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Insurance companies in Malawi offer broad range of insurance products. Insurance industry in Malawi is in infancy stage. It is one of the most competitive industries for both local and multinational companies. The penetration of life insurance is about 2.2 percent.
Some types of insurance products that insurance companies in Malawi offer are motor insurance, life insurance, home owners insurance, fire insurance, medical insurance, and travel insurance. The reserve bank of Malawi regulates insurance companies in Malawi.
Challenges of insurance industry in Malawi
The insurance industry in Malawi is growing at a slow pace due to some challenges as shared below.
The first challenge is the high poverty levels among majority of the Malawi population. Malawians like other third world citizens have little to no disposable income. As a result such people do not have interest to invest in insurance products. This would be the reason most of Malawians do not buy insurance products.
The other set back is what others describe as lack of political will. Insurance industry like any other industry requires support from the government policy makers. As of now it appears that the government strategies that are in place are not enough to promote insurance industry in the country.
Delays in settling claims
Many other people who owns insure their properties complain of delays by insurance companies to settle claims. Hence, prospective insurance clients get discouraged when they hear a lot of such complaints from existing users. For example, it happens where a person who insured his or her property wait for five or more years to get their claims. This is often a discouragement for people who would like to get their claims settled quickly.
High cost of premiums
And then the challenge of high cost of premiums. Since most Malawians leave below the poverty line, the cost insurance premiums are out of reach to them. The rise in road accidents and insurance theft are some of the reasons blamed for the high cost of premiums.
Complexity of the business
Issues to do with insurance are complex for the average person on the street. This is the case partly because the illiterate levels in the country are high. As a result it is difficult for majority of the people to understand the benefits of insurance products. Hence, some people hesitate to insure their properties. Many people require civic education or awareness to understand insurance benefits.
Delay in technological adaptation
Malawi insurance industry is slow to adapt the use of technology to offer insurance products. In some countries where insurance industries are robust insurance companies offer their products online. As the number of mobile internet users increases this an opportunity for insurance companies in Malawi to offer some of their products online or through phones.
List of Insurance Companies in Malawi
- Charter insurance company
Unit House, Ground Floor
P.O Box 354, Blantyre
Phone: +265 1 832 844
Email : firstname.lastname@example.org
- Prime Insurance Malawi (Prime Insurance Company)
Prime Insurance Company Limited
Chief Kilupula Building
P.O Box 30280
Phone: +265 (0) 1 757 721
Email : email@example.com
- Reunion insurance Malawi
Amina House, Ground Floor
East Wing Chilambula Road
Tell: +265 177 158
- Nico General Insurance Company Limited
P.O. Box 2592
Tell: 265 1-822 699
- General alliance insurance limited
Corner Sharpe Road/ Independence Drive,
PO Box 1811,
Tell : +265 1 822 100/111
Fax : +265 1 821 088
Email : firstname.lastname@example.org
- Old Mutual Insurance
Old Mutual Building
30 Glyn Jones Road
P.O. Box 393
Tel: +265 (0) 1 820 677
Fax: +265 (0) 1 822 649
- Britam insurance
Delamere House, Victoria Avenue, Blantyre
Telephone: +265 (01) 824044 / +265 (01) 823893
- Vanguard Insurance Company
2nd Floor , Mpico House
Glyn Jones Road
P.O. Box 1625
Tell: 265 (1) 823 36
- Smile Life Insurance Company Ltd
Livingstone House, Livingstone Avenue
P. O. Box 1374, BLANTYRE
Tel : +265 1 832 211 / 244
Fax : +265 1 832 180
E-mail : email@example.com
- AONMalawi Limited
- United general insurance
- Citizen insurance company