The Insurance & Pensions Commission of Zimbabwe has called for the intensification of ongoing efforts to coordinate and harmonise insurance supervision frameworks in the African continent. Commissioner Dr Grace Muradzikwa said this is all the more important as the continent moves toward deeper economic integration under the African Continental Free Trade Area.
Dr Muradzikwa was speaking in Harare during the recently concluded annual general assembly of the Organisation of African Insurance Supervisory Authorities (OAISA). She said collaborative regulation is now essential for safeguarding consumers and strengthening financial stability across the region.
According to a report in the newspaper The Herald, Dr Muradzikwa said, “The liberalisation of trade and services requires us to harmonise our regulatory approaches and strengthen cooperation.”
She said consistent supervision is vital to ensure that cross-border insurance products remain sound and consumer protections are upheld. She said without such coordination, integration could introduce vulnerabilities that spill across markets, she added.
She also emphasised the importance of modernising regulatory tools, particularly through the continent-wide adoption of risk-based supervision. According to the news report, she urged regulators to “learn, unlearn, and relearn”, stressing that Africa’s supervisory relevance will depend on how effectively authorities absorb emerging best practices shared through platforms like OAISA.
OAISA is a platform for collaboration and solidarity among supervisors in Africa, especially as insurance markets face shared pressures ranging from climate shocks to rapid technological change.