Insurers will brainstorm at a conference starting today, which would be held under the theme ‘Leading at The Edge: The Future- Ready Insurer’. The conference comes at a time growth of the industry remains subdued with penetration seen at around 1.4%.

Chairperson of the organising committee of the conference, Sunganani Kalizang’oma said the theme was in line with market developments globally. “One significant aspect is in technology and the use of data. So, the conference is aimed at discussing issues insurers need to be aware of if they are going to remain relevant in this highly dynamic market. The topics which will be discussed will include big data, technology disruptions in the insurance industry, microinsurance and other pertinent topics,” Kalizang’oma said.

As of March 2018, Insurance penetration rate in the country remains one of the lowest in the world at 1.4% of the population. Figures from the Reserve Bank of Malawi (RBM) show that motor vehicle insurance accounts for between 60 and 70% of the business in Malawi.