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The Insurance Industry in Malawi, Key Trends and Opportunities to 2022

The Insurance Industry in Malawi, Key Trends and Opportunities to 2022

Summary

GlobalData’s 'The Insurance Industry in Malawi, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Malawian insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Malawian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

This report provides in-depth market analysis, information and insights into the Malawian insurance industry, including -

  • The Malawian insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Malawian economy and demographics
  • Details of the competitive landscape in the Malawian insurance industry
  • The various distribution channels in the Malawian insurance industry
  • Details of regulatory policy applicable to the Malawian insurance industry
  • Analysis of natural hazards in the Malawian insurance industry
Key Highlights
  • On October 11, 2017, the Government of Malawi issued the Insurance Directive 2017, which stipulates the classes of insurance to be operated in the country.
  • On October 11, 2017, the Reserve Bank of Malawi (RBM) introduced three directives regarding an increase in minimum solvency requirements for life insurance, general insurance and reinsurance companies operating in the country.
  • On October 3, 2017, the Government of Malawi issued Financial Services (Insurance Supervisory Levy) Regulations 2017. This comprises a minimum and maximum supervisory levy on insurers and insurance intermediaries.
Scope
  • This report provides a comprehensive analysis of the insurance industry in Malawi.
  • It provides historical values for the Malawian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key segments in the Malawian insurance industry, with market forecasts to 2022.
  • It covers an exhaustive list of parameters, including written premium and claims.
  • It analyzes the various distribution channels in Malawi.
  • It profiles the top insurance companies in Malawi, and outlines the key regulations affecting them.
Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Malawian insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Malawian insurance industry.
  • Assess the competitive dynamics in the Malawian insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Malawian insurance industry and their impact on companies and the industry's future.


