Insurance firms urged to take service to rural areas Minister Mike Bimha
Minister of Industry and Commerce Mike Bimha

Minister of Industry and Commerce Mike Bimha

Leonard Ncube Victoria Falls Reporter
THE 18th Insurance Congress of Developing Countries (ICDC) opened in Victoria Falls yesterday with Industry and Commerce Minister Mike Bimha calling on players in the sector to expand their services beyond urban centres and partner with governments in unlocking economic development and job creation.

Bimha, who was the guest of honour during the event being hosted for the first time by Zimbabwe, said the insurance industry was facing a myriad of challenges that required close co-operation between member states to improve business earnings.

The minister highlighted concerns over low capacity utilisation and poor penetration rate of about three percent.

He said changing customer expectations and demand and regulatory changes were exerting pressure on the sector.

“As developing countries we’re faced with challenges and close co-operation is therefore an imperative in the face of globalisation,” said Minister Bimha.

“I therefore urge members to rise to the occasion and take advantage of opportunities by coming up with innovative and relevant products. All players from the markets represented here should intensify their efforts to provide insurance services to the majority of the people of their countries, including rural areas.”

He said the government recognised the importance of insurance in the mobilisation of earnings to aid national development and general preservation of resources.

Bimha challenged the sector to help the government by debating on various initiatives and share knowledge and business opportunities for other sectors.

The chairperson of the local chapter of insurers, Grace Muradzikwa, said the conference was an opportunity for Zimbabwean insurance companies to look for partners worldwide.

“This has brought together players from different countries and is an opportunity for local players to look for technical partners,” she said.

The conference began on Sunday and ends today and is being attended by insurance executives and experts from different countries.

It is running under the theme “Insurance Trends, Opportunities and challenges in developing economies.”

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