Opinion / Letters
Insurance companies milking the public again
10 Jun 2019 at 17:53hrs | Views
Dear Editor,
There was a Commission of Inquiry set up to look at how insurance companies failed to compensate policyholders after the loss of value prior to 2009. The shareholders of these insurance companies remained with real estate and other inflation beating assets while giving policyholders peanuts.As of today nothing has been said on how this gross injustice will be addressed. What is clear is that policyholders suffered prejudice beyond quantification as years of investing where turned into years of tears.
From 2009 to 2016 policyholders whose gullibility knows no limits parted with hard-earned United States dollars, and again their contributions sunk into a bottomless pit of avaricious and capricious tendencies that have become the hallmark of insurance companies over the years. Over that 7 year period an investment of $10,000 at the prevailing inter-bank rate would be worth more than RTGS$50,000 today or more on the black market. Yet insurance companies are paying less than the $10, 000 due to unlimited hidden costs.
The Government has made a very clear policy announcement that the multi-currency regime will be abandoned before the end of they year. In fact so clear has been the Government to the point of making that eventuality a certainty. There is has been a further unambiguous statement to the effect that nobody will be able to use any currency after the introduction of the Zimbabwe dollar. What do insurance companies in Zimbabwe do? They are aggressively marketing United States dollar denominated products.
The gullible policyholders will again lose. Another commission of inquiry will be set up to investigate what could have been avoided. It is not possible for any company to guarantee payout in United States dollars. Whatever the investing public is contributing today in United States dollars, I can speak with 100% certainty, they will never see it again. Forewarned as forearmed.
Yours faithfully,
L. Dube
There was a Commission of Inquiry set up to look at how insurance companies failed to compensate policyholders after the loss of value prior to 2009. The shareholders of these insurance companies remained with real estate and other inflation beating assets while giving policyholders peanuts.As of today nothing has been said on how this gross injustice will be addressed. What is clear is that policyholders suffered prejudice beyond quantification as years of investing where turned into years of tears.
From 2009 to 2016 policyholders whose gullibility knows no limits parted with hard-earned United States dollars, and again their contributions sunk into a bottomless pit of avaricious and capricious tendencies that have become the hallmark of insurance companies over the years. Over that 7 year period an investment of $10,000 at the prevailing inter-bank rate would be worth more than RTGS$50,000 today or more on the black market. Yet insurance companies are paying less than the $10, 000 due to unlimited hidden costs.
The Government has made a very clear policy announcement that the multi-currency regime will be abandoned before the end of they year. In fact so clear has been the Government to the point of making that eventuality a certainty. There is has been a further unambiguous statement to the effect that nobody will be able to use any currency after the introduction of the Zimbabwe dollar. What do insurance companies in Zimbabwe do? They are aggressively marketing United States dollar denominated products.
The gullible policyholders will again lose. Another commission of inquiry will be set up to investigate what could have been avoided. It is not possible for any company to guarantee payout in United States dollars. Whatever the investing public is contributing today in United States dollars, I can speak with 100% certainty, they will never see it again. Forewarned as forearmed.
Yours faithfully,
L. Dube
Source - L. Dube
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