Insurance Council of Zimbabwe

What Insurance Council of Zimbabwe does

The Insurance Council of Zimbabwe (ICZ) is a voluntary industry association founded in 1963 that represents approximately 25 short-term insurers and 8 reinsurers registered with the Insurance and Pensions Commission (IPEC) of Zimbabwe. Governed by a Constitution and Code of Conduct, ICZ operates from its headquarters at 4 J. Tongogara Avenue, Harare (Insurance House, Kanda), under the leadership of Chairman James Mharadze, Vice Chairman Alice Shumba, Immediate Past Chairman David Nyabadza, and CEO Donald Muthe.

The organization's core offering is the administration of collectively underwritten insurance pools on behalf of members: the Motor Insurance Pool for third-party cover on foreign-registered vehicles (issued through ZIMRA and AA South Africa agents at border posts), the COMESA Yellow Card / National Bureau of Zimbabwe for cross-border third-party motor liability across the COMESA region (308,844 cards and US$17.23 million in premiums during 2022/23), and the Special Risks Insurance Consortium for Professional Indemnity and Passenger Personal Accident cover. The 591 National Call Centre, launched in 2025, delivers integrated emergency response, claims coordination, and insurance-status verification via a toll-free number across all mobile networks, while the Agro Pool / Farmers Basket product (hybrid weather index and area yield index insurance) was scaled to all eight rural provinces and onboarded over 20,411 smallholder households for the 2024/25 season. Underlying technologies include a USSD-based COMESA Yellow Card verification app enabling offline real-time validity checks, weather and area yield index methodologies for crop and livestock coverage, and EcoCash mobile-payment integration for rural premium collection.

ICZ's business model combines membership fees from short-term insurers and reinsurers, pool administration commissions, and Agro Pool premiums priced at US$24 per hectare per season for crops and 3% of insured animal value for livestock. Auxiliary service bureaus include the Fire Prevention and Inspection Bureau (FPIB) for risk surveys and the Zimbabwe Insurance Crimes Bureau (ZICB), the second fraud-investigation establishment in Africa after South Africa. Revenue distribution is channelled through member insurer networks, border-post agents, the 591 call centre, and farmer field-day outreach, with strategic oversight from IPEC and partnerships spanning FSD Africa (ESG/Nairobi Declaration on Sustainable Insurance), COMESA, IFC, Access to Insurance Initiative, and the Africa Network of Insurers Associations.

Name

Insurance Council of Zimbabwe

Legal name

Insurance Council of Zimbabwe

Website

https://icz.co.zw

Company type

Private

Founded year

1963

Operating status

Operating

Headcount range

11–50 employees

Short description

Insurance Council of Zimbabwe is a voluntary industry association founded in 1963 representing approximately 25 short-term insurers and 8 reinsurers. It administers insurance pools including the Motor Insurance Pool, COMESA Yellow Card, and Agro Pool, and provides advocacy and auxiliary services to Zimbabwe's non-life insurance sector.

Ownership category

akta.pro rank

Product category

Non-life Insurance Industry Association

NAICS

Other Insurance Related Activities (52429), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Services-Membership Organizations (8600), Insurance Agents, Brokers & Service (6411), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Stop-Loss & Reinsurance Administration (Captive/Level-Funded Support) (HLAEALAB)

Keywords

• Insurance pool administration
• Non-life insurance association
• Cross-border motor insurance
• Agricultural index insurance
• Insurance fraud prevention

Headquarters

HQ city

Harare

HQ country

Zimbabwe

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Pool Administration: ICZ administers insurance pools (Motor Insurance Pool, National Bureau/Yellow Card, Special Risks Insurance Consortium) on behalf of member insurers. Revenue is generated through premium management, investment returns, and claims disbursement. Pool agents (Zimbabwe Revenue Authority and AA South Africa) collect premiums at border posts, remitting net premiums to the pools after commission.
2. Membership Fees: ICZ is a voluntary association of short-term insurers and reinsurers registered with IPEC. Members contribute fees that fund the association's advocacy, administrative, and auxiliary service operations.
3. Agro Pool Premium Revenue: Premiums collected from smallholder farmers under the Farmers Basket agricultural insurance product, underwritten through the Special Risks Insurance Consortium. Farmers pay $24 per hectare per season for crop insurance and 3% of animal value for livestock cover.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels8 records

