Insurance and Pension Commission

What Insurance and Pension Commission does

The Insurance and Pensions Commission (IPEC) is a statutory regulatory body of the Government of Zimbabwe, established under the Insurance and Pensions Commission Act [Chapter 24:21] and headquartered in Harare. It holds sole statutory authority over licensing, supervision, and enforcement for Zimbabwe's insurance companies, pension funds, Private Occupational Schemes, Individual Pension Policy providers, and intermediaries. IPEC's core mandate is to protect insurance policyholders and pension fund members' interests while developing the sector, executing this through risk-based supervision, IFRS 17 compliance, AML/CFT oversight, and market conduct enforcement. The Commission has 11-50 employees and operates with regulatory fees and statutory levies as its primary funding mechanism, reporting to the Ministry of Finance, Economic Development and Investment Promotion.

IPEC's technology infrastructure is built on SAP-based platforms, including an Online License Application Portal, a Returns Filing System for regulated entities' financial and compliance submissions, and an Online Unclaimed Pension Benefits Search Engine. In May 2026 it launched a Regulatory Sandbox to enable supervised testing of innovative insurance and pensions products, including AI applications and claims automation systems. Consumer-facing operations include two physical complaints handling offices (Harare and Bulawayo), a Freshdesk-based online complaint submission portal, and educational outreach via the monthly IPEC Forum podcast, Insurance/Pensions Awareness Days, and the Insurance Awareness Run. The Commission also developed proprietary Zimbabwe-specific mortality tables and the ZiCARP local solvency framework.

Beyond core regulation, IPEC has expanded into product enablement roles, notably the Farmer's Basket parametric agricultural insurance product developed with the IFC for smallholder farmers (1,800 Goromonzi pilot farmers in 2024, scaled to 20,000+ households across 8 provinces in 2024/2025), and is pursuing micropensions for the informal sector. The Commission passed the IPEC Amendment Act No. 2 of 2026 to expand regulatory functions and establish a Policyholder Protection Fund, and is implementing its 2026-2030 Strategic Plan following successful completion of the 2021-2025 plan which exceeded four of five targets and achieved 100% statutory compliance.

Name

Insurance and Pension Commission

Legal name

Insurance and Pensions Commission

Website

https://ipec.co.zw

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

The Insurance and Pensions Commission (IPEC) is Zimbabwe's statutory regulator for the insurance and pensions industry, licensing and supervising insurance companies, pension funds, and intermediaries through SAP-based digital platforms while protecting policyholders and pension fund members.

Ownership category

akta.pro rank

Headquarters

HQ city

Harare

HQ country

Zimbabwe

HQ region

Africa

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Regulatory Fees and Levies: IPEC generates revenue through regulatory fees, licensing fees, and other statutory levies from regulated insurance and pensions entities.

Go-to-market motion1 record

Distribution channels6 records

Marketing channels9 records

Core offering

IPEC is Zimbabwe's statutory regulatory body for the insurance and pensions industry, operating under the Insurance and Pensions Commission Act [Chapter 24:21]. It licenses and supervises insurance companies, pension funds, and intermediaries; enforces compliance through risk-based supervision and IFRS 17 oversight; protects policyholders and pension fund members via complaint handling and consumer education; and drives industry innovation through a Regulatory Sandbox, online licensing portals, and agricultural index insurance initiatives like the Farmer's Basket product.

Product overview

Insurance and Pension Commission (IPEC) is Zimbabwe's statutory regulatory body for the insurance and pensions industry. IPEC offers a portfolio of regulatory technology services including a Regulatory Sandbox for innovation testing, Online License Application and Returns Filing systems built on SAP platforms, and specialized insurance products like the Farmer's Basket Agricultural Insurance for smallholder farmers. The Commission also provides consumer education through its IPEC Forum podcast and maintains an Unclaimed Pension Benefits Search Engine. Core functions include regulating short and long-term insurance, Private Occupational Schemes, and Individual Pensions Policy.

Differentiator

Problem solved

Functional benefit

Products and services

• Regulatory Sandbox A supervised testing environment allowing innovators to safely test new insurance and pensions products, services, technologies, and business models before full market deployment. Open to local and international InsurTechs, FinTechs, startups, universities, innovation hubs, and licensed insurance and pensions entities.
• Online License Application System SAP-based portal for processing and submitting insurance and pension entity license applications through the regulatory authority, used by insurance companies, pension funds, and intermediaries seeking regulatory licensing.
• Returns Filing System SAP-based system for regulated entities to submit quarterly and annual regulatory returns including financial statements and compliance reports to IPEC.
• Farmer's Basket Agricultural Insurance Product A bundled weather index and area yield index parametric insurance product designed for smallholder farmers, providing climate-related crop loss protection. Developed in partnership with IFC, Ministry of Agriculture, ICZ, and other stakeholders.
• Unclaimed Pension Benefits Search Engine Online portal for searching and identifying unclaimed pension benefits belonging to former pension scheme members, enabling individuals to locate and claim pension benefits owed to them.
• IPEC Forum Podcast Monthly consumer education and awareness podcast series designed to deepen public understanding of insurance and pensions matters in Zimbabwe, aimed at enhancing transparency and improving insurance penetration.

Quantifiable outcome

• 4.8% sector growth in 2024 (doubled from 2.4% in 2023)
• +4 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability1 record

Feature7 records

Partnerships

15 partnerships are on record, tiered core and minor.

