Real pays out K123m claims

Real Insurance Company on Monday paid out K123 million (about $362 000) in claims settlement to Southgate, a property business under Conforzi Group of Companies.

One of Southgate buildings caught fire in Limbe four months ago and the company’s financial controller Goodwin Mwakanema said this resulted in loss of revenue.

He thanked Real Insurance for the money, saying it will help them to rebuild the structure.

“For a company to come up with K123 million in this economic turmoil is a milestone. As a company, we are glad we have been compensated for the loss.

“We lost revenue when the building caught fire four months ago, but with this money we will go back into business,” he said.

Real Insurance chief executive officer, Grant Mwenechanya, said this reaffirms his company’s commitment to pay out claims even in hard economic times, saying such a gesture gives confidence to clients.

“What we sell is peace of mind and this is what Southgate got today. The settlement will go a long way in enabling the company get back to the situation they were before the accident,” he said.

Hubertus Clausius business development manager, Evans Ngoma, said as brokers, they always ensure that their clients are placed with companies that settle claims within the shortest reasonable time as Real Insurance has just done.

Two weeks ago, Real Insurance shareholders approved the increase of the firm’s capital to K550 million (about $1.7m), allowing the company to meet the solvency margin requirement of the Reserve Bank of Malawi.

The shareholders approved the company’s recapitalisation at an extra-ordinary general meeting (EGM) held at Sunbird Mount Soche in Blantyre.

Real Insurance Company is one of the companies listed on the Malawi Stock Exchange (MSE).