Zimbabwe: Insurers Must Introduce New Products

Friday, September 5, 2014

Zimbabwe’s Insurance and Pensions Commission (Ipec) has called on players in the insurance sector to be innovative to come up with new products that are suitable for the lower end of the market and grow income in the face of tight liquidity.

In its 2014 first half report for life and funeral assurers, Ipec said new products such as micro-insurance would enable reinsurers, for instance, to access the lower end of society and the informal sector.

Ipec said players in the funeral business should continue building on the momentum of growth through product innovation and embracing new concepts particularly micro-insurance whose framework is under preparation.

“The industry must compete on product innovation and service in order to ride meaningfully on improving business confidence,” said Ipec.

Source: All Africa (link opens in a new window)

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cash, financial innovation, government, microinsurance