Nico General Insurance, a Malawi-based insurer and NBS BANK, has rolled out insurance premium financing by extending short term loans to customers looking to pay for their insurance to ease pressure amid the pandemic.
The move by the companies will give the freedom to clients in order to avail benefits from both the insurance and loan facility.
NBS Bank chief executive officer, Kwanele Ngwenya , told the media, “As a caring bank it always aims at providing the best solutions to customers. The past year has been rather challenging, and we realize the many obligations that require cash up-up front in order to keep life as smooth as possible. As such, this offering is here to support households and businesses that might be having challenges with cash flow.”
Nico General CEO, Donbell Mandala, said that Nico General’s aim to ease the pressure that comes with mandatory insurance in few assets. Nico General believes in possibilities and also expects one less challenge to worry about this year. The new insurance service will pave the path for clients to pay full amount at once along with instalment payment options.
The loan will be provided to Nico General customers which include businesses and individual clients. The clients can pay their general insurance premiums for a term of up to 9 months through the loan facility.
The pandemic has affected the insurance segment less compared to other segments such as oil and gas, real estate, aviation, etc.