Insurance Industry Set to Hold Annual Conference

THE Insurance Industry of Zimbabwe (IIZ) will hold its Annual Conference next month amid concern the sector is still to turn around the corner.

The conference to be held from November 7 to 9 at Troutbeck Inn in Nyanga, comes at a time when most insurance players have met the minimum capital requirements by the Commissioner of Insurance.

The insurance industry has not yet turned around the corner. The conference's theme will be "Mastering the course while avoiding the traps".

"There are various challenges that the industry needs to be wary of and navigate around in order to fully recover and contribute to the development of the country. The industry's survival hinges on the recovery of the economy," said IIZ in a statement. "As the economy recovers, so is the insurance industry. Industry at large cannot function without insurance. The sector is therefore contributing to the stability and growth of the economy by providing security to corporates and individuals. Now that the economy is on the mend, it is time for industry and individuals to take insurance as part of their risk management philosophy in their turnaround strategies."

The economic hardships that were experienced before the birth of the inclusive government left all industries including insurance on the brink of collapse. The insurance sector is slowly recovering. As part of the recovery process the sector is now holding meetings, workshops, and conferences as platforms to brainstorm ways that would lead to prosperity of the sector and the country as a whole. The annual conference is one such forum.

The speakers to share their views at the conference include the CZI President Joseph Kanyekanye, who will speak on the "State of the Economy", Aon Benfield CEO Simon Chikumbu, will talk on "International Reinsurance Trends and Impact for the Local and Regional markets" while Memory Nguwi, a local human resources expert, will speak on the "Transition from the Zim dollar to the US dollar economy, the Human Resources Perspective".

Altfin CEO Douglas Hoto will speak on the issues surrounding the conversion of pensions from Zim dollars to US dollars. Edward Siwela, Executive Director of the Institute of Directors Zimbabwe, will tackle issues relating to Corporate Governance.

Lawrence Gudza, an ICT expert will brief delegates on "Embracing ICT for Growth". After the last paper of the conference, the Institute's AGM will be held.