Representatives of Nico Group, have indicated that the company is poised to pay K3.2 billion, at the end of this year, in life policy claims.
This represents a 300 percent jump in life policy claims when compared to the K800 million the company could pay out in similar claims before the Covid pandemic.
They indicate that the claims have risen due to Covid-related deaths the country experienced in the year.
In an interview at the sidelines of 50 years anniversary celebrations recently, Nico Group Managing Director Vizenge Kumwenda said, despite the development hinging on its business, it has helped to prove the essence of life assurance.
“We have lost a lot of people to Covid, may their souls rest in peace, but customers have witnessed the importance of our services.
“Despite that they lost their loved ones, at least they do not lose support in terms of income that comes through the claims that we pay out,” he said.
Kumwenda further described the 50 years as a tough journey, emphasising that commitment, hard work and discipline were crucial for success.
Nico General Insurance Limited Chief Executive Donbell Mandala lauded insurance brokers, saying they contribute 70 percent to its business, which was able to grow premiums by 11 percent despite Covid.
The company has more than 1,200 employees.
Mathews Kasanda is a journalist who holds a Bachelor of Arts in Journalism from University of Malawi (The Polytechnic).
In 2015, Media Institute of Southern Africa awarded him the Best Print Media Education Journalist of the Year accolade.
He joined Times Group Newsroom in September 2019.