Reserve Bank of Malawi (RBM) figures are showing that Malawi remains at the bottom when in comes to insurance penetration at regional level.

South Africa’s penetration rate of 16%, Namibia’s 6.9% and four percent each for Zimbabwe, Mauritius and Lesotho. Malawi records a 2.01%, up from 1.4% recorded in January 2018.

RBM Governor, Dalitso Kabambe acknowledged that the insurance sector is not performing well, but stated that Malawi can do better. “Although these statistics are in no way flattering, they also indicate that there is significant potential for the insurance industry to increase its contribution to the country’s economic growth.”

Looking at local insurance firms reports, there has been growth, but players in the sector have blamed the failure of regional competence on various economic factors that have inhibited the sector’s growth. “Our target is that we should continuously grow because opportunities are there” said Insurance Association of Malawi President, Donbell Mandala.