Zimnat introduces hard currency payment option

Source: Zimnat introduces hard currency payment option | Herald (Business)

Zimnat General Insurance has introduced a hard currency insurance payment option to enable its clients to retain the value of their insured assets in the event of their sustaining a loss and making an insurance claim.

If they pay their premium in hard currency — United States dollars, they are guaranteed indemnity in the same hard currency in the event of a loss.

A Zimnat spokesperson said the move has been necessitated by the recent separation of foreign currency Nostro and RTGS accounts by the monetary authorities and by its desire to constantly make life better for them.

“We will continue to offer policies denominated in RTGS value for those who have no access to hard currency.

“However, where premiums have been paid from an RTGS account, the sums insured will need to be regularly monitored to mitigate against the adverse effects of inflationary pressures in the business environment,” the spokesperson said.

Zimnat, which is one of the country’s leading insurance and financial services companies, has been a leading voice in protecting the assets of those who insure with them.

This is in line with its purpose of making life better.

It is the first insurance company in the country to introduce United States dollar denominated policies and offer them on a large scale to consumers. While there is a plan to roll this out to the rest of its business, this is currently only applicable to short-term insurance.