Only 34% of Zim population insured: Ipec

ONLY 34% of Zimbabweans are insured, as citizens have lost confidence in insurance products owing to loss of savings value as a result of hyper-inflationary legacy issues while unemployment and COVID-19 pandemic have also added to the industry’s woes, an insurance and pensions regulatory and monitoring body has said.

Among the 34%, the majority of insurers are in the funeral life cover.The shocking revelations came after The Insurance and Pensions Commission (Ipec) conducted a baseline study to assess the performance of the sector in the first quarter of this year.

This story is for NewsDay subscribers.