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    Thursday, 28 November 2019

    IPEC rallies members for Vision 2030


    HARARE – Zimbabwe is in the economic doldrums with inflation running at nearly 1 000%. President Emmerson Mnangagwa has spelt out an ambitious programme to lift the country into the upper-middle income status by 2030.
    The programme which is called Vision 2030 will see Zimbabwe with reduced national poverty, higher quality of life and reduced national unemployment.
    Last week Albert Nduna, the chairman of the Insurance and Pensions Commission (IPEC), made a clarion call to insurance, pension companies and journalists to rally together and ensure the success of the ambitious project.
    Nduna who is a revered veteran in the reinsurance sector underlined the importance of the insurance and pensions industry to any economy. He also highlighted the importance of Press corps in creating awareness among ordinary people on the value of insurance in their lives.
    He said that the economic success of any country is hinged on the insurance and pensions industry because of its unparalleled ability to mobilise long term savings.
    Nduna however, noted the collapse and rise of the industry in the last decade because of record hyperinflation and he encouraged players to soldier on by telling them that some of the cardinal principles of insurance and pensions are good faith and reasonable expectations.
    He attributed the economic boom in countries like Hong Kong, Singapore, South Korea and Taiwan which are commonly referred to as Asian Tigers to the contributions made by their pensions and insurance companies.
    “What we should know is that it is not Government that should achieve Vision 2030. The only role that Government should play is to share the vision and create an enabling environment for the achievement of that vision,” said Nduna.
    Key strategies that the insurance and pensions industry will pursue towards vision 2030 are financial inclusion, tapping into the informal sector and the Diaspora whose earnings are US$57 billion and US$30 billion and far bigger than the formal sector now.
    The industry is not just going to be looking at monetary figures. It will also have a programme for good customer care and in that vein experts are already drafting a Treating Customers Fairly Framework and a Market Disclosure Framework, said Nduna.
    “Insurers are expected to settle claims timeously and pension funds are expected to meet members’ reasonable expectations,” said Nduna.
    Financial inclusion is a key driver of the economy and IPEC will therefore ensure access to and use of financial services by all. Barriers to inclusion will be found and removed and all Zimbabweans regardless of their financial status will be included, said Nduna.
    He noted that Zimbabwe’s economy has largely become informal and programmes will be launched to extend services to the low income earners.
    He urged the industry to invest in power generating plants and manufacturing as another strategy towards Vision 2030.
    To the media, Nduna said it was prudent to unpack the seemingly complex issues for the general public to understand. The media also has to mobilise the public to have policies and promote consumer education and protection, said Nduna.
    “When consumers are financially literate, they are able to make informed risk-mitigation decisions,” he said.
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