Story by Tichaona Kurewa
CLIMATE change must become central to every underwriting and investment decision in Africa’s insurance sector, Deputy Minister of Finance, Economic Development and Investment Promotion, Honourable Kudakwashe Mnangagwa, told delegates as the inaugural Southern Africa Insurance Indaba opened in Victoria Falls on Wednesday.
Honourable Mnangagwa said climate change was not a future threat, but a present reality, urging insurers to design products that protect all communities, from smallholder farmers and rural vendors to young urban entrepreneurs, if the continent is to strengthen resilience and broaden financial inclusion.
“Climate change is not a future threat, it is a present reality. Every underwriting decision, every investment choice, and every product design must integrate climate considerations. Insurance must serve not only the wealthy and connected but also the farmers in rural areas, the vendors, and the young entrepreneurs in urban areas. Financial inclusion is not charity, it is smart business and a national imperative,” he said.
The Insurance Institute of Zimbabwe says it remains committed to driving economic development by ensuring the sector responds to the needs of diverse communities across Africa.
Insurance Institute of Zimbabwe president Ms Clementine Chinyuku said the sector was committed to building products that respond to the economic and climatic realities facing African communities.
“We are focused on developing tailored solutions that resonate with the smallholder farmer in Mutoko, the entrepreneur in Nairobi, the trader in Kampala, and climate-vulnerable populations throughout Africa,” she said.
The inaugural indaba, formerly the Insurance Institute of Zimbabwe Annual Conference, has now expanded into a Pan-African platform promoting regional engagement, policy dialogue and professional collaboration.
The three-day indaba has attracted over 150 delegates from more than 10 countries, including Uganda, Sudan, Nigeria, Botswana, Cameroon, Kenya, the United Kingdom and Côte d’Ivoire.
