WAICA Re’s entrance to spur competitiveness: IPEC
By Insurance24
HARARE, THE Insurance and Pensions Commission (IPEC) sees an improvement in the insurance industry capacity through on boarding of WAICA Re in the sector as premium will be retained locally.
WAICA RE , a sub-regional reinsurance group headquartered in west Africa W last week launched in Zimbabwe through colonnade re in a US$5,5 million investment confirming confidence in the Zimbabwe market.
In a speech read on his behalf at the official launch of WAICA RE Zimbabwe last week, Ipec Acting commissioner Blessmore Kazengura said while WAICA Re Zimbabwe is not really a new player in the industry, the group should invigorate not only the entity but the industry as a whole by increasing the capacity on the market and spurring other players to be more competitive in their product offering.
He said the industry should heed the call to develop to come up with innovative products that address the needs for the local insurance market especially for lower end consumers.
“This is in with insurance inclusion initiative which is one of the key pillars of the national financial inclusion strategy launched by the government in March 2016.
The bolstering of capacity of the insurance industry through the entry of players such as WAICA RE will also foster the achievement of this milestone. The provision of insurance and risk management services in the informal sector and the financially marginalise population presents potential sources of growth,” he said.
“The coming in aborad of WAICA RE group Zimbabwe will obviously bolster the capacity of WAICA Re Zimbabwe and the insurance industry at large.
The bolstering of the local insurance industry capacity means that premiums will be retained locally thus preserving the much needed foreign currency which can be channelled towards other productive uses,” he said.
He said insurance players should promote appropriate micro insurance products by taking advantage of internet and mobile network infrastructure for cost effective distribution channels which will result in improved risk management and inculcate a saving culture and ultimately improving the lives of the marginalised consumers.
