Zimbabwean insurers to underwrite policies in foreign currency

transactionThe government of Zimbabwe enacted a new legislation governing insurance companies and pension funds.

The terms of the regulation enunciate that insurers and pension funds may now conduct business in foreign currencies. The measure has been taken with the aim to protect the sector from hyperinflation.

In 2019, the authorities imposed the exclusive use of the Zimbabwean dollar in local transactions, despite the US dollar-denominated policies.

Having been pressured by local insurers, the Zimbabwean Insurance Regulatory Authority (IPEC) has decided to authorize U.S-dollar policies.

Read also | Zimbabwean disinterest in insurance products

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