The government is in talks with insurance companies over strategies to rebuild confidence following a slump in most business activities leading to depressed viability levels.
All has not been well for most insurance companies in terms of attracting fresh business opportunities as well as sustaining revenues with high costs.
While for sometime the sector used to be a key driver of economic growth, depressed confidence by industry and commerce has resulted in challenges on profitability.
However, following interest by government in ensuring that the sector can significantly contribute to economic growth, talks between regulatory authorities and the insurance sector are already in progress, notes Insurance and Pensions Commission Commissioner, Mrs Grace Muradzikwa.
“We know about what needs to be done so we are really in talks to chat the way forward,” said Mrs Muradzikwa.
The finalisation of the talks is among other factors expected to result in the introduction of a policy regulatory framework that will take into consideration the need to address viability threats, restore profitability and attract more investments.