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Nico foresees death claims rising to K3 billion

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Due to Covid pandemic, NicoLife, a subsidiary of Nico Group has said death claims have risen this year with an anticipation to hit K3 billion by December as compared to the K800 million paid in 2020.

Nico Group Managing Director Vizenge Kumwenda said this in Mzuzu on Wednesday during its 50th anniversary celebrations.

Kumwenda said from January to August, Nico Life had paid out death claims amounting to K1.8 million.

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“We have had a lot of death claims where we lost a lot of policy holders because of Covid. This year by August, Nico Life had paid over K1.8 billion in death claims coming from Covid.

“So on score we are happy in that we have offered a service that we will be there with you during times of trouble. We are expecting that by the end of this year we will have paid K3 billion. Now you should compare that money to what we paid last year where we only paid K800 million. This is close to four times to what we paid last time,” he said.

Speaking during the interaction with its clients in the Northern Region Kumwenda said it has been a long journey but stressed that partnerships has been one of the pillars towards is success story.

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“They (partnership) have brought extraordinary value to us and to our customers,” he said.

One of Nico Group clients, Charles Masulani who heads St John of God said the financial service provider has been essential in providing financial literacy to the masses.

“Now we have most of our property and lives insured with them. Apart from that they have also been providing literacy to our members,” he said.

According to a World Bank Malawi Economic Monitor for June 2021 Covid impact, services and industry slumped.

According to the report business sentiment is now showing some improvement but is still below pre-pandemic levels.

Some 46 percent of firms surveyed in February 2021 by the Malawi Confederation of Chambers of Commerce and Industry expect a positive performance for the year.

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