Insurance Broker speaks on COVID-19 impact to sector (Malawi)

As published by the Nation on April 24th 2020

Written by Singayazi Kaminjolo – Staff Reporter

Insurance broker Minet Malawi has warned the insuring public to safeguard their business and bring awareness to their workers in view of the coronavirus (COVID-19) pandemic.

Minet Malawi managing director Delvin Khongono said in an interview on Wednesday that the insuring public is sailing in the hardest period to the pandemic. He said: “of late, we have seen a trend in the manufacturing industry, where some companies are either scaling down or closing altogether due to non-availability of supplies of raw material or lack of market. Other companies are also sending their staff on forced leave.

“If an insured entity decides to close or suspend its operations in keeping with government order of COVID-19 lockdown or decides to shut down on its own, that insured party cannot succeed to claim loss of revenue or profit that may have been incurred during the downtime.”

He said although general insurers do not provide cover for COVID-19 death, life insurers pay COVID-19 death claims. He also said health insurers also cover medical expenses incurred by COVID-19 patients.

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