Impact of COVID-19 on the Zimbabwean insurance sector

The document details how COVID-19 containment measures disrupted the Zimbabwean insurance sector, highlighting challenges in remote work, stagnating sales due to the lack of e-signatures, and anticipated financial pressures. It examines the responses of insurers and the regulator (IPEC), while identifying opportunities for digital transformation and product innovation to support economic recovery.

• Remote insurance sales stagnated because the legal requirement for physical signatures persisted, as e-signatures were not yet permitted.
• Insurers faced significant operational hurdles during the transition to remote work, including country-wide electricity interruptions and a lack of necessary hardware; one insurer reported that only 30% of its personnel had the resources to work remotely.
• The pandemic is expected to negatively impact the financial positions of insurance companies through higher-than-usual policy lapse rates due to constrained customer incomes and reduced investment income from property and equity portfolios, which make up approximately 80% of investment assets in the life insurance market.
• The regulator, the Insurance and Pensions Commission (IPEC), responded to the crisis by extending deadlines for regulatory levies and first quarter returns, and by issuing guidance allowing policyholders to pay premiums in foreign currency.

APA

FSD Africa (2020). Impact of COVID-19 on the Zimbabwean insurance sector. https://fsdafrica.org/wp-content/uploads/2020/10/Impact-of-COVID-19-on-the-Zimbabwean-insurance-sector-21.10.20-1.pdf

Chicago

FSD Africa. Impact of COVID-19 on the Zimbabwean insurance sector. 2020. https://fsdafrica.org/wp-content/uploads/2020/10/Impact-of-COVID-19-on-the-Zimbabwean-insurance-sector-21.10.20-1.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=Impact of COVID-19 on the Zimbabwean insurance sector |date=October 2020 |url=https://fsdafrica.org/wp-content/uploads/2020/10/Impact-of-COVID-19-on-the-Zimbabwean-insurance-sector-21.10.20-1.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2020impact, author = {{FSD Africa}}, title = {{Impact of COVID-19 on the Zimbabwean insurance sector}}, institution = {FSD Africa}, year = {2020}, month = oct, url = {https://fsdafrica.org/wp-content/uploads/2020/10/Impact-of-COVID-19-on-the-Zimbabwean-insurance-sector-21.10.20-1.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }