Vice-President Saulos Chilima has said insurance services are essential for economic stability and accelerating achievement of the Sustainable Development Goals (SDGs).

Vice President Saulos Chilima is expected to grace this year ’s Insurance Institute of Malawi (IIM) Annual Charter Dinner slated for Sunbird Mount Soche in Blantyre on February 24.

IIM Events Officer, David Masasa, said in an interview  that Chilima, a professional economist, is expected to deliver a keynote address during the gathering.

Masasa said the dinner will be held under the theme ‘Business Unusual’.

The Insurance College, which is wholly owned by the Insurance Institute of Malawi is pleased to announce the opening of January 2017 semester on 6 January, 2017.
Registration and orientation will take place on the same day from 10:00hrs at MPC Conference Centre opposite Museum, Chichiri, Blantyre.

COURCES OFFERED

CERTIFICATE
IF1 – Insurance, Legal & Regulatory
IF2 – General Insurance Business
IF3 – Underwriting Process
IF4 – Insurance Claims Handling Process

DIPLOMA
P86 – Personal Insurance
P67 – Fundamentals of RIST Management

FEES
Registration: MK 7,500
Membership: MK15,000
Certificate: MK45,000/Subject
Diploma: MK55,000/Subject

Register as soon as possible and enjoy classes by veterans in insurance practice who are holders of ACII and FCII insurance qualifications.

Payment of fees should be done to the following bank details:
Acc Name: Insurance Institute of Malawi
Bank Name: FMB
Branch: Blantyre
Acc Number: 0200572620

This is the ONLY recognized insurance college by The Chartered Insurance Institute- The examining body

For more information contact the following:
Chikondi Siliya (Education Secretary) 0882 121 797.
Email dtkasonda@yahoo.co.uk
Dharles Kuyokwa (Principal/Training Coordinator) 0888 307 035 or the Insurance Secretariat 01 835 169

Old Mutual Malawi Plc last week emerged winner in the Insurance Institute of Malawi (IIM) quiz competition held in Blantyre. The quiz is aimed at promoting knowledge and professionalism in the insurance profession. Old Mutual beat Insurance Institute of Malawi College and General Alliance Insurance Limited. llM president Immaculate Kachapila said the quiz competition shows the levels of commitment and knowledge that members have.

Old Mutual Life Assurance Company has pumped K2 million into this year's insurance quiz hosted by Insurance Institute of Malawi (IIM).
The quiz will run from November 16 to mid- December.

NICO General has provided MK1 million towards this year's quiz competition which is being organized by the Insurance Institute of Lilongwe.
NICO General Assistant General Manager, Master Mbale, said the company values training; and sponsoring the quiz will encourage a reading culture in the insurance industry.

The Insurance Institute of Malawi (IIM) honoured Chris Kapanga, former Group CEO of Old Mutual Ghana and Old Mutual Malawi, for “exceptionally outstanding leadership and professional competence” during his 37 year career in the insurance industry.

The Insurance Institute of Malawi, the training arm of the insurance industry, on Friday donated medical supplies worth MK500, 000 to Mangochi district health office (DHO). The donation took place on the sidelines of this year’s IIM Annual Lakeshore Conference which was held from Thursday 17th August to Saturday 19th August.

Reserve Bank of Malawi Governor, Dalitso Kabambe, has challenged the country’s insurers to put in place interventions to help improve insurance penetration. Kabambe was speaking in Mangochi on Friday when he delivered a keynote address during the 2017 Insurance Institute of Malawi Annual Conference held under the theme ‘Business Unusual’.
Kabambe said an insurance penetration rate of 1.4 percent after 53 years of independence is unacceptable. “Insurance penetration in South Africa is at 16.9 percent, Namibia 6.7 percent and United Kingdom 10.5 percent. Our penetration is, therefore, very low. On pensions, our assets represent 9.3 percent of Gross Domestic Product compared to 96.8 percent for South Africa, 79.9 percent for Namibia and 95.3 percent for United Kingdom, just to mention a few.
Similarly, as at the end of 2016, we had approximately 246,000 employees on private pension against an estimated 5.0 to 6.0 million people in the formal and informal sectors of the economy,” Kabambe said.
The governor said the low insurance coverage reflects the existence of untapped pension market which requires the insurers to start doing business unusual to tap into this market. “We, therefore, seriously need business unusual ideas to turn our industry around and grow it. We need to innovate and develop new ways and practices that will turn the industry around and make significant contribution to the development of our country. “Insurance is all about protecting our assets and investments.
Clearly, there are a lot of businesses, assets and investments that are not yet insured. Why is this case and what can be done to ensure that the industry plays its rightful role?” Kabambe said. He noted that motor vehicle insurance dominates the industry despite Malawi being an agrobased economy.
“In the Agriculture sector, in particular, arguments have been made to the effect that if we had properly insured the sector, we could not have experienced the challenges of food insecurity and economic challenges the country experienced in 2015 and 2016 when the crop had failed due to weather variability. “These are some of the things we need to deeply reflect upon and come up with ways of dealing with such challenges in future,” Kabambe said.
He also challenged the insurers to devise better strategies on how to invest pension and insurance funds intelligently. According to Kabambe, total pension and insurance funds now stand at K520 billion.. “With contributory civil servants pension scheme coming into effect, we project that pension and insurance assets will exceed K1.5 trillion by 2020. We, therefore, need to develop appropriate investment avenues for these resources to positively contribute to the growth of the economy,” he said.
Insurance Institute of Malawi president, Immaculate Singano, underscored the need for insurers to start thinking outside the box to craft new ways to get more people banked. “In the present business climate, the view of business as usual cannot be accommodated anymore,” she said. The conference attracted over 150 delegates drawn from various insurance companies in the country. During the indaba, former Old Mutual Malawi and Old Mutual Ghana Managing Director, Chris Kapanga, received the Life Time Achievement Award for his contribution to the growth and development of the industry in the country.

By Yohane Symon - eaace.com

A local information and communications technology firm called Sparc Systems Limited has developed an application for this year’s Insurance Institute of Malawi (IIM) annual conference.

The Governor of the Reserve Bank of Malawi, Dr Dalitso Kabambe, will present a keynote address at the Insurance Conference slated for 17th to 19th August in Mangochi.
Chairperson of the organizing committee of the insurance conference, Chimwemwe Kanyenda, disclosed this in an interview on Saturday.

Insurance companies in Malawi have been urged to expand their horizon and compete in other sectors rather than the conventional ones which include motor cover.
This was said during a two day agriculture insurance training organised by the Insurance Institute of Malawi (IIM).
The training was facilitated by Afro-Asian Reinsurance Brokers Limited.

The Insurance Institute of Malawi (IIM) Annual Lake Conference will be held at Sunbird Nkopola in Mangochi, from 17th to 19thAugust 2017.
Chairperson of the organising committee, Chimwemwe Kanyenda, said the gathering will provide a platform for insurance industry professionals to learn more about the state of the insurance sector, stay up to date with industry trends and connect with peers across the sector.

The Insurance Institute of Malawi (IIM) has urged insurers to maintain professionalism when executing their job.

This was said during the closing of a two-day training on Pension and Life Directives, which was organized by IIM in conjunction with the Reserve Bank of Malawi (RBM).

The training was mainly to update and remind the participants on some provisions of the Pensions Act.

The country’s insurance players will meet in Mangochi in August for the Insurance Institute of Malawi annual conference which will be held under the theme, ‘Business
Unusual’.

Chairperson of the organising committee Chimwemwe Kanyenda said the gathering will provide a platform for insurance industry professionals to learn more about the state of the insurance sector, stay up to date with industry trends and connect with peers across the sector.

The Insurance Institute of Malawi (IIM) will hold a sports day on 24^th June, 2017. The sports day will take place in Blantyre at the College of Medicine Sports Complex.

The sports festival, which has been held for more than a decade, aims at

The Insurance Institute Charter Dinner was held at Sunbird Mount Soche hotel under the theme “delivering our promise”

See below highlights of the event in pictures.

The2019  Insurance Institute Charter Dinner was held, as usual, at Sunbird Mount Soche Hotel under the theme “Digital Insurance: Innovate and Evolve”

See highlights of the event in pictures.

The Insurance Institute Charter dinner for this year will be held on Saturday 25th February at Sunbird Mount Soche hotel under the theme “delivering our promise”

The charter dinner is an annual event and it is attended by a diverse group of people from members of the insurance industry, pension administration as well as clients from other various industries.

The event presents the perfect opportunity for networking as well as building new working relationships. On the day, we also take time to recognize, award and celebrate with students who have completed the various levels of the Chartered Insurance Institute of London examinations, which include those students who have attained the most sought after chartered status.

United General Insurance (UGI) last week emerged overall winners in the Insurance Institute of Malawi (IIM) quiz which started in December, 2016.
UGI beat NICO Genral Insurance Company Limited by nine and a half points to six points.
The quiz, which is sponsored by Old Mutual Malawi, is aimed at building capacity for insurance professionals in Malawi.
IIM president Immaculate Kachapira said the quiz provides a platform where managers identify key insurance players they can employ in their companies.
Old Mutual business programme and strategy executive Khumbo Phiri said their goal is to empower people practicing insurance so that they are conversant with insurance issues.

By Staff Reporter - The Nation