By Burnett Munthali
The Insurance Institute of Malawi (IIM) has launched a new initiative aimed at educating the public on the critical importance of insurance, with the goal of improving the country’s low insurance penetration rate. According to Ruben Kamanga Kawerere, President of the Insurance Institute of Malawi, the current insurance penetration rate in Malawi stands at a mere 3 percent, a figure that the institute is keen to improve for the benefit of the nation.
In a statement, Kawerere emphasized the institute’s commitment to collaborating with all relevant stakeholders, including insurance companies, regulatory bodies, and the government, to increase the awareness and uptake of insurance services across the country. He stressed that greater public understanding of insurance will not only protect individuals and businesses but will also contribute to the country’s broader economic development.
As part of this initiative, the IIM, in partnership with Old Mutual, organized the inaugural Insurance Debate Competition, bringing together key players in the industry to discuss pertinent issues related to insurance. The competition provided a platform for participants to exchange ideas, foster professional connections, and advocate for the growth and improvement of the insurance sector in Malawi.
The debate competition featured six teams, all representing different organizations within the insurance industry, who engaged in rigorous discussions on various topics related to insurance and its benefits. The competition proved to be an exciting and insightful event, with participants demonstrating their expertise and passion for driving the insurance industry forward. The winners of the competition, Britam, were awarded for their exceptional performance in presenting well-researched arguments and offering innovative solutions to the challenges facing the sector.
Sophie Nkhonjera, Chief Risk Officer at Old Mutual, spoke about the company’s motivation for sponsoring the event, stating, “We sponsored this competition to promote the exchange of insights and foster professional connections among industry players. It is essential that we continue to engage in dialogue and knowledge sharing to help grow the insurance sector and ensure that more Malawians understand the importance of being insured.”
The partnership between the IIM and Old Mutual highlights the growing recognition within the insurance industry of the need for collaboration to address the challenges of low insurance uptake in Malawi. By raising awareness and fostering an environment of knowledge exchange, both organizations aim to create a more informed public that will recognize the value of insurance in safeguarding their financial well-being and that of their communities.
The launch of this initiative is expected to be a key step toward improving the insurance penetration rate in Malawi, ultimately contributing to a more resilient economy. With continued efforts to engage and educate the public, the Insurance Institute of Malawi is optimistic that the country’s insurance sector will experience significant growth in the coming years.
In conclusion, the Insurance Institute of Malawi’s push to raise awareness about insurance, coupled with its efforts to engage industry players through initiatives like the Insurance Debate Competition, is a vital move toward improving the country’s insurance landscape. As stakeholders continue to collaborate and share knowledge, Malawi stands to benefit from a more robust and inclusive insurance sector.
