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Reunion touts growth

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Wholly Malawian owned insurance company, Reunion Insurance has clocked 12 years of operations in the country, touting business growth over the period.

Figures from the company show that its assets grew by 25 percent from K2.06 billion in 2015 to K2.57 billion in 2016 alone.

Net assets grew by 40 percent in 2016 from K450 million in 2015 to K633 million in 2016.

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The firm also recorded a 42 percent growth in gross written premium compared to 2015 according to the issued figures.

In an interview, Reunion Insurance Business Development Manager Hastings Kapesa said the performance has made the business to stand out as one of the best financial institution in the industry.

“We believe with such outstanding financial capacity, coupled with well qualified and experienced staff, we are more than ready to provide value additions to both well-established individuals and corporate customers,” he said.

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In 2005, the time the company was established; it only had a head count of 10 people which has now grown to over 70, according to Kapesa.

On outlook, Kapesa said there is hope for further growth in business this year and in the years ahead, premising his optimism on a possible economic rebound.

Estimates show that the economy is likely to grow in the range of four to five percent this year in real Gross Domestic Product (GDP).

Kapesa says the growth estimate would imply continued deceleration in inflation which will in turn also influence a further cut in bank borrowing rates.

“This is likely to spur productivity and further improve people’s disposable income. In turn it will influence growth in the insurance business in general and our business in particular,” Kapesa said.

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