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.

The Insurance Institute of Malawi (IIM) has bought 20 books authored by insurance practitioner, Chimwemwe Kanyenda, to be distributed to colleges and secondary schools.

The book, Random Thoughts on Insurance Practice: A Practitioner’s Exposé, is dedicated to a series of topics revolving around insurance and risk management.

The acquisitions will support insurance penetration in the region, positioning the companies for growth.

Liberty Holdings (Liberty) is pleased to announce the conclusion of two more short-term insurance transactions in sub-Saharan Africa following the announcement earlier in the year of the acquisition of East African Underwriters in Uganda.

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.

Silver Strikers players will now have insurance cover, the Reserve Bank of Malawi sponsored club has disclosed.

Other benefits the club is set to introduce will be receiving compensation after suffering career-ending injuries.

Silver acting general secretary Thabo Chakaka-Nyirenda pledged that n players will be insured soon.

The Competition and Fair Trading Commission (CFTC) has said the insurance industry in Malawi has a high market concentration, a situation which signifies that market power in the industry can be abused.

CFTC Director of Mergers and Acquisitions, Richard Chiputula presenting a paper in Mangochi at the 2016 Annual Conference for the Insurance Institute of Malawi, noted that both general and life insurance markets in the country are concentrated.

National Bank of Malawi Chief Executive Officer, George Partridge, has warned insurers against price undercutting as one way of surviving in the highly competitive market.

Partridge was speaking in Mangochi on Friday, when he delivered a keynote address during the 2016 Insurance Institute of Malawi (IIM) Annual Conference held under the theme ‘Delivering the Promise’.

NICO Life Insurance Company on Thursday presented a MK25 million cheque to the Insurance Institute of Malawi (IIM) towards the insurers’ body‘s annual conference which starts in Mangochi on August 18.

In addition, the company will also send its employees as well as help bringing into Malawi (left) three experts from South Africa to speak at the conference.

The High Court in Blantyre has blocked the Reserve Bank of Malawi (RBM) from taking over management of a local insurance company, Prime Insurance Limited.

At a news conference on Friday in Lilongwe, RBM announced it was putting the insurance company under its administration to recapitalise it or risk being declared insolvent.

British High Commissioner to Malawi, Michael Nevin, has challenged the country’s insurers to play an active role in shaping the economic future of the country.

He was speaking in Blantyre on Saturday during the 2016 Insurance Institute of Malawi Annual Charter Dinner held under the theme ‘Protecting and Growing Malawi’s Future’.

The Insurance Institute of Malawi (IIM) Lilongwe Chapter has declared this year’s Sports Bonanza a success, hailing insurance companies, brokers and agents for partaking in the annual sports festival held at Lilongwe Golf Club on Saturday.

Summarising the event in an interview with Nyasa Times, president of IIM Lilongwe Chapter Denis Mzokomera described this year’s event as successful.

NICO Life and all other insurers and brokers under the Insurance Institute of Malawi took time off their busy work schedules to participate in the annual Insurance Institute of Malawi (IIM) Sports Day that took place in Blantyre at the College of Medicine Sports Complex on Saturday 28th June, 2014.

Expected to be the guest of honour: ChukaWith available statistics indicating that Malawi’s insurance penetration is at a paltry three percent, the Insurance Institute of Malawi (IIM) says it wants to ensure that more people embrace the insurance concept.

Despite this sorry state of affairs, figures show that Malawi beats regional neighbours Kenya (2.62 percent), Tanzania (2.2 percent) and Zambia (2.4 percent).

The Medical Aid Society of Malawi (MASM) donated MK500.000 to the Insurance Institute of Malawi (IIM) towards its annual lake conference in the lakeshore district of Mangochi.

MASM Marketing Officer Kate Mataya said the donation is part of her firm's corporate social responsibility.