The Insurance Industry in Malawi, Key Trends and Opportunities to 2017 by Timetric


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									The Insurance Industry in Malawi,
Key Trends and Opportunities to
Market Intelligence Report

Reference code: IS0256MR

Published: March 2013


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1 Executive Summary

        Malawi has a small and growing insurance industry whic h encompasses a population of 16.63 million. It
        grew at a positive growth rate during the review period, recording a CA GR of 14.2% in terms of written
        premium value. The key segment driving the Malawian insurance industry was the non-life ins urance
        segment whic h accounted for a 67.0% share of the total insurance written premium value in 2012. It was
        followed by the life insurance segment with 22.9% and the personal accident and health ins urance
        segment with 10.1%. The Malawian insurance industry is regulated by the registrar of Reserve B ank of
        Malawi (RBM), which is responsible for exerting c ontrol over the insurance and allied activities performed
        by all entities in t he industry, including insurance companies, reinsurance companies, insurance brokers,
        loss adjusters and intermediaries. Over the forecast period, t he insurance industry is expected to be
        driven by the growing economy and consistent efforts by the regulatory authority such as introduction of
        new directives to facilitate necessary upgradation. However, t he falling profitability and low penetration
        rate will be the major challenges faced by Malawian insurers.

        Group life category increased due to a new act in 2011

        The performance of the group life insurance category in the life ins urance segment was exceptional in
        2011, with a rise in the number of group life ins urance polic
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