Insurance Institute of Malawi
Promoting Professionalism in Insurance Industry
One of the the public accounting and advisory firms in the country, AMG Global, has moved in to sponsors this year’s Insurance Institute of Malawi (IIM) Lake Conference with money amounting to MK5 million.
This year’s IIM Lake Conference will be held at Nkopola Lodge in Mangochi from August 29-31 and will be held under the theme; “Transforming Malawi Through Insurance Innovation, Inclusion, and Growth: Towards Malawi 2063.”
Insurance Institute of Malawi(IIM) has urged insurance companies in the country to consider putting sporting activities in their programs so as to have a healthy working environment and improve productivity.
President for the institution Reuben Kamanga Kawelele said this in Blantyre over the weekend during the insurance Institute of malawi 2024 annual sports festival.
One of the leading Insurance Companies in the country, Old Mutual Malawi has donated MK7 million to Insurance Institute of Malawi (IIM) for a four days Quiz Competition slated to commence on December 8, 2023.
The quiz competition which will involve all players in the Insurance sector will be held under theme: ‘Building Resilience Through Insurance in Times of Economic Turbulence.’
As part of its corporate social responsibility, One NICO has sponsored K5 million towards the Insurance Institute of Malawi’s annual lake conference which is underway at Sunbird Nkopola Lodge in Mangochi till Saturday, September 2.
The conference, which is under the theme; ‘Building Resilience Through Insurance’ and will be graced by the Finance Minister, Sosten Gwengwe, is expected to bring together insurance body’s with the aim of creating a platform where they will have discussions tackling various insurance issues.
Old Mutual has supported the Institute of Insurance in Malawi (IIM) with K3 million towards its Annual Lake Conference to be held from 31 August to 2 September, 2023 in Mangochi.
The company's pension services general manager, Tawonga Manda, says the conference theme "Building Resilience Through Insurance in Times of Economic Turbulence" speaks volumes of the Institute's commitment to building and improving the national economy hence the support.
The cheque presentation took place today in Blantyre.
An Insurance company, Britam says it has received claims of about K850 million from damages of cylone freddy that affected the southern region early this year.
Speaking to journalists today after donating K3 million to Insurance Institute of Malawi (IIM) for its lakeshire conference this year, Britam Chief Executive Officer, Wales Meja, said out of the claims, they have already paid out over K600 million.
Reunion Insurance Company Limited has today made a K3 million contribution towards this year's Insurance Institute of Malawi (IMM) Lakeshore Conference slated for 31 August to 02 September at Sunbird Nkopola in Mangochi.
Reunion Insurance Marketing and Business Development Manager, Miller John Joshua, says that IIM plays an important role in setting standards and promoting professionalism in the insurance industry through training and education.
Old Mutual Malawi has donated money mounting to K4.5 million towards Institute of Marketing in Malawi (IMM) and (IIM) conferences. Old Mutual has blessed IMM annual conference which is slated to take place from 26th to 29th of October in Salima with K1 million, while the Insurance Institute in Malawi conference which is slated for 27th to 30th October in Mangochi, has received a K3.5 million boost.
Speaking during cheque presentations on Wednesday in Blantyre, Old Mutual Managing Director Roy Punungwe, said the company values a lot the services of these two institutions hence the donation.
Punungwe said Old Mutual as an ‘Employer of Choice’ was delighted to support these two annual conferences because they provide their staff in these professions the opportunity to share knowledge and reflect on new trends in the fields.
He continued to say the firm realizes that the world is constantly changing with new innovations and ways of doing things, therefore knowledge sharing is key as it helps one to stay ahead of times.
United General Insurance (UGI) has given the Insurance Institute of Malawi (IIM) MK2.5 million to support their lake conference set for October 20-22 in Mangochi.
Presenting the cheque to IIM on Tuesday, UGI Chief Financial Officer (CFO), Gloria Chikuse said the company values the conference because it offers an opportunity for the insurance staff to deliberate on how they can operate in a dynamic environment.
“We are delighted to be part of this occasion. We are partners and we cannot talk of insurance without the institute where our professional staff are developed. They are the drive that carries the professionalism of the industry and supporting such a cause is an honour to us.”
One of the best and fastest growing insurance companies in Malawi, Reunion Insurance Company Limited, has sponsored the 2022 Insurance Institute of Malawi (IIM) conference with MK2.5 million.
Speaking at Reunion Insurance headquarters at Reunion House Maselema in Blantyre during the sponsorship handover ceremony on Wednesday, the company’s Business Development Manager, Miller John Joshua, said IIM plays an important role in promoting professionalism in the insurance sector through education and training.
Joshua stated that Reunion Insurance believes, the 2022 IIM conference will provide an opportunity for sharing knowledge on emerging themes in global insurance industry including evidence-based experiences and networking.
He cited that Corporate Social Responsibility is one of their company strategic pillars that will continue to support and work with various stakeholders.
Conglomerate Press Corporation plc acting chief executive officer Lyton Chithambo has challenged insurance firms to develop innovative products to make insurance relatable and utilised by many people.
He made the call in Blantyre on Saturday during the Insurance Institute of Malawi (IIM) Annual Insurance Charter Dinner against a backdrop of the country’s low insurance penetration stuck at less than two percent over the past two decades.
While urging the industry to enhance professionalism and standards to attract more people, he told industry players to rise to the challenge by ensuring it boosts its relevance and presence.
Said Chithambo: “When you look at our country, most of the population is uneducated and most businesses are informal.
One of the insurance companies in the country, Britam has donated Mk3 million towards the Insurance Institute of Malawi (IIM) 2021 annual conference.
The conference which will run for three days from October 28 to 30 will be held at Nkopola Lodge in Mangochi.
Speaking after presenting the donation on Thursday Britam’s Chief Executive Officer (CEO) Grant Mwenechanya said the company appreciate the role being played by IIM hence the donation.
“Insurance Institute of Malawi is an arm of the Insurance Association of Malawi so when we were told that they are organizing this conference at the Lake we felt that it is important that we should come in and sponsor them. Our expectations are high that members will discuss issues that will uplift operations of the industry in view of Covid-19 effects,” he said.
Mwenenyanya then assured IIM that Britam will continue supporting IIM.
On his part IIM President Masauko Malaicha hailed Britam for the timely donation and he urged other partners to fulfill their pledges.
“Almost 30 companies, which are members of the institute have been kind enough towards the event financially for the event to take place,” said Malaitcha.
The 2021 Insurance Institute of Malawi conference will be held under the theme “Adapt bodily in the discomfort of global change.”
Source: https://www.faceofmalawi.com/2021/10/14/britam-donates-mk3-million-to-insurance-institute-of-malawi
Old Mutual Malawi, one of the leading insurance companies in the country has partnered the Insurance Institute of Malawi (IIM) ahead of the Annual Conference slated for Mangochi.
As part of the partnership, Old Mutual Malawi has donated MK3 million toward the conference which is scheduled to run for three days from October 28 to 30.
Speaking after the donation Old Mutual Life Assurance Company (Malawi) Limited Managing Director Roy Punungwe said the company recognizes the vital role that the Institute plays in developing the skills and nurturing expertise required in the insurance segment. “This is the reason year after year we do not hesitate to partner with the Insurance Institute of Malawi (IIM) to sponsor its activities that are aimed at refining skills required in our profession.“I am excited to say it is not different this year as Old Mutual yet again, has committed to a Mk3 million sponsorship towards the Insurance Institute of Malawi’s Annual Conference for 2021,” said Punungwe.
On his part IIM President Masautso Malaicha hailed Old Mutual for the timely donation. “Us as IIM we are very thankful for this donation from Old Mutual Malawi which has always been there for us.
“This donation will help us a lot as we are finalizing arrangements for this conference which is slated for October 28 to 30,” said Malaicha.
This year’s conference will be held at Nkopola Lodge under the theme “Adapt bodily in the discomfort of global change.”
Malawi Revenue Authority (MRA) commissioner general Tom Gray Malata has advised the insurance industry to embrace digital technology, stressing that it could help in providing customer solutions in real-time. He said this on Saturday in Blantyre during the Insurance Institute of Malawi (IIM) Annual Charter Dinner held under the theme Digital Insurance: Innovate and Evolve.
Malawi’s insurance penetration inched up by 0.61 percentage points from 1.4 percent to 2.01 percent in 2018, the Reserve Bank of Malawi (RBM) has said.
Speaking recently, RBM Governor, Dalitso Kabambe, said the penetration was 0.01 percentage points higher than the two percent target for 2018.
Kabambe said membership of pension subscribers has also increased from 250,000 to 393,313 against a target of 350,000.
“The market is becoming more complicated and more complex as a result many claimants are being victimised.”
A statement the association released last week indicated that these fraudulent acts are denying legitimate claimants, especially under liability claims, to get their compensation.
NICO Life and its subsidiary NICO Pension Services Company Limited have contributed K2 million to the Insurance Institute of Malawi (IIM) in support of its annual lakeshore conference to be held from August 16th – 18th at Sunbird Nkopola Lodge in Mangochi. This year’s conference theme is Digital Insurance: Innovate and Evolve.
The Insurance Institute of Malawi (IIM) has bemoaned the tendency of premium undercutting in the insurance industry, saying instead of charging clients premium based on risk, some firms devalue the risk to charge lower premiums.
National Smallholder Farmers Association of Malawi (Nasfam) says it intends to reach out to 50 000 smallholder farmers with a weather-based index insurance (WBI) to protect farmers from crop losses due to bad weather.
WBI is one of the components under a project called Scaling Up Climate Resilient Solutions (SCRS) for Smallholder Farmers in Malawi that Nasfam is implementing. SCRS project coordinator Emmanuel Nasasara said in interview weather-based insurance will enable low-income farmers to better manage climate risk in their various agricultural practices.
NICO General Insurance Company yesterday donated MK2.5 million towards the Insurance Institute of Malawi (IIM) Annual Conference slated for Mangochi from August 18 to 20.
The conference will be held under the theme ‘Delivering our Promises’.