Chapola retires from Nico Life, urges insurance-friendly laws
Nico Life Insurance Company Limited outgoing chief executive officer (CEO) Eric Chapola says Malawi needs insurance-friendly laws to fully benefit from the industry whose penetration is at less than three percent.
Speaking on the sidelines of his farewell dinner and dance on Friday in Blantyre hosted by Nico Group, he said there are a lot of resources in the sector that if utilised can spur the country’s development.
Said Chapola: “My advice is that the leadership of the country must be interested in what is happening in the insurance industry in Malawi. I know the Reserve Bank of Malawi has taken a proactive role.
“We also need laws that are friendly to the insurance companies to the extent that they should trade and release their funds for the country’s development.”
He served as CEO for the insurance firm from 2017.
Commenting on his retirement, Chapola, who retired from the firm on December 31 2023 having served Nico Group for over 20 years in various portfolios, said: “I go away as somebody fully satisfied with what I have achieved in the industry and I can say here without fear of contradiction that if anyone wants to follow my legacy, they will have difficult times.”
Nico Life Insurance Company Limited board chairperson, and Nico Holdings plc managing director Vizenge Kumnwenda said while Chapola’s departure from the firm is a big loss, he is glad that Chapola has built a good succession plan that will not only preserve his legacy, but also take the firm to the next step.
“But at the same time, every journey comes to an end and Eric has to move on and enjoy his retirement,” he said.
Nico Life Insurance Company CEO-designate Wise Chigudu said he is looking forward to growing the businesses and contributing to the country’s economic growth.
