If for any reason a customer of an insurance company feels aggrieved, they must immediately file the complaint with the insurer, through:

1. Phone (voice)
2. Letter
3. Email or
4. Walk-in to your nearest branch

Note: **Always read the terms and conditions before signing any financial agreement or contract**

Claims could be rejected by an insurance company if:

1. They are fraudulent
2. Premiums remain outstanding
3. Notification is done outside the normal policy reporting set timeline.
4. The loss is not covered by the policy.

1. Comprehensive - this is the most extensive form of motor insurance which besides providing cover to the insured as listed above also provides cover for own damages (damages caused to the insured’s own vehicle).

1. Third Party Fire & Theft Cover - besides the third party cover as described in (a) above, this policy also covers loss of and or /damage to the vehicle through fire (self-ignition) and theft of either the whole vehicle or its accessories.

d. Motor Insurance – this policy is broken down according to the following classes:

1. Third Party Cover - The policy covers an insured against third party liabilities of either death/bodily injury or property damage arising out of the use of the insured’s vehicle.

1. Agro-related insurance: These are policies that may cover production, processing and marketing losses due to weather- related issues, and power failure,
2.  Burglary Insurance – this policy is specifically suitable for business premises and is there to provide cover for assets against burglary and theft.

ii.  Households Insurance – this policy can be bought by anybody who owns households. Cover is available in respect of loss of and/or damage to         property arising from theft(burglary/house breaking) and fire and other fire related risks such as floods, storms just to mention a few.

There are several policies available and the following are some of them:

1. Home Insurances – available in two types:

1. House Owners Insurance – this policy can be bought by any person who owns a private dwelling house. Cover is available against losses arising from damage by fire, floods, storms, earthquakes etc.

b.There is obligation on the part of the insurance company to pay its client upon occurrence of an insured loss in order to bring them to the same financial position they were before the loss occurred.

c.Insurance is not free: The insured person must make contributions (pay premiums) to the insurance company in accordance with the value of insured property and with full disclosure of all material information of the property being insured.

Insurance is built on the following key principles:

1. Any person insuring his property will have interest upon loss of the property. For one to insure or buy an insurance policy, there must be ownership or interest in the property /item/life to be insured. This is what is known as insurable interest.

c. Complete the required documentation: Upon receiving advice of the insurance company or its agent/broker, complete the policy proposal form which details both the owner of the said property and the property itself.

d. File the documentation: Ensure that the proposal form and all documentation for the policy is stored in a safe place.

a. Identify an appropriate cover/insurance policy: Learn about available insurances in line with the group’s interest and assets/properties and/or liabilities at hand. 

b. Obtain guidance: Seek guidance from insurance provider/companies on all the conditions required to obtain the insurance.

Insurance premium is an amount of money charged by an insurance company in exchange to their agreeing to cover an unknown future loss (of a property or life) for either a company or an individual.

Insurance is the transferring of the likelihood of a future loss (risk) at a cost which is called insurance premium.

1. To prepare for the likelihood of an occurrence or event which can bring either damage or loss to property or life.
2. To transfer the risk of paying full cost of damaged property due to unforeseen events.

There are three groups of insurance in Malawi and these are:-

1. General insurance: refers to short term policies and are provided by licensed companies such as CIC General, Charter Insurance Company, General Alliance Insurance Company, NICO General Insurance Company, Prime Insurance Company, Real Insurance Company, Reunion Insurance Company, and United General Insurance Company. Property that can be insured can include:

1. Those that have been damaged due to accidents, harsh environmental shocks, climatic shocks, diseases, theft and other disasters.
2. Loans that are within stipulated repayment contract are covered on death of the borrower or permanent disability.

1. Life insurance: refers to long term policies provided by licensed companies such as NICO Life Insurance Company, Old Mutual, SMILE Life, CIC, and Vanguard Life. Most common forms of life insurance:
   1. One form of life insurance can cover funeral expenses for the insured and is paid within 48 hours after death occurs. This is known as the Group cover.

1. The other form of life insurance is the pay out of an accumulative lump sum paid to the bereaved family after a given period of time      b. Health Insurance: refers to medical insurance products that are issued by such institutions as Medical Aid Society of Malawi (MASM), Metropolitan Health, and MED-Life.

If the lost/damaged property is fully insured, the following things should be done:

1. Report the incident immediately to the insurers and or the police where applicable
2. Minimize the possibility of any further damage/loss
3. Provide necessary documentation that will support the claim to the insurance company i.e. police reports, medical reports and quotations etc.

e. However, a claim might delay if one of the following is observed:-

1. Exaggerated replacement costs or repair figures
2. Possibility of fraud being detected.
3. Late notification which is outside the normal policy reporting timeline.
4. Failure to cooperate with the insurance company’s requirements.

d. The speedy settlement of any claim is mostly dependent on how fast insurers are provided with the necessary information to support the claim.  In the event that all requirements are met and a settlement figure agreed by way of signing a discharge voucher, payment should be made within 14 days.