>> NICO GENERAL INSURANCE COMPANY 2007 HIGHLIGHTS IN REVIEW

Insofar as insurance business is concerned, the year 2007 has been an eventful year for NICO General Insurance Company. The year started on a high note in January when for the first time ever, the Malawi insurance industry saw the introduction of accredited garages in claim service.

In a bid to improve repair services on accident damaged motor vehicles, NICO General Insurance Company introduced a list of “designated or preferred garages”. Designated or preferred garages form a panel of garages to repair accident damaged vehicles insured by NICO General. What this means is that in the event of a motor claim, requiring repairs, the claimant is required to obtain a quotation from any of the two garages in the panel. This has mutual benefit. The clamant is provided with quality service and we are able to deal with garages in an orderly manner since terms are agreed in advance.

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>> BUSINESS CONTINUITY PLANNING

There is a tale that is often heard in one’s first economics class, about three folks who were
stranded in an uninhabited island. They had nothing for food except one small tin of fish.
Now, their problem was how to open the tin. The first person suggested that they open the
tin with a locally made catapult. That was not a brilliant idea according to the next person
who suggested that they burst open the tin by heating it up on fire. “Wait a minute! How do
we share the pudding when we have opened the tin?” chipped in the third person who
foresaw another problem lying ahead after the contents were ready for consumption. Any
guess who these people were?

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