Muradzikwa calls on insurance companies to leverag...

Muradzikwa calls on insurance companies to leverage digitisation to improve penetration

Commissioner for Insurance and Pensions Commission, Dr Grace Muradzikwa says insurance companies must reverse low penetration rates through leveraging technology for efficiency and reach.

“. . . what is glaring are the low penetration ratios experienced in Africa. We need to adapt to the fast-changing world and leverage technology to achieve efficiencies and improve insurance penetration,” said Dr Muradzikwa while speaking at Women in Insurance Zimbabwe annual symposium recently.

She said agriculture is an area for growth while ensuring food security for the continent.

“It is true that we cannot talk about an empowered continent without talking about food sustainability and agriculture’s share of insurance is below three percent.

“Thus agriculture is low-hanging fruit for all of us as we try to climate-proof agriculture and ensure food sustainability,” she said.

Dr Muradzikwa said insurance companies need to adapt their business models to changing conditions.

"In this regard, there is a growing need to come up with mitigatory measures that allow farmers to protect their farm production and yields against natural disasters,”

Last week approximately 200 hectares of wheat were destroyed by fire countrywide showing the need for insurance in agriculture.