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

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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.

READ MORE

Table Of Content

Scope

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Industry Indicators

4.1.1 Gross written premium

4.1.2 Insurance density

4.1.3 Active policies

4.1.4 Paid claims

5 Life Insurance Outlook

5.1 Segment Indicators

5.1.1 Gross written premium

5.1.2 Active policies

5.1.3 Penetration

5.1.4 Assets and investments

5.2 Individual Life Insurance

5.2.1 Active policies

6 General Insurance Outlook

6.1 Segment Indicators

6.1.1 Gross written premium

6.1.2 Paid claims

6.1.3 Penetration

6.1.4 Loss ratio

6.1.5 Assets and investments

6.2 Property Insurance

6.2.1 Gross written premium

6.2.2 Penetration

6.2.3 Profitability

6.3 Motor Insurance

6.3.1 Gross written premium

6.3.2 Penetration

6.3.3 Profitability

6.4 Personal Accident and Health Insurance

6.4.1 Gross written premium

6.4.2 Penetration

6.4.3 Profitability

6.5 Miscellaneous

6.5.1 Gross written premium

6.5.2 Penetration

6.5.3 Profitability

7 Reinsurance Outlook

7.1 Premium Ceded

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards

9.1 Flooding

9.2 Earthquakes

9.3 Droughts

9.4 Exposure

10 Competitive Landscape

10.1 Company Profiles

10.1.1 Nico General Insurance Company Ltd-company overview

10.1.2 Nico Life Insurance Company Ltd-company overview

10.1.3 Old Mutual Life Assurance Company Ltd-company overview

10.1.4 United General Insurance Company Ltd-company overview

10.1.5 Prime Insurance Company Ltd-company overview

11 Governance, Risk and Compliance

11.1 Legislation Overview and Historical Evolution

11.2 Latest Changes in Regulation

11.3 Legislation and Market Practice by Type of Insurance

11.3.1 Life insurance

11.3.2 Property insurance

11.3.3 Motor insurance

11.3.4 Liability insurance

11.3.5 Marine, aviation and transit insurance

11.3.6 Personal accident and health insurance

11.4 Compulsory Insurance

11.4.1 Motor third-party liability insurance

11.4.2 Fidelity guarantee and professional indemnity insurance for insurance brokers

11.5 Supervision and Control

11.5.1 International Association of Insurance Supervisors

11.5.2 African Insurance Organization

11.5.3 Reserve Bank of Malawi

11.5.4 Insurance Association of Malawi

11.6 Non-Admitted Insurance Regulations

11.6.1 Overview

11.6.2 Intermediaries

11.6.3 Market practices

11.6.4 Fines and Penalties

11.7 Company Registration and Operations

11.7.1 Type of insurance organization

11.7.2 Establishing a local company

11.7.3 Foreign ownership

11.7.4 Types of license

11.7.5 Capital requirements

11.7.6 Solvency margin

11.7.7 Reserve requirements

11.7.8 Investment regulations

11.7.9 Statutory return requirements

11.7.10 Fee structure

11.8 Taxation

11.8.1 Insurance premium or policy taxation

11.8.2 Withholding taxes on premium paid overseas

11.8.3 Corporate tax

11.8.4 VAT

11.8.5 Captives

11.9 Legal System

11.9.1 Introduction

11.9.2 Access to court

11.9.3 Alternative dispute resolution

12 Databook

12.1 Life Insurance

12.1.1 Policies and premium

12.1.2 Assets and investments

12.1.3 Individual life insurance

12.1.4 Group life insurance

12.2 General Insurance

12.2.1 Policies and premium

12.2.2 Claims and expenses

12.2.3 Assets and investments

12.2.4 Property insurance

12.2.5 Property insurance by category

12.2.6 Motor insurance

12.2.7 Personal accident and health insurance

12.2.8 Personal accident and health insurance by category

12.2.9 Miscellaneous

13 Definitions and Methodology

13.1 Definitions

13.2 Methodology

14 About GlobalData

14.1 Contact GlobalData

14.2 About GlobalData

14.3 GlobalData's Services

14.4 Disclaimer


List Of Figure

List of Figures

Figure 1: Malawian Real GDP (USD Billion), 2013-2022

Figure 2: Malawian Exchange Rate (MWK per USD ), 2013-2022

Figure 3: Malawian Consumer Price Inflation (%), 2013-2022

Figure 4: Malawian Current Account Balance as Percentage of GDP (%), 2013-2022

Figure 5: Malawian Population by Age Group, 2013-2022

Figure 6: Malawian Insurance Industry-Gross Written Premium (MWK Billion), 2013-2022

Figure 7: Malawian Insurance Industry-Density (MWK), 2013-2022

Figure 8: Malawian Insurance Industry-Number of Active Policies (Thousