Tags: Insurance

Nico General forecasts K2bn profit in 2015

Nico General Insurance Company Limited, a subsidiary of Malawi Stock Exchange (MSE)-listed Nico Holdings Limited, has projected a K2 billion (US$4 million) after-tax profit in the year ending December 2015 buoyed by its business with brokers. The insurance firm’s chief finance officer Louis Sibande made the projection on Friday during the company’s retreat with its…

MLS challenges RBM on legal regulations

The Malawi Law Society (MLS) has obtained an injunction that effectively stops the Reserve Bank of Malawi (RBM) from implementing a law aimed at regulating matters of legal practitioners. A gazetted directive in the Insurance (Claims Management) of August 15 2014 by the Registrar of Financial Institutions, under the RBM, requires lawyers to submit to…

30% of Malawi’s insurance claims fraudulent—IAM

The country’s insurance industry is hit by fraudulent activities, with 30 percent of all claims processed being false particularly in the motor insurance section. The problem erodes profit margins and pushes up premiums for consumers, industry experts say. But Insurance Association of Malawi (IAM) president Dorothy Chapeyama said from the cost-benefit perspective, most insurance firms…