Core offering

Insurance Council of Zimbabwe (ICZ) is a voluntary association of short-term insurers and reinsurers that administers industry insurance pools — Motor Insurance Pool, COMESA Yellow Card (National Bureau of Zimbabwe), and Special Risks Insurance Consortium — on behalf of its members. It also runs auxiliary service bureaus (Zimbabwe Insurance Crimes Bureau for fraud investigation, Fire Prevention and Inspection Bureau for risk surveys) and the 591 National Call Centre for emergency response and insurance mobilization. The organization advocates for the non-life insurance industry and runs public education campaigns to expand insurance penetration among smallholder farmers and the informal sector.

Product overview

The Insurance Council of Zimbabwe operates a platform-based offering comprising multiple insurance pools and service bureaus administered on behalf of member insurers. The core products include the Motor Insurance Pool (MIP) and COMESA Yellow Card for cross-border motor coverage, the Special Risks Insurance Consortium (SRIC) covering Professional Indemnity and Passenger Personal Accident policies, and the Agro Pool for agricultural insurance including the Farmers Basket product. Supporting services include the Fire Prevention and Inspection Bureau (FPIB) for risk surveys, the Zimbabwe Insurance Crimes Bureau (ZICB) for fraud investigation, and the 591 National Call Centre for emergency response and claims coordination.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance Pool (MIP) Statutory third-party motor insurance pool administered by ICZ for motorists visiting Zimbabwe who do not hold a COMESA Yellow Card. Cover is issued at border posts by Zimbabwe Revenue Authority and Automobile Association of South Africa agents, with premiums remitted to the Bureau after commission deduction.
• COMESA Yellow Card / National Bureau of Zimbabwe Regional third-party motor vehicle insurance scheme for cross-border travelers in the COMESA region, providing minimum legal cover including property damage, death, medical/funeral expenses, and permanent disability compensation. Operates across all COMESA member states and is expanding to non-COMESA-SACU countries (Mozambique and South Africa) through B2B arrangements.
• Special Risks Insurance Consortium (SRIC) Consortium administered by ICZ providing collective insurance cover for special risks, including Professional Indemnity policies for security companies, brokers, loss assessors, and medical practitioners, plus statutory Public Passenger Liability cover for public service vehicles.
• Agro Pool / Farmers Basket Insurance Agricultural insurance product protecting smallholder farmers against climate change-induced risks including drought, floods, pests, fire, and crop diseases. Hybrid model combining weather index and area yield index insurance, with crop cover priced at $24 per hectare per season and livestock cover at 3% of animal value per year. Premiums are collected via EcoCash and bank transfers.
• 591 National Call Centre Toll-free emergency and insurance call centre service accessible from any mobile network in Zimbabwe. Provides a database of emergency responders, coordinates accident response, verifies insurance status in real-time, and assists with claims submission and follow-up, as well as anonymous tip-offs on insurance malpractice.
• Fire Prevention and Inspection Bureau (FPIB) Service bureau providing risk surveys, inspection and commissioning services for fire prevention systems and installation designs for government, industrial, commercial, and residential buildings. Operates under ICZ's auxiliary services mandate.
• Zimbabwe Insurance Crimes Bureau (ZICB) Investigating unit that identifies and investigates insurance fraud and industry crimes for prosecutions and recoveries. Deployed at border posts such as Beitbridge to verify insurance documents and arrest fraudsters producing fake COMESA Yellow Cards.
• Auxiliary Activities and Services Support services including management of inter-member meetings, compilation of industry statistics, hosting conferences and networking events, collective bargaining, risk management for disaster profiling, and shared ICT business operating systems for the non-life insurance industry.

Quantifiable outcome

• 591 National Call Centre handles emergency calls and coordinates real-time insurance status verification for road accidents, reducing claims processing delays.
• +4 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

17 partnerships are on record, tiered supporting, core and minor.

