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IBAM Nods to Formation of Insurance Council

The Insurance Brokers Association of Malawi (IBAM) says it has agreed with other players in the industry to form an insurance council in order to speak with one voice and strengthen insurance business in the country.

The organisation’s president, Clement Ndala believes, the availability of the council will create easy engagement with government and various stakeholders to spur economic development.

“As brokers, we are intermediaries between clients and insurers. We provide 50 percent of business to insurance companies. We, therefore, think establishment of the Insurance Council of Malawi will assist to grow the industry,” said Ndala.

This comes when insurance companies seem to make more progress with support from brokers as NICO General posted an increase of 29 percent profit in 2022.

Meanwhile, Chief Executive Officer for Nico General, Donbell Mandala, says the company will this year focus on digitalisation to service clients and managing the cost.

“Covid 19 has taught us lessons, as NICO General, we need to focus on digital channels in 2023,” said Mandala.

He, however, said despite the Covid pandemic, the company registered an income growth of 21 percent and an increase of 29 percent profit last year.

“We have grown our investment fund by close to 22 percent from K12.1 billion to 14.5 with support from our partners.

"We were able to collect from debtors within a period of 68 days unlike in 2021 when we had to collect our money back in a period of 80 days,” he said while commending the Brokers and Agents for the good work.

The two made the sentiments when NICO general engaged agents and brokers on Thursday night where it awarded some outstanding ones.

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