A newly launched policy, brokered by Marsh Malawi Limited with Nico General Insurance Company Limited, will see the coverage of motor vehicles, assets and others under a single policy.

The Umbrella Premier Policy, targets Small and Medium Enterprises (SMEs) and non-governmental organisations (NGOs), giving them 8 products under one policy. Nico General Insurance Company Limited chief executive officer Donbell Mandala, said that as NGOs alleviate the livelihoods of Malawians, while SMEs are one of the blossoming sectors; hence the need to have tailor-made products.

On the other hand, Marsh Malawi Limited managing director Mphatso Chadzala outlined that considering that insurance penetration has been on the lower side due to affordability issues the launch of the tailor-made policy will boost penetration. According to Chadzala, the policy has increased coverage and limits in motor, fire, burglary, business risks, fidelity guarantee, money, goods in transit, public liability and group personal accident.