Zimbabwe

All data displayed on this factsheet pertains to the year 2017.

Potential insurance market size

Total population Income population Rural population

Low-income
population
Total 16.4m Rural
16.5 population
>= 15yrs Middle-income
population
million
9.7m population 68%
0.0m
Rest of population

GDP per capita

Income data based on
2011 PPP US$ 0.2m
Zimbabwe US$1,176
US$246 global average US$60,153 US$120,061
Currency conversion using average annual exchange rate against the US$
0

Financial inclusion Average life expectancy Adult literacy rate

28%
33%
% adult population with account at financial institution

% men with account at financial institution

61.4yrs 89%
23% % women with account at financial institution

49% % adult population with mobile money account

51% % men with mobile money account

Mobile subscriptions Internet users
46% % women with mobile money account

4% % adult population who borrowed money in previous year from financial institution
5% % women who borrowed money in previous year from financial institution
85% 16%
3% % men who borrowed money in previous year from financial institution

Focus on insurance
Insurance penetration (US$ premiums/GDP) 3% Regulatory Snapshot
Insurance density (US$ premiums per capita) US$36.4 The Insurance and Pension Commission (IPEC) governs insurance
Total gross written premiums (life) US$366.0 million under the Insurance Act of 2004. Recent amendments to the
Total gross written premiums (non-life) US$236.5 million Insurance Regulations make provision for microinsurance capital,
licensing and registration requirements, but with no reference to
Microinsurance gross written premiums US$196.2 million
consumer protection or market conduct requirements. Electronic
Microinsurance lives covered No data available
signatures are permitted by the Electronic Transactions and
as % of low and middle income population No data available
Electronic Commerce Bill of 2013. IPEC has established a Research
as % of total population No data available
and Innovation Unit, whose objective it is to ensure that IPEC is
Active qualified actuaries 18
well equipped to facilitate innovation and digital transformation of
National insurance association Insurance Council of
the industry. Leading insurers are making use of mobile insurance
Zimbabwe
(www.icz.co.zw) and online sales. Bancassurance as a means of distribution is
Insurance regulator Insurance & Pensions
widespread but not expressly provided for by the Insurance Act
Commission or Regulations.
(www.ipec.co.zw)

Currency conversion using average annual exchange rate against the US$.
Definitions: Disclaimer:
Income groups: low-income live on US$2.01-10/day, middle income MicroInsurance Network (MiN) has taken all reasonable steps to
on US$10.01-20/day; figures expressed in 2011 purchasing power ensure the quality and accuracy of the contents of this document
parities in 2011 prices. and encourages all readers to report incorrect and untrue
information, subject to the right of MiN to determine, in its
Microinsurance: insurance products targeting the low income
sole and absolute discretion, the contents of this document.
population.
Irrespective of the attempts by MiN to ensure the correctness of
Fully qualified actuaries: members of a full member association this document, MiN does not make any warranties or representations
of the International Actuarial Association. that the content will in all cases be true, correct or free from any
errors. In particular, certain aspects of this document might rely
Sources: on or be based on information supplied to MiN by other persons
African Development Bank Group – African Financial Sector or institutions. MiN has attempted to ensure the accuracy of such
Database; International Monetary Fund World Economic Outlook information, but shall not be liable for any damage, loss or liability
Database; International Telecommunications Union; Pew Research of any nature incurred by any party and resulting from the errors
Center; Swiss Re Institute Sigma Explorer; The Brookings Institution; caused by incorrect information supplied to MiN.
United Nations Population Division; World Bank – Global Findex
Database 2017; World Bank - World Development Indicators Copyright:
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the Grand-Duchy of Luxembourg concerning copyright databases
Acknowledgements: and related laws. It is strictly prohibited to reproduce an article
The Microinsurance Network thanks the following organisations for from this publication, in whole or in part, without the written
their pro bono and financial contributions to the 2018 Landscape on consent of the publisher.
Africa, including the Country Profiles: Access to Insurance Initiative
(A2ii); Actuaries Without Borders; AXA GIE; CEAR at Georgia State
University; Cenfri; Luxembourg Aid & Development; Luxembourg
Ministry of Finance; MicroInsurance Centre at Milliman; Milliman;
Munich Re Foundation; as well as all the institutions who
contributed data. The MiN would also like to thank all members
of the Landscape Steering Committee: Joanne Buckle (Milliman),
Denis Garand (Denis Garand and Associates), Hannah Grant (A2ii),
Glenn Harrison (CEAR at Georgia State University), Sridhar Manyem
(A.M. Best), Michael McCord (MicroInsurance Centre at Milliman),
Bert Opdebeeck (Microinsurance Master), Dirk Reinhard (Munich
Re Foundation) and Mia Thom (Cenfri).