Insurance, innovation and risk management

The annual conference of Zimbabwe’s insurance institute has highlighted insurers’ management weaknesses. Market failures have largely affected insurance penetration rate, currently at 6%, a rate deemed poor for the region.

The lack of innovative strategy, the low level of services offered to customers, the shortcomings of marketing and technological backwardness are major impediments to the development of the insurance business. In addition, low capitalization of insurers does not allow the market to innovate and implement an appropriate risk management policy.