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PURE FOREX policies The current economic situation in Zimbabwe has called for Insurance Brokers to become more relevant in advising their clients, as traditional methods of designing portfolios have lost their reliability over the years, and since the value of the Z$ has diminished against all the major currencies of the world and virtually become irrelevant, reviews moved from being done annually to half-yearly, to quarterly, to monthly, and now we moving back towards annual again since the US$ is now being used officially. Our policies and debits are issued in US$, and we can give you options to pay annually, quarterly or monthly, so that you can choose whichever option best suits your current situation. Previously, only a few Insurers were authorized to transact insurance business in foreign currency, and the market was largely controlled by the Reinsurers, causing rates to increase sharply and removing the competitive environment. Cover was only available for client who had access to “free funds” i.e. foreign currency earned and banked externally, so that even claims had to be paid out into foreign bank accounts, unless the claim was a motor vehicle accident involving repairable damage, in which case, the claim was paid to the panel beater in local currency. As the insurance market has now been authorized to trade freely in foreign currency, this has opened up the market, and the direct insurers are competing for business once again. Premiums are now paid into our local FCA account, and all claims are paid in US dollars into your local FCA account - Z$ are no longer used. The banking system set up to manage US$ seems to be working well so far, and no major problems have arisen. We have made arrangements that in some cases, claim payments may be made in US$ cash, particularly where the amount of the claim is minimal, say up to US$1,000.00, otherwise payment will be processed by transfer. |
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Premium Payment
Because of currency problems, your insurance contract is on a strictly “cash-before-cover” basis. However, if you are interested in paying your premiums over a period, our staff can arrange for you to pay monthly (over 12 months) quarterly or half-yearly.