During a cocktail organised by Old Mutual Malawi plc to officially welcome the newly appointed Managing Director, Clement Chinaka, the new MD promised to boost the company’s penetration insurance penetration.

 “Our penetration in the market is low. For instance, in Malawi, insurance penetration is only two percent, which means 98 percent is not consuming insurance products. This is something we can work on to make sure we increase the pull of people who are consuming our financial services.” said Chinaka, pledging to bring fruition to the company.

 Chinaka has taken over from Richard Mushosho, who has been with Old Mutual since 1990 where he has served in various senior positions for the past 28 years. On the other hand, Chinaka has been with the group for 26 years serving in various roles, including as chief actuary and general manager of actuarial at Old Mutual Life Assurance Company of Zimbabwe.