• International Finance Corporation (IFC)coreStrategic or Co-development Partner · 18 May 2023IPEC partnered with IFC to launch agricultural index-based insurance project for smallholder farmers vulnerable to climate-related crop losses. The partnership was formalized in February 2023 with project objectives to provide insurance solutions for smallholder farmers.
• FSD AfricacoreStrategic or Co-development PartnerFSD Africa provided technical assistance to IPEC in developing and operationalizing the Regulatory Sandbox. FSD Africa Principal for Sustainable Insurance Elias Omondi highlighted importance of sandboxes for responsible innovation in financial services.
• CenfricoreStrategic or Co-development PartnerCenfri collaborated with IPEC in developing the Regulatory Sandbox framework, with Engagement Manager Nichola Beyers emphasizing collaboration between regulators and innovators for inclusive financial solutions.
• World BankcoreStrategic or Co-development PartnerWorld Bank (through IFC) partnered with IPEC for agricultural insurance development. Training workshops in September 2025 focused on closing protection gaps for MSMEs.
• Insurance Council of Zimbabwe (ICZ)coreStrategic or Co-development PartnerICZ collaborated with IPEC on agricultural insurance initiatives including the Farmer's Basket product development and Climate Risk Agriculture Insurance Education Project.
• Access to Insurance Initiative (a2ii)minorStrategic or Co-development PartnerPartnered with IPEC and ICZ in developing the Farmer's Basket parametric insurance product for smallholder farmers.
• Insurance Brokers Association of Zimbabwe (IBAZ)minorStrategic or Co-development PartnerKey stakeholder in developing the Farmer's Basket Insurance Product for smallholder farmers.
• Zimbabwe Farmers' Union (ZFU)minorStrategic or Co-development PartnerPartnered with IPEC in agricultural insurance initiatives, representing farmers' interests in product development.
• Women Farmers' Land and Agricultural Trust (WFLA)minorStrategic or Co-development PartnerKey stakeholder in developing agricultural insurance products targeting women smallholder farmers.
• World Food Programme (WFP)minorStrategic or Co-development PartnerPartnered in development of agricultural index insurance project for smallholder farmers.
• Zimbabwe Anti-Corruption Commission (ZACC)coreStrategic or Co-development PartnerZACC facilitated IPEC's Board and Management Integrity Sensitisation and Pledge Signing Ceremony in March 2025, reinforcing ethical governance and transparency.
• Africa College of Insurance and Social Protection (ACISP)minorStrategic or Co-development PartnerCo-organized the 2nd Insurance and Social Protection Regulators Retreat for Africa with 19 resolutions for enhancing insurance and pensions development.
• Institute and Faculty of Actuaries (IFoA)coreStrategic or Co-development PartnerIFoA President Kartina Tahir Thomson visited IPEC in July 2025. Zimbabwe ranks third in Africa for actuarial talent development after South Africa and Kenya.
• Actuarial Society of Zimbabwe (ASZ)coreStrategic or Co-development PartnerASZ led by President Prosper Matiashe participated in high-level engagement with IFoA President at IPEC headquarters.
• Nairobi Declaration on Sustainable InsuranceminorOthersIPEC subscribed to the Nairobi Declaration on Sustainable Insurance in 2022, committing to support UN Sustainable Development Goals through insurance industry leadership.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Insurance Regulatory Authority (IRA), Kenya: Kenya's statutory insurance industry regulator with responsibility for licensing, supervision, and consumer protection. Directly comparable to IPEC in mandate scope, regulatory philosophy (risk-based supervision), and African market context.
• Bank of Tanzania - Insurance Supervisory Department: The Bank of Tanzania supervises insurers and pension funds as part of its non-bank financial institutions mandate. Directly comparable to IPEC in overseeing both insurance and pensions within a single East African regulator structure.
• National Insurance Commission (NAICOM), Nigeria: Nigeria's statutory insurance regulator overseeing underwriting, reinsurance, and intermediaries. Directly comparable to IPEC in core mandate of insurance licensing, market conduct, and policyholder protection across an African market.
• Pensions and Insurance Authority (PIA), Zambia: Zambia's integrated regulator for pensions and insurance. The closest direct peer to IPEC in mandate - combining insurance and pension supervision within a single statutory body in a neighbouring Southern African market.
• Financial Sector Conduct Authority (FSCA), South Africa: South Africa's integrated market-conduct regulator for financial services including insurance and pensions. Directly comparable to IPEC as the closest regional insurance/pensions supervisor with a similar dual market-conduct and pension mandate, though operating at much larger scale.
• Reserve Bank of Malawi - Financial Supervisory: Malawi's central bank supervises banks, insurers, and pension schemes under its Financial Supervisory arm. Directly comparable to IPEC in mandate structure and serving a small Southern African insurance/pension market.
• Insurance Regulatory Authority of Uganda: Statutory insurance regulator for Uganda with responsibility for licensing, supervision, and consumer protection. Directly comparable to IPEC in serving a small-to-mid-sized East African insurance market with low penetration.
• Bank of Botswana - Non-Bank Financial Institutions: Botswana's central bank supervises non-bank financial institutions including insurers. Directly comparable to IPEC in combining insurance and pension supervision within a stable Southern African jurisdiction of similar size.

Broad incumbents

• South African Reserve Bank - Prudential Authority: The Prudential Authority of the SARB oversees insurers, banks, and other financial institutions in South Africa. Comparable to IPEC as a regional benchmark for prudential insurance supervision, but operating within a much larger and more diversified financial system.
• Reserve Bank of Zimbabwe: Zimbabwe's central bank and broader financial regulator. Comparable to IPEC as a fellow domestic statutory regulator in the same country, but with a broader mandate over banks and monetary policy rather than insurance/pensions specifically.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ipeczw
• Facebookfacebook.com/IpecZW
• LinkedInlinkedin.com/company/insurance-pensions-commission-zim

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Insurance and Pension Commission