ZIMBABWEAN vehicle owners are taking insurance for granted due high levels of ignorance, which could cost them when involved in car accidents.

Motor vehicle owners are required to have their motor vehicles insured in Zimbabwe. A car insurance policy protects your vehicle financially in case of an accident or a natural calamity.

A comprehensive car insurance policy will offer you wider protection that is it will cover damages to your car caused by an accident either by you or a third person. It will also cover any damage to your car due to theft or an act of vandalism or fire.

Most vehicle users in Zimbabwe use the third party insurance policy which only covers for damages caused by you to other people’s cars or property or sometimes both depending on the accident. If your car gets damaged in an accident due to your fault, this policy will not cover any repair work for your car.

An insurance company is only liable to pay to the third party involved in an accident caused by you. e damage cover is limited in this policy; digital evolution poses the challenges of cyber risk hence there is a need for the insurance industry to introduce cyber insurance.

“With increased digitalisation, cyber risk has also been enhanced. When you talk about cyber risk it is about the protection of data; to what extent are you protecting the policyholder data.

“at cyber security framework is going to address that. It will provide guidelines to industry on how to treat policyholder information, especially protecting it against cyber risks,” she said.

As the global insurance industry moves towards smart digitalisation there should be protection of the interests of policyholders.

e insurance industry should embrace digitalisation to not only improve service delivery but also come up with customer-centric products which will improve the resilience of the industry to future shocks.