Zimbabwe Fish Farmers Call For Tailored Insurance To Safeguard Industry Growth
Zimbabwe’s burgeoning fish farming sector is facing a serious challenge: the absence of specialised insurance cover designed specifically for aquaculture. This gap exposes farmers to significant financial risks and threatens to stall one of the country’s fastest growing agricultural industries.
While insurance products for crop and livestock farmers in Zimbabwe have expanded in recent years — notably through initiatives like the Farmers’ Basket Insurance scheme developed by the Insurance Council of Zimbabwe and the Insurance and Pensions Commission — aquaculture remains largely excluded. This exclusion means that fish producers, particularly in freshwater fish farming, lack a meaningful safety net against the inherent risks of their trade.
Garikai Munatsirei, chairperson of the Zimbabwe Fish Producers Association (ZFPA), highlighted the urgency of this issue. “Farming in all its forms requires risk-management tools. But for fish, unfortunately, we have no local insurers to rely on,” he explained in a recent interview with NewsDay.
Munatsirei pointed out that fish farmers currently can only access aquaculture insurance via international specialist markets such as Lloyd’s of London — renowned as the world’s oldest and most prestigious insurance marketplace — but at prohibitive premium costs. “If you want insurance for fish, you go to Lloyd’s of London and that is not going to be cheap,” he said.
FFA Explainer Box: Lloyd’s of London is a specialist insurance market where multiple financial backers combine to provide insurance products, often covering high-risk ventures like aquaculture, which traditional insurers avoid.
Aquaculture is considered a high-risk sector due to unpredictable challenges such as disease outbreaks, water contamination, and fluctuating water temperatures. These complexities make local insurers hesitant to offer coverage without sophisticated risk assessment models. Consequently, Zimbabwean fish farmers are forced to rely heavily on preventative measures rather than having insurance to mitigate losses.
The absence of affordable, locally-tailored insurance deprives fish farmers of the confidence and financial security needed to scale up operations. Munatsirei emphasised that developing and implementing a Zimbabwe-specific aquaculture insurance product could unlock much-needed financing opportunities, reduce vulnerability to unforeseen losses, and stimulate sector growth.
Beyond insurance, fish farmers in Zimbabwe grapple with other obstacles constraining industry development. Chief among these is the persistent shortage and high cost of fish feed, an essential input that directly affects productivity and profitability.
Another pressing concern is the country’s taxation policy. The 15% value-added tax (VAT) levied on locally-produced fish products makes farmed fish more expensive than competing animal proteins such as chicken. This tax disparity hampers efforts to promote affordable, nutritious protein sources for Zimbabwean consumers.
Garikai Munatsirei remarked, “That is not a good way to encourage the growth of the sector. We want to make sure that proteins fairly compete for consumer dollars.” Such fairness is crucial to widening fish consumption and supporting food security initiatives outlined in Zimbabwe’s National Development Strategy 1 (NDS1), which emphasises nutrition, rural development, and empowerment of women and youth in agriculture.
Recognising these challenges, the Zimbabwe Fish Producers Association is actively engaging with government stakeholders to seek solutions. Among their requests are temporary relief on import duties for aquaculture equipment and inputs. Such measures would particularly benefit small-scale producers in regions like Matabeleland, enabling faster scale-up and diversification in fish production.
The government’s support for tailored insurance products and incentive policies for fish farming aligns with its broader vision to strengthen agribusiness value chains, stimulate job creation, and enhance food security. These developments complement ongoing efforts to boost trout farming in provinces such as Manicaland, where the government is already setting up breeding centres and partnering with local fish feed manufacturers.
As Zimbabwe continues to position aquaculture as a vital contributor to its economy, the establishment of locally-relevant, affordable insurance cover will be a critical milestone. It promises to mitigate risks inherent in fish farming, foster investment confidence, and ultimately transform the sector.
In the words of Munatsirei, “Insurance is farming’s safety net. For fish farmers in Zimbabwe to thrive, we need insurance solutions designed with our realities in mind.” With collaborative efforts among farmers, insurers, and policymakers, Zimbabwe’s fish farming industry can navigate its challenges and swim towards sustainable growth and prosperity.
About The Author
