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NICO-GENERAL GAME HAVEN 2017 STRATEGIC CONFERENCE

NICO General scoops award for top service

Leading service providers and individuals in Malawi were awarded for service excellence at the Service Excellence Awards held on 16th November, 2016 at Sunbird Capital Hotel in Lilongwe.
It was all smiles for the country’s leading short term insurer, NICO General Insurance Company Ltd, when they were awarded with a Service Excellence Award in the category General Insurance Sector.

Achievement of a credit rating claims paying ability (A+)

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The current rating of NICO General Insurance Company is a domestic Malawi Kwacha currency claims paying ability of A+ ( A Plus).

The A+ rate on the Claims Ability Paying Scale means that NICO General has very strong claims paying ability protection factor and risk is modest.  The rating rationale for NICO General Insurance Company Limited by Global Credit Rating Company Limited has been based on the following key factors:

  • NICO General's leading position on the Maiawian short term insurance market and access to technical guidance and expertise from our group international shareholders.
  • The enhanced claims control and improved efficiencies, which facilitate a robust claim servicing regime.
  • Our strong balance sheet supportive of comfortable solvency margin levels.
  • Our maintenance of a substantial cash balance in absolute terms underpinning sound liquidity

 

How to choose the right insurance company

Price is not the only factor when choosing the right company. Of course, it is important how much you spend on premiums, but there are other factors you should consider when choosing the right insurance company.

Business Insurance: How to choose the right cover

Owning adequate business insurance is essential to any type of enterprise. The proper insurance coverage will protect private and company assets in the event that any legal action is taken against the business. In order to select the right type of business insurance, it is first necessary to determine the actual coverage needs of the enterprise. There are several different types of insurance policies that business owners should be aware of when shopping for coverage.

Mtetezi Tobacco Insurance Policy

Malawi is an agriculturally-driven economy where agriculture is not merely a way of life but an occupation and investment for most people. Tobacco is the single major foreign exchange earner and backbone of the economy, contributing up to 61 percent of total merchandise exports and employing a reasonable section of the country's population.

Business Continuity Planning

There is a tale that is often heard in one’s first economics class, about three folks who were stranded in an uninhabited island. They had nothing for food except one small tin of fish. Now, their problem was how to open the tin. The first person suggested that they open the tin with a locally made catapult. That was not a brilliant idea according to the next person who suggested that they burst open the tin by heating it up on fire. “Wait a minute! How do we share the pudding when we have opened the tin?” chipped in the third person who foresaw another problem lying ahead after the contents were ready for consumption. Any guess who these people were? Well, the first speaker was a physicist, the second one was a chemist and the third was an economist!

The message behind the story is that, in addition to devising systems to combat habitual business problems, one needs to institute measures that reduce the effects once the main risk sparks off. You are required to plan beyond the current environment. By virtue of business being perpetual, there is need for readily available mechanisms to make it so in times of risks that threaten its assets and earning capacity.

NICO General Insurance Company 2007 Highlights in Review

Insofar as insurance business is concerned, the year 2007 has been an eventful year for NICO General Insurance Company.

The year started on a high note in January when for the first time ever, the Malawi insurance industry saw the introduction of accredited garages in claim service. In a bid to improve repair services on accident damaged motor vehicles, NICO General Insurance Company introduced a list of “designated or preferred garages”. Designated or preferred garages form a panel of garages to repair accident damaged vehicles insured by NICO General. What this means is that in the event of a motor claim, requiring repairs, the claimant is required to obtain a quotation from any of the two garages in the panel. This has mutual benefit. The clamant is provided with quality service and we are able to deal with garages in an orderly manner since terms are agreed in advance.

NICO General Insurance Company 2008 Highlights in Review

We are proud of our leadership position in the insurance market in Malawi, which has endured since the company was formed in the early seventies. As expected of a leader, we are committed to maintaining high level of service to our direct clients and those serviced through brokers and agents. We are devoted to attract policyholders and intermediaries, who are prepared to nurture long-term partnership with us with a view of ensuring long-lasting security and total peace of mind.

NICO General Insurance Company 2009 Highlights in Review

2009. Yes, 2009 has been a successful year for NICO General. We continued to ride on the back of overriding excellent performance in all our business lines in 2008.

During the period, we introduced a number of products and initiatives.

One of the major events that stood out in 2009 was the presidential and parliamentary elections. Pockets of political violence were inevitable and showed up, especially during the run-up to the election day.

The down part of this is that damages or losses emanating directly or indirectly from political risks are excluded from insurance cover. This is a general exclusion on all insurance policies, universally. This put the insuring public in a fix. They had to foot replacement or repair costs of damaged property.

As NICO General, we viewed this as an opportunity and not a challenge. We introduced political violence insurance.

 The Natural Choice
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