is a tool, not a destination,” he said, calling for AI, blockchain, mobile platforms and data analytics to be deployed “with the customer’s needs, dignity, and inclusion at the center.”
He said rebuilding trust must be a priority because “Trust is the currency of insurance,” while climate change must be integrated into every underwriting and investment decision because “climate change is not a future threat it is a present reality.”
Mnangagwa emphasised that inclusive insurance — for farmers, vendors and young entrepreneurs — is “not charity; it is smart business and national imperative.”
He also underscored the urgent need for human-capital investment. The IIZ, he said, is “cultivating a workforce that master’s both the art of risk management and the science of sustainable growth,” but the scale of technological disruption requires continuous reskilling to remain “future ready.”
He warned that closing Africa’s protection gap “will not happen by accident,” urging leaders to measure success “not in premiums collected but in lives protected and communities empowered.”
In a final call to action, Mnangagwa said: “Insurance is not merely a financial instrument it is the backbone of resilience and progress,” adding that its decline “risks stalling the very momentum of development.”
He urged stakeholders to move “from dialogue to impact,” saying the industry must serve as “a catalyst for prosperity and a safeguard for generations to come.”
