New entrants into the insurance industry have been asked to be aggressive and radical in upholding professionalism if they are to improve the sector’s penetration rate.
Speaking during the Insurance Institute of Malawi (IIM) quiz competition, Marketing and Corporate Affairs Manager for Old Mutual Malawi, Linda Poya, said despite a relatively low penetration insurance rate, there is room for improvement if players abide by professional ethics.
Poya said with diverse knowledge from new entrants into the industry, there is hope that the sector will continue growing.
“The penetration rate is still very low but there is a lot of initiatives that are spearheaded by the industry and this has ability to improve the sector further,” Poya said.
She singled out financial literacy education as key to improving the penetrating rate.
According to Poya, despite existing challenges, the sector has still seen a relative growth in the past five years.
Old Mutual committed a sum of K2 million towards this year’s IIM quiz competition.
IIM President, Immaculate Kachapira, touted the initiative, saying it has helped in shaping reliable players of the sector.