Prime Insurance Company Limited has said its premium package grew to K5 billion at the end of 2016, up from K4.8 billion the year before, in the face of economic hiccups the country is going through.
According to the company’s chief executive officer Albert Mbawala, the rise is due to a comprehensive range of high quality products the general insurance firm offers that exceed the client’s expectations.
Prime Insurance Company was licensed in 1991 to offer general insurance business, but in recent years, the company has been providing motor vehicle insurance, particularly for minibuses.
On June 3 last year, Reserve Bank of Malawi (RBM) closed the insurance firm due to its failure to meet capital requirements.
A few days later, the company reopened after it obtained a court injunction restraining RBM from shutting it down pending judicial review.
Speaking in an interview on the sidelines of a dinner the company organised for its Northern Region clients, Mbawala said the company will continue to grow as its premium accumulations have hit K5 billion.
He said: “From 2010 to date, our premium package continues to increase, and thus far, we have hit K5 billion. With extensive distribution, we will continue to obtain wider customer base that will lead to our premium rising.”
Mbawala assured their clients that the company will always settle claims on time.
Mzuzu City mayor William Mkandawire asked the company’s management to include the council in its corporate social responsibility programmes.
A representative of the company’s partners, Mbonekera Msiska, who is also the vice-chairperson of Minibus Owners Association of Malawi (Moam), commended Prime Insurance for continued provision of services to minibus owners.
“Other insurance companies shun minibuses based on frequent accidents,” he said. n