Insurance broker, Marsh Malawi limited has entered a partnership with NICO General Insurance where the two companies will work together in provision of insurance cover in eight aspect put in one product.
Dubbed umbrella premier policy, the product is expected to reduce the cost of insurance among small and medium enterprises and Non-governmental organisations.
During the launch of the product in Blantyre recently, Chief Executive Officer of Nico General Insurance, Donbel Mandala, said Marsh Malawi specifically came up with an initiative to design a new product and approached the company for a partnership to provide the technical support and expertise to underwrite it.
“This single Policy would ease the insurance arrangement by combining and providing comprehensive solutions and cover under one single Policy for various assets and liabilities ranging from Motor vehicles, property, buildings, stocks, computers, laptops, cellphones, accidents to employees, passengers , employees personal property, money, property in transit, losses resulting from dishonesty of employees and many other benefits,” Mandala said.
Marsh Malawi Limited Managing Director, Mphatso Chadzala, said the initiative is also meant to help enhance insurance penetration which has remained low overtime with prospective clients claiming it is expensive.
“This product is affordable in that the money an organisation may pay for individual covers would be more that the money that will be spent on this product with such covers,” Chadzala said.
The product will only be exclusively sold by Marsh Malawi Limited.
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