• Africa Network of Insurers Associations (ANIA)supportingStrategic or Co-development Partner · 9 March 2026ICZ is a member of ANIA and participated in the opening ceremony of the ANIA Retreat and Conference held at Insurance House, Kanda in March 2026. ANIA brings together African insurance industry stakeholders to exchange ideas, foster partnerships for growth, and explore strategies for industry expansion on the continent.
• FSD AfricacoreStrategic or Co-development Partner · 1 July 2025ICZ partnered with FSD Africa for an ESG Technical Assistance programme aimed at positioning African insurance companies as leaders in sustainable development. The programme focuses on three pillars: Environmental (promoting climate risk awareness and weather-index insurance for MSMEs and smallholder farmers), Social (deepening financial inclusion for informal and underserved communities), and Governance (enhancing institutional capacity for ESG compliance and transparent reporting). ICZ also signed the Nairobi Declaration on Sustainable Insurance (NDSI) through this partnership.
• Insurance and Pensions Commission (IPEC)coreStrategic or Co-development Partner · 1 February 2023IPEC, Zimbabwe's insurance and pensions regulator, initiated a market development and financial inclusion thrust and engaged IFC and Access to Insurance Initiative to develop the Agricultural Insurance Index product. This led to the establishment of the Agro Insurance Pool under ICZ's Special Risks Consortium, with a pilot project for the 2023/2024 rainy season. IPEC also participates in national farmer education programmes alongside ICZ and the Ministry of Agriculture.
• International Finance Corporation (IFC)supportingStrategic or Co-development Partner · 1 February 2023IFC was engaged by IPEC as part of the consultative process to develop an Agricultural Insurance Index product for smallholder farmers in Zimbabwe. Contributed expertise on market development and financial inclusion.
• Access to Insurance Initiative (A2ii)supportingStrategic or Co-development Partner · 1 February 2023A2ii was engaged by IPEC alongside IFC as part of the consultative process leading to the development of the Agricultural Insurance Index product for Zimbabwe's smallholder farmers.
• AFC Commercial Bank (formerly Agribank)coreStrategic or Co-development Partner · 1 February 2023AFC Commercial Bank (formerly Agribank) was appointed as the lead insurer for the Goromonzi Agricultural Index pilot project and developed the Farmers Basket insurance product in collaboration with ICZ. The product covers crop failure (drought, floods, pests, diseases) and livestock losses. The bank also participates in farmer field days and education sessions, with representatives explaining product mechanics to smallholder farmers.
• Council of Bureaux Secretariat (COMESA Yellow Card)coreOthersThe Council of Bureaux Secretariat manages the COMESA Yellow Card scheme, a regional third-party motor vehicle insurance programme operational across all COMESA member states. ICZ hosts the Zimbabwe National Bureau, and the Council has become an independent COMESA institution. The CBS recently launched a USSD verification application to strengthen enforcement and reduce fraud.
• COMESA (Common Market for Eastern and Southern Africa)coreOthersCOMESA established the Yellow Card scheme by protocol signed by Heads of State in 1986, operational since 1 July 1987. The scheme facilitates cross-border trade and tourism by ensuring vehicles and persons can move smoothly across member states with recognized third-party insurance. The scheme is expanding to non-COMESA-SACU countries (Mozambique and South Africa) through B2B arrangements.
• Insurance Institute of ZimbabwesupportingStrategic or Co-development PartnerThe Insurance Institute of Zimbabwe organized the Insurance Strategic Leadership Summit themed 'Rethinking Insurance for a New Era', attended by ICZ and IPEC leadership. The summit addressed innovation, product diversification, AI adoption, and digital transformation in Zimbabwe's insurance sector.
• Zimbabwe Republic Police (ZRP)coreOthersICZ collaborates with the Zimbabwe Republic Police for compliance enforcement on statutory insurance requirements, particularly road traffic accident reporting, mandatory passenger liability, and insurance document fraud detection. ZRP also participates in enforcing COMESA Yellow Card compliance at border points.
• Fire Prevention and Inspection Bureau (FPIB)supportingOthersFPIB operates under ICZ's auxiliary services, providing risk surveys, inspection and commissioning services for fire prevention systems and installation designs for government, industrial, commercial, and residential buildings.
• Zimbabwe Insurance Crimes Bureau (ZICB)coreOthersZICB is an investigating unit operating under ICZ that identifies and investigates insurance fraud and industry crimes for prosecutions and recoveries. It is the second such establishment in Africa after South Africa's Insurance Crime Bureau. ZICB has been deployed to Beitbridge Border Post to verify insurance documents, resulting in the arrest of fraudsters producing fake COMESA Yellow Cards.
• Civil Protection Unit (Zimbabwe)supportingStrategic or Co-development PartnerICZ works with Zimbabwe's Civil Protection Unit on national disaster responsiveness, including the donation of fire trucks, blankets during Cyclone Idai, and diesel for logistics during the COVID-19 pandemic.
• Ministry of Lands, Agriculture, Fisheries, Water, and Rural DevelopmentcoreStrategic or Co-development PartnerThe Ministry collaborates with ICZ on the national agriculture insurance education programme and Climate Risk Agriculture Insurance Education Project. The Ministry of Agriculture participates in farmer field days and provides Agritex extension officers to educate smallholder farmers on agricultural insurance products and climate adaptation practices.
• Zimbabwe Revenue Authority (ZIMRA)coreChannel Partner/ Reseller/ DistributorZIMRA serves as a pool agent for the Motor Insurance Pool, issuing third-party cover at border posts to foreign-registered vehicles entering Zimbabwe without a Yellow Card.
• Automobile Association of South Africa (AA South Africa)coreChannel Partner/ Reseller/ DistributorAA South Africa serves as a pool agent for the Motor Insurance Pool, issuing third-party cover at border posts alongside ZIMRA.
• St Giles Rehabilitation CentreminorOthersICZ's Love & Care Programme donated wheelchairs, crutches, and braille machines to 60 road accident victims, disadvantaged disabled, and blind children associated with the St Giles Rehabilitation Centre in 2024.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Association of Tanzania Insurers (ATI): ATI is the industry body representing insurers in Tanzania, focused on industry advocacy, capacity building, and market development. Its mandate parallels ICZ's, including financial inclusion initiatives targeting underserved populations, in a comparable Eastern African regulatory environment.
• Ghana Insurers Association (GIA): GIA is the trade body representing insurance companies in Ghana, engaging in regulatory advocacy, industry statistics, and consumer education. Its scope and member-driven model closely mirror ICZ's structure and West African regional relevance makes it a strong comparable.
• South African Insurance Association (SAIA): SAIA is the representative body for the non-life (short-term) insurance industry in South Africa. It is the most developed analog to ICZ on the continent, administering pooled arrangements and representing member insurers on regulatory and policy issues — making it the closest functional peer.
• Insurance Institute of South Africa (IISA): IISA is the professional body supporting insurance education, ethics, and technical standards in South Africa. It complements SAIA and serves similar knowledge/capacity-building functions that ICZ performs through its committees and ESG technical assistance programmes.
• Nigerian Insurers Association (NIA): NIA is the trade association for insurers operating in Nigeria, representing both life and non-life companies. It performs parallel functions to ICZ — advocacy, industry data, member coordination — in a much larger African insurance market, providing a relevant scale comparator.
• COMESA Yellow Card Council of Bureaux Secretariat: The Council of Bureaux Secretariat manages the COMESA Yellow Card scheme of which ICZ hosts the Zimbabwe National Bureau. As a counterpart bureau network, it directly compares with ICZ in administering the same regional cross-border motor insurance product across other African jurisdictions.
• Kenya Insurance Industry Association (KIA): KIA represents insurers in Kenya and is heavily involved in inclusive insurance, microinsurance, and agricultural index insurance — areas where ICZ is also active via the Agro Pool. Comparable function and emerging-market African insurance focus make it a strong regional peer.
• Life Offices' Association of Zimbabwe (LOAZ): LOAZ is the sister trade body in Zimbabwe representing life insurers, operating alongside ICZ under the same IPEC regulatory framework. It is the most direct peer within Zimbabwe and shares ICZ's regulatory, advocacy, and industry-coordination functions, but for the life insurance segment.
• African Insurance Organisation (AIO): AIO is the continental umbrella body for African insurance industry associations and companies. ICZ is a member of AIO; both serve as convening, advocacy, and knowledge-sharing platforms for national insurance markets, making AIO a broader-scope peer.

Emerging players

• African Reinsurance Corporation (Africa Re): Africa Re is a pan-African reinsurer whose members include several of the same reinsurance entities sitting on ICZ's pool committees. While Africa Re is a commercial reinsurer rather than a trade body, it intersects with ICZ as a capacity provider for the pooled products ICZ administers, particularly in agricultural and special risks lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights8 records

Customer concentration

• LinkedInlinkedin.com/company/insurance-council-of-zimbabwe

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Insurance Council of Zimbabwe