Actuarial sector poised for growth
GOVERNMENT says the growth in the actuarial profession will positively impact the local financial services sector and translate to better insurance as well as improved pension products.
Speaking at the Actuarial Society of Zimbabwe (ASZ) presidential dinner in Harare last week, Finance deputy minister David Kudakwashe Mnangagwa said the actuarial profession had phenomenally expanded.
“Throughout the past few years, the actuarial profession has expanded drastically at both local and international levels,” he said.
“While actuaries are found in the insurance space and virtually in every industry, there is a very high likelihood that the profession will continue on a growth trajectory, hence positively impacting the local financial services sector.
“I hope the growth in the actuarial profession will translate to better insurance and pension products even banking capital products. The traditional space has been dominated by underwriters. We need to bring the profession right to its state or else we become redundant.”
Mnangagwa challenged actuaries to develop new relevant products and developments and to take part in policymaking.
“We need new products that address the problem. You also need support for government policy decisions through in depth insights from the data you are using in your work. There should be no private sector on one side and government on the other,”he said.
“We are together afflicted by the same problems. Henceforth, we should come up with a solution that can be solved by each and every one of us (sic).”
The deputy minister urged the actuaries to assist pensioners to have a fair compensation considering that the industry is currently seized with a compensation framework under Statutory Instrument 162 of 2023.
Meanwhile, on the same day, the ASZ launched the new secretariat office.
ASZ president-elect Prosper Matiashe expressed excitement over the launch of the secretariat, saying their brand will be visible and take part in solving developing problems.
“Our organisation was not necessarily built into something. Around 2013, we were of two different approaches to the situation when Zimbabwe was converted to a multi-currency regime,” he said.
“We then agreed to put things together by building a brand so that we can better develop. We were operating at someone’s house and back then we were also affected by brain drain. In 2016, we started the convention and since then, we never looked back. We have committed ourselves to solving developing problems through applying our skills. The good thing is we now have a secretariat.”
Mnangagwa applauded ASZ for launching the secretariat and encouraged its financial partners to proffer their full support for the initiative.