Insurance Institute of Malawi (IIM) in collaboration with the Malawi University of Business and Applied Sciences (MUBAS) on Thursday launched Bachelor’s Degree in Insurance and Risk Management Programme under the theme: ‘Malawi’s future is insured, innovative insurance education for resilient and innovative economy’.
Speaking during the official launch at MUBAS Open Distance Learning in Blantyre, Vice Chancellor for MUBAS, Nancy Chitera said the programme marks a transformative step in the educational landscape of the nation.
She observed that the programme is not only the reflection of academic commitment, but that it is a response to the evolving demands of a global economy.
We are striving to be relevant and to offer programmes that are always demand-driven. Through discussion with the insurance sector, we noted that there is a big gap that exists in the insurance sector; so, the programme holds significant promise for the future of both university students and the broader Malawi economy,” said Chitera.
She, therefore, commended IIM for supporting and fulfilling MUBASs mandate of imparting knowledge and transferable skills in students, noting that the programme will upgrade the school to meet professional needs of society at national, regional as well as at the global levels.
Insurance and Risk Management is a programme housed in the Department of Accountancy and Finance which will be delivered in eight semesters within four years and it comprises 38 modules.
The requirements for the normal entry admission includes six credits at MSCE or its equivalent including English and Mathematics and mature entry admission includes four credits at MSCE or its equivalent including English Language plus relevant diploma qualification and a minimum of two years relevant work experience.
President of the IIM, Reuben Kawelele said it was very expensive for students to study the programme because the degree was supposed to be obtained from London which needs a lot of resources.
“This is the opportunity that we’ve been looking for. This programme will close the gap that we’ve had in our industry, with the younger generation holding a degree and proceed with stations to be chartered in that way, we have at least given them better foundation as opposed to where we are coming from,” said Kawelele.
In his remarks, Director of Pension and Insurance Supervision at the Reserve Bank of Malawi, Paul Nyirenda said the programme is a significant milestone in the advancement of the country’s insurance sector considering that there have been huge technical gaps especially on the technical aspects of regulators, practitioners and policy makers.
“The role of insurance in an economy is crucial as it safeguards businesses and families against sudden and unforeseen losses and provides job opportunities. Therefore, investment in the development of competent insurance professionals is not just an investment in the industry, but it is also an investment in the broader economy,” said Nyirenda who was the guest of honour during the event.
Nyirenda added that the programme will lessen the demand for foreign exchange as aspiring insurance practitioners will have a cheaper and local solution to their training needs.
During the official launch IIM and MUBAS officials signed a memorandum of understanding and they conducted a solidarity march from the Old Town Hall in Blantyre to Chichiri Shoprite as part of raising awareness of the programme.
