Insurance practitioner Chimwemwe Kanyenda has authored a book that simplifies insurance issues for the lay person.
Kanyenda’s commitment and passion to learning and sharing the contemporary and complex issues in insurance is exemplified by his weekly column titled Insurance Insight published on Wednesdays in The Daily Times newspaper.
In his book titled Random Thoughts on Insurance Practice: A Practitioner’s Exposé, Kanyenda says the role of insurance in least developed economies is often not well understood and is usually underestimated.
“For a country such as Malawi, insurance does and can continue to support the pace of economic development and protect quality of life.
“It can safeguard and rebuild the foundations of economic activity after unexpected loss, like in the wake of natural catastrophes. Insurance can also play an important part in funding retirement solutions,” says Kanyenda, who is Assistant Claims Manager at NICO General Insurance Company Limited.
Figures from the Reserve Bank of Malawi (RBM) show that the country’s insurance penetration rate is among the lowest in Africa and the world, with the average rate over the last five years hovering between 3 percent and 4.5 percent.
Experts argue that there is limited public awareness of insurance in Malawi, and distrust by the few who are aware of it. But Kanyenda says there is plenty of room for improvement of business practices towards consumers and innovation to serve the retail and micro-insurance segments.
“The very low penetration of insurance coupled with a large and growing population and economy, represent an attractively large potential market,” he says.
Kanyenda’s book has a series of topics revolving around insurance and risk management to fill the knowledge gap in financial literacy in the country.
The book is available at Central Bookshop Ltd, Chichiri Shopping Mall in Blantyre and Grey Matter Bookshop Ltd, Game Complex in Lilongwe.