AN ANALYSIS OF THE IMPACT OF CURRENCY REFORMS ON INSURANCE CONTRACTS IN ZIMABWE
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Abstract
Zimbabwe has undergone major changes in its currency between 2008 and 2019. This has been largely attributed to macroeconomic challenges which led to the collapse of its own currency, that is, the Zimbabwean dollar in 2008. These changes have affected many aspects of the contract of insurance. The paper examines the changes in the currency which have been effected by the government and how those changes have affected the position of the insurer and the insured. To the insurer, it is clear that the change from the United States dollar to the Zimbabwean dollar has made it difficult for them to adequately compensate the insured. In addition, it has also made it difficult for the insurer to assess the extent of risk that it intends to assume and the payable premiums. To the insured, the changes in currencies have made it impossible to enjoy the true value of their policies thereby defeating the objectives of insurance.
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