Staff Writer
The Government has underscored the need for pragmatism and integrity in addressing legacy issues within Zimbabwe’s insurance and pensions sector, saying sustained confidence-building is critical for an industry that protects livelihoods, mobilises long-term savings and supports national development.
Deputy Minister of Finance, Economic Development and Investment Promotion, Kuda Mnangagwa, made the remarks at the Insurance and Pensions Commission (IPEC) 20th anniversary celebrations held on January 30, 2026, where he acknowledged that challenges arising from past value erosion remain complex and deeply entrenched.
“Rebuilding trust in long-term financial contracts is neither immediate nor straightforward,” said Deputy Minister Mnangagwa.
“What is encouraging, however, is that IPEC has approached these challenges with professional integrity, transparency, and pragmatism, designing well-informed interventions aimed at improving benefit adequacy, strengthening governance, and enhancing disclosures to policyholders and pension fund members.”
He said the Commission’s progress over the past two decades reflected an intentional institutional transformation underpinned by sustained Government support, effective board oversight and strong management resolve.
“The Commission has developed a strong multidisciplinary team comprising actuaries, risk management specialists, economists, accountants, lawyers, ICT specialists and other professionals essential for regulating a sophisticated financial services sector,” said Deputy Minister Mnangagwa.
He added that the skills base at IPEC is benchmarked against international best practice and peer regulators, enabling the Commission to strengthen its supervisory approach.
“This enhanced capacity has enabled IPEC to move beyond reactive regulation and adopt risk-based supervision, implementing proactive, evidence-driven policymaking and forward-looking regulatory reforms aimed at restoring confidence, strengthening supervision, and protecting policyholders and pension fund members,” he said.
Beyond traditional supervisory functions, Deputy Minister Mnangagwa noted that IPEC has increasingly embraced a developmental regulatory role aligned with national economic priorities. He said the Commission’s work in promoting financial inclusion, climate-risk mitigation, innovation and long-term investment mobilisation demonstrated that regulation can be both protective and enabling.
“Through these initiatives, insurance and pensions are not merely financial products but strategic tools for national development,” he said, adding that Government remains committed to working closely with IPEC and industry stakeholders to address legacy constraints while laying a stronger foundation for the future.
The Deputy Minister also highlighted IPEC’s growing influence at regional and global levels, noting that the Commission now maintains a presence in key standard-setting and supervisory bodies, including the Committee of Insurance, Securities and Non-Bank Financial Authorities, the International Association of Insurance Supervisors, the International Organisation of Pension Supervisors and the Organisation of African Insurance Supervisory Authorities.
“This enhanced engagement enables IPEC to benchmark its regulatory frameworks, supervisory practices, and institutional capabilities against those of leading regulators internationally, ensuring continuous improvement and alignment with global best practice,” said Deputy Minister Mnangagwa.
He added that international participation also allows the Commission to contribute meaningfully to regional and global policy dialogue, strengthening peer learning and regulatory convergence.
IPEC Board chairperson Mr Albert Nduna said over the past 20 years the Commission has grown in mandate, maturity and institutional strength, evolving into a modern regulator characterised by robust governance, professional capacity and a clear developmental outlook.
Commissioner of Insurance, Pensions and Provident Funds Dr Grace Muradzikwa said the anniversary marked more than institutional longevity, but reflected sustained transformation and continuity.
“The 20th anniversary marks a symbolic and significant milestone in Zimbabwe’s financial services sector, celebrating two decades of regulatory service, institutional learning and stewardship over a sector central to protecting livelihoods, mobilising long-term savings and supporting national development,” said Dr Muradzikwa.
She said the milestone reaffirmed IPEC’s commitment to strengthening supervision, restoring public confidence and supporting the long-term stability and growth of the insurance and pensions industry.
