New insurance firm to offer competition
The Malawi Union of Savings and Credit Cooperatives (Muscco) has given hope to Malawians, especially those uninsured,that the new insurance firm, Cooperative Insurance Company of Malawi, will reach out to the marginalised and low income earners.
Muscco chief executive officer Sylvester Kadzola stated this in Lilongwe on Tuesday when the company’s officials courted cooperatives members from the Central Region to familiarise them with the new company.
CIC Malawi is a joint venture between Muscco and CIC Insurance Group of Kenya which is Kenya’s third largest insurance group out of 46 insurance companies in Kenya.
It is also touted as Africa’s leading insurance cooperative.
Kadzola said in an interview that cooperatives in Malawi are advancing and many of them are owning significant property but lamented that the uptake of insurance in Malawi is relatively low than other countries in the region.
“We thought that bringing such type of venture will provide that needed additional layer to the protection of cooperatives’ property and funds as well as the people themselves,” he said.
He added: “For instance, had this cooperatives company been there when the recent disasters struck, it would have moved in to see what compensation and claims can be provided.”
The Muscco boss explained that the creation of the new company is another way of promoting the cooperative agenda by providing a series of services and products.
He said the new company will target rural communities and people owning small businesses such as vendors.
On his part, CIC Insurance Group chief executive officer Nelson Kuria said their company is enjoined within international principles and values of cooperatives which he said will benefit Malawians.
He said the firm intends to offer risk management and insurance protection for all types of cooperatives.
Kuria said the firm awaits licensing by the Reserve Bank of Malawi (RBM) but said all the requirements are finalised.
