Former Nicoz Diamond Managing Director Grace Muradzikwa has been appointed as the new head of Zimbabwe’s Insurance & Pensions Commission (IPEC).
Muradzikwa takes over from IPEC Director of Finance Blessing Kazengura who has been acting Commissioner since Tendai Karonga resigned in May last year.
Under her leadership, Nicoz Diamond premiums increased by 232% and profits by 79% between 2009 and 2017, while assets grew twice-fold within the same period.
In 2002, Muradzikwa became the first woman to list a company on the Zimbabwe Stock Exchange (ZSE), she resigned in February after 30 years with the company.
George Guvamatanga the permanent secretary in the Ministry of Finance introduced Muradzikwa to the IPEC management team and staff on Friday, June 21 saying
“I am very pleased to introduce to you the new head of the Commission, Mrs Grace Muradzikwa, who will take over from Mr Kazengura with immediate effect.”
Speaking after her appointment which is with immediate effect Muradikwa said
“For me, it’s just to advise the team that I am definitely looking forward to getting to know all of you better and of course working with you.
As you are aware, I am quite familiar with the industry but regulation and supervision will be a learning process for me, so I am hoping that we can walk the journey together and you can also show me the ropes. So I have a lot to learn from you and I look forward to that”
Zimbabwean academic Alex Magaisa raised concerns about the risk of “regulatory capture” that comes with appointing industry veterans like Muradzikwa to regulatory roles saying
“She will bring experience. But it’s also important to monitor the risk of regulatory capture. The risk escalates when there’s a revolving door between the regulator & the regulated, with personnel moving from one side to the other. The regulator ends up serving the regulated.
To reduce this risk, I suggest that the board be populated by more people who are NOT from the insurance sector. Rather they should be drawn from the consumer groups, workers, academia, civil society & other stakeholders to balance the industry-related element on the board.”
Picture of Grace Muradzikwa (center) and George Guvamatanga (right)