  • Key Facts and Highlights
    • Table Malawian Insurance Industry – Key Facts, 2017
  • Executive Summary
  • Economy and Demographics
    • Table Figure 1: Malawian Real GDP (US$ Billion), 2013–2022
    • Table Figure 2: Malawian Exchange Rate (MWK per US$), 2013–2022
    • Table Figure 3: Malawian Consumer Price Inflation (%), 2013–2022
    • Table Figure 4: Malawian Current Account Balance as Percentage of GDP (%), 2013–2022
    • Table Figure 5: Malawian Population by Age Group, 2013–2022
  • Industry Outlook
    • Industry Indicators
      • Gross written premium
        • Table Malawian Insurance Industry – Gross Written Premium (MWK Billion and US$ Million), 2013–2017
        • Table Malawian Insurance Industry – Gross Written Premium (MWK Billion and US$ Million), 2017–2022
        • Table Figure 6: Malawian Insurance Industry – Gross Written Premium (MWK Billion), 2013–2022
      • Insurance density
        • Table Malawian Insurance Industry – Density (MWK), 2013–2017
        • Table Malawian Insurance Industry – Density (MWK), 2017–2022
        • Table Figure 7: Malawian Insurance Industry – Density (MWK), 2013–2022
      • Active policies
        • Table Malawian Insurance Industry – Number of Active Policies (Thousand), 2013–2017
        • Table Malawian Insurance Industry – Number of Active Policies (Thousand), 2017–2022
        • Table Figure 8: Malawian Insurance Industry – Number of Active Policies (Thousand), 2013–2022
      • Paid claims
        • Table Malawian Insurance Industry – Paid Claims (MWK Billion and US$ Million), 2013– 2017
        • Table Malawian Insurance Industry – Paid Claims (MWK Billion and US$ Million), 2017– 2022
        • Table Figure 9: Malawian Insurance Industry – Paid Claims (MWK Billion), 2013–2022
  • Life Insurance Outlook
    • Segment Indicators
      • Gross written premium
        • Table Malawian Life Insurance – Gross Written Premium (MWK Billion and US$ Million), 2013–2017
        • Table Malawian Life Insurance – Gross Written Premium (MWK Billion and US$ Million), 2017–2022
        • Table Figure 10: Malawian Life Insurance – Gross Written Premium (MWK Billion), 2013–2022
      • Active policies
        • Table Malawian Life Insurance – Number of Active Policies (Thousand), 2013–2017
        • Table Malawian Life Insurance – Number of Active Policies (Thousand), 2017–2022
        • Table Figure 11: Malawian Life Insurance – Number of Active Policies (Thousand), 2013–2022
      • Penetration
        • Table Figure 12: Malawian Life Insurance – Penetration (%), 2013–2017
        • Table Figure 13: Malawian Life Insurance – Penetration (%), 2017–2022
      • Assets and investments
        • Table Malawian Life Insurance – Total Assets (MWK Billion and US$ Million), 2013–2017
        • Table Malawian Life Insurance – Total Assets (MWK Billion and US$ Million), 2017–2022
        • Table Figure 14: Malawian Life Insurance – Total Assets (MWK Billion), 2013–2022
        • Table Malawian Life Insurance – Investment Portfolio (MWK Billion), 2013–2017
        • Table Malawian Life Insurance – Investment Portfolio (MWK Billion), 2017–2022
        • Table Figure 15: Malawian Life Insurance – Investment Portfolio (MWK Billion), 2013–2022
        • Table Figure 16: Malawian Life Insurance – Investment Portfolio Dynamics (MWK Billion), 2013– 2022
    • Individual Life Insurance
      • Active policies
        • Table Malawian Individual Life Insurance – Number of Active Policies (Thousand), 2013– 2017
        • Table Malawian Individual Life Insurance – Number of Active Policies (Thousand), 2017– 2022
        • Table Figure 17: Malawian Individual Life Insurance – Number of Active Policies (Thousand), 2013– 2022
  • General Insurance Outlook
    • Segment Indicators
      • Gross written premium
        • Table Malawian General Insurance – Gross Written Premium (MWK Billion and US$ Million), 2013–2017
        • Table Malawian General Insurance – Gross Written Premium (MWK Billion and US$ Million), 2017–2022
        • Table Figure 18: Malawian General Insurance – Gross Written Premium (MWK Billion), 2013–2022
      • Paid claims
        • Table Malawian General Insurance – Paid Claims (MWK Billion and US$ Million), 2013– 2017
        • Table Malawian General Insurance – Paid Claims (MWK Billion and US$ Million), 2017– 2022
        • Table Figure 19: Malawian General Insurance – Paid Claims (MWK Billion), 2013–2022
      • Penetration
        • Table Figure 20: Malawian General Insurance – Penetration (%), 2013–2017
        • Table Figure 21: Malawian General Insurance – Penetration (%), 2017–2022
      • Loss ratio
        • Table Figure 22: Malawian General Insurance – Loss Ratio (%), 2013–2017
        • Table Figure 23: Malawian General Insurance – Loss Ratio (%), 2017–2022
      • Assets and investments
        • Table Malawian General Insurance – Total Assets (MWK Billion and US$ Million), 2013– 2017
        • Table Malawian General Insurance – Total Assets (MWK Billion and US$ Million), 2017– 2022
        • Table Figure 24: Malawian General Insurance – Total Assets (MWK Billion), 2013–2022
        • Table Malawian General Insurance – Total Investment Income (MWK Billion and US$ Million), 2013–2017
        • Table Malawian General Insurance – Total Investment Income (MWK Billion and US$ Million), 2017–2022
        • Table Figure 25: Malawian General Insurance – Total Investment Income (MWK Billion), 2013– 2022
        • Table Malawian General Insurance – Investment Portfolio (MWK Billion), 2013–2017
        • Table Malawian General Insurance – Investment Portfolio (MWK Billion), 2017–2022
        • Table Figure 26: Malawian General Insurance – Investment Portfolio (MWK Billion), 2013–2022
        • Table Figure 27: Malawian General Insurance – Investment Portfolio Dynamics (MWK Billion), 2013–2022
    • Property Insurance
      • Gross written premium
        • Table Malawian Property Insurance – Gross Written Premium (MWK Billion and US$ Million), 2013–2017
        • Table Malawian Property Insurance – Gross Written Premium (MWK Billion and US$ Million), 2017–2022
        • Table Figure 28: Malawian Property Insurance – Gross Written Premium (MWK Billion), 2013–2022
      • Penetration
        • Table Figure 29: Malawian Property Insurance – Penetration (%), 2013–2017
        • Table Figure 30: Malawian Property Insurance – Penetration (%), 2017–2022
      • Profitability
        • Table Malawian Property Insurance – Loss Ratio (%), 2013–2017
        • Table Malawian Property Insurance – Loss Ratio (%), 2017–2022
        • Table Figure 31: Malawian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013–2022
    • Motor Insurance
      • Gross written premium
        • Table Malawian Motor Insurance – Gross Written Premium (MWK Billion and US$ Million), 2013–2017
        • Table Malawian Motor Insurance – Gross Written Premium (MWK Billion and US$ Million), 2017–2022
        • Table Figure 32: Malawian Motor Insurance – Gross Written Premium (MWK Billion), 2013–2022
      • Penetration
        • Table Figure 33: Malawian Motor Insurance – Penetration (%), 2013–2017
        • Table Figure 34: Malawian Motor Insurance – Penetration (%), 2017–2022
      • Profitability
        • Table Malawian Motor Insurance – Loss Ratio (%), 2013–2017
        • Table Malawian Motor Insurance – Loss Ratio (%), 2017–2022
        • Table Figure 35: Malawian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013–2022
    • Personal Accident and Health Insurance
      • Gross written premium
        • Table Malawian Personal Accident and Health Insurance – Gross Written Premium (MWK Billion and US$ Million), 2013–2017
        • Table Malawian Personal Accident and Health Insurance – Gross Written Premium (MWK Billion and US$ Million), 2017–2022
        • Table Figure 36: Malawian Personal Accident and Health Insurance – Gross Written Premium (MWK Billion), 2013–2022
      • Penetration
        • Table Figure 37: Malawian Personal Accident and Health Insurance – Penetration (%), 2013–2017
        • Table Figure 38: Malawian Personal Accident and Health Insurance – Penetration (%), 2017–2022
      • Profitability
        • Table Malawian Personal Accident and Health Insurance – Loss Ratio (%), 2013–2017
        • Table Malawian Personal Accident and Health Insurance – Loss Ratio (%), 2017–2022
        • Table Figure 39: Malawian Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013–2022
    • Miscellaneous
      • Gross written premium
        • Table Malawian Miscellaneous – Gross Written Premium (MWK Billion and US$ Million), 2013–2017
        • Table Malawian Miscellaneous – Gross Written Premium (MWK Billion and US$ Million), 2017–2022
        • Table Figure 40: Malawian Miscellaneous – Gross Written Premium (MWK Billion), 2013–2022
      • Penetration
        • Table Figure 41: Malawian Miscellaneous – Penetration (%), 2013–2017
        • Table Figure 42: Malawian Miscellaneous – Penetration (%), 2017–2022
      • Profitability
        • Table Malawian Miscellaneous – Loss Ratio (%), 2013–2017
        • Table Malawian Miscellaneous – Loss Ratio (%), 2017–2022
        • Table Figure 43: Malawian Miscellaneous – Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013–2022
  • Reinsurance Outlook
    • Premium Ceded
      • Table Malawian Reinsurance – Premium Ceded by Insurance Segment (MWK Billion), 2013–2017
      • Table Malawian Reinsurance – Premium Ceded by Insurance Segment (MWK Billion), 2017–2022
      • Table Figure 44: Malawian Reinsurance – Premium Ceded by Insurance Segment (MWK Billion), 2013–2022
      • Table Figure 45: Malawian Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2022
      • Table Figure 46: Malawian General Insurance – Percentage of Reinsurance Ceded (%), 2013–2022
  • Distribution Channel Outlook
  • Natural and Man-Made Hazards
    • Flooding
    • Earthquakes
    • Droughts
    • Exposure
  • Competitive Landscape
    • Table Malawian Insurance Industry – Leading Insurers, 2017
    • Company Profiles
      • Nico General Insurance Company Ltd – company overview
        • Table Nico General Insurance Company Ltd – Key Facts
      • Nico Life Insurance Company Ltd – company overview
        • Table Nico Life Insurance Ltd – Key Facts
      • Old Mutual Life Assurance Company Ltd – company overview
        • Table Old Mutual Life Assurance Company Ltd – Key Facts
      • United General Insurance Company Ltd – company overview
        • Table United General Insurance Company Ltd – Key Facts
      • Prime Insurance Company Ltd – company overview
        • Table Prime Insurance Company Ltd – Key Facts
  • Governance, Risk and Compliance
    • Table Malawi – Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Malawi – Life Insurance Regulatory Framework
      • Property insurance
        • Table Malawi – Property Insurance Regulatory Framework
      • Motor insurance
        • Table Malawi – Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Malawi – Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Fidelity guarantee and professional indemnity insurance for insurance brokers
    • Supervision and Control
      • Table Figure 47: Malawi – Insurance Supervision and Control at Various Levels
      • International Association of Insurance Supervisors
      • African Insurance Organization
      • Reserve Bank of Malawi
      • Insurance Association of Malawi
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Table Figure 48: Malawi – Insurance Regulatory Frameworks for Company Registration and Operation
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
        • Table Malawi – Insolvency Regulations for Life Insurers
        • Table Malawi – Insolvency Regulations for General Insurers
        • Table Malawi – Insolvency Regulations for Reinsurers
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Malawi – Corporate Tax Rates for the Financial Year 2018
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Life Insurance
      • Policies and premium
        • Table Malawian Life Insurance – Policies and Premium, 2013–2017
        • Table Malawian Life Insurance – Policies and Premium, 2017–2022
      • Assets and investments
        • Table Malawian Life Insurance – Assets and Investments, 2013–2017
        • Table Malawian Life Insurance – Assets and Investments, 2017–2022
      • Individual life insurance
        • Table Malawian Life Insurance – Individual Life Insurance, 2013–2017
        • Table Malawian Life Insurance – Individual Life Insurance, 2017–2022
      • Group life insurance
        • Table Malawian Life Insurance – Group Life Insurance, 2013–2017
        • Table Malawian Life Insurance – Group Life Insurance, 2017–2022
    • General Insurance
      • Policies and premium
        • Table Malawian General Insurance – Policies and Premium, 2013–2017
        • Table Malawian General Insurance – Policies and Premium, 2017–2022
      • Claims and expenses
        • Table Malawian General Insurance – Claims and Expenses, 2013–2017
        • Table Malawian General Insurance – Claims and Expenses, 2017–2022
      • Assets and investments
        • Table Malawian General Insurance – Assets and Investments, 2013–2017
        • Table Malawian General Insurance – Assets and Investments, 2017–2022
      • Property insurance
        • Table Malawian General Insurance – Property Insurance, 2013–2017
        • Table Malawian General Insurance – Property Insurance, 2017–2022
      • Property insurance by category
        • Table Malawian General Insurance – Property Insurance by Category, 2013–2017
        • Table Malawian General Insurance – Property Insurance by Category, 2017–2022
      • Motor insurance
        • Table Malawian General Insurance – Motor Insurance, 2013–2017
        • Table Malawian General Insurance – Motor Insurance, 2017–2022
      • Personal accident and health insurance
        • Table Malawian General Insurance – Personal Accident and Health Insurance, 2013–2017
        • Table Malawian General Insurance – Personal Accident and Health Insurance, 2017–2022
      • Personal accident and health insurance by category
        • Table Malawian General Insurance – Personal Accident and Health Insurance by Category, 2013–2017
        • Table Malawian General Insurance – Personal Accident and Health Insurance by Category, 2017–2022
      • Miscellaneous
        • Table Malawian General Insurance – Miscellaneous, 2013–2017
        • Table Malawian General Insurance – Miscellaneous, 2017–2022
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Appendix
    • Contact GlobalData
    • About GlobalData
      • Table Figure 49: About GlobalData
    • GlobalData's Services
    • Disclaimer

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