Malawi’s Nico General Insurance Company Limited, a subsidiary of listed financial services group Nico Holdings Limited, has said despite operating in a challenging economic environment, it has managed to grow its market share now at 37 percent.
The firm’s chief executive officer Eric Chapola said on Thursday during the 2016 Brokers Awards Dinner and Dance at Protea Ryalls Hotel in Blantyre that in the 10 months to October, the short-term insurer has grown by about 24 percent, which is above inflation rate currently at 20.1 percent as of October 2016, according to the National Statistical Office (NSO).
He said: “The underlying factor is that the economy is going through a number of challenges. We know inflation is high, interest rates are high, the currency is depreciating and there are no new investments in the country. This means it is very difficult to come across new business.”
Chapola noted that at 55 percent, the loss ratio—the difference between the ratios of premiums paid to an insurance company and the claims settled by the company—speaks volume of the quality of business the insurance firm offers.
He thanked brokers who provide 70 percent of their business for providing quality business.
Speaking on behalf of the brokers, AON Malawi managing director Delvin Khongono praised Nico General for being one of the best insurance firms in Malawi.
“You don’t worry about the claims because Nico General settles them within 14 days. In fact, with all the supporting documents, the company settles claims within seven days,” he said.
During the function, eight brokers were awarded in various categories. Marsh Malawi Limited scooped three awards. n