Nico General praises insurance brokers
Nico General Insurance Limited has praised insurance brokers noting that they are responsible for their success this year.
Speaking during a dinner and dance the insurance company held at Protea Ryalls Hotel in Blantyre on Wednesday, Nico General chief executive officer Eric Chapola said 2013 has been successful and that they have achieved a growth rate of over 50 percent.
“We are delighted that we have achieved a lot of success this year due to the efforts by our brokers. As a leader and an innovative company, from next year we will introduce new products including mobile facilities. During the year we met a number of challenges including false claims. We encourage our brokers to bring quality business,” said Chapola.
Commenting on commission that brokers get, Chapola said Nico General will consider increasing the current rate which ranges between 10 and 20 percent. He noted that the current law on insurance requires that premiums be paid directly to insurance companies and he noted that the change might have affected the brokers’ financial position.
Speaking during the same function, Insurance Brokers Association of Malawi president Wesley Mataka urged Nico General to consider their commissions bearing in mind operations costs.
