NICO GENERAL UNVEILS POLITICAL COVER
Courtesy of The Daily Times Newspaper - 31/January/2009

NICO General Insurance Company Limited announced its initiatives for 2009 which include the first-of-its-kind cover for political risks in addition to the standard policies currently on offer.

The company's assistant general manager (marketing and production) Lester Chinyang'anya, who also made a presentation on three new products— Homesure, Livestock and Mthunzi policies, said the company's initiatives this year will include tobacco, poultry, travel and political risks cover.

"This year is an election year in Malawi. Past experiences have shown that in an election year we do face damage and losses from political riots and strikes.

"Our policies do not cover these types of risks. NICO General is [now] in a position to get you cover from these risks.

"So talk to us or ask your broker to get a quotation for you from us. We need your support in all these initiatives," said Chinyang'anya

Chinyang'anya announced the new developments during the prize presentation ceremony of the Wednesday Ball Pool which his company sponsored at the Blantyre Sports Club.

On Homesure Policy, he said it is an all-encompassing package policy that is specially designed for home-based risks.

"It is a package policy. You do not have to carry five, six or seven policies and when something happens you fumble through your files. Homesure has all that is needed in one document and is backed by our fast track claim service," said Chinyang'anya.

He also said NICO General is also offering Livestock Insurance for farm animals like cattle, sheep, pigs, goats and horses.

"This insurance cover is available to commercial farmers and organised individuals, insuring against actual cash lost following death or theft of the animal," he said.

As for Mthunzi Policy, Chinyang'anya said his company is in a partnership with Opportunity International Bank of Malawi (OIBM).

"What this means is that if you go to OIBM as a loan client, OIBM will not ask you to provide them with collateral/ security because the loan you are looking for is already secured by Mthunzi Insurance Policy whose underwriters are NICO General.

"This is a new concept in Malawi. At the moment we are talking to other banks for similar arrangements," he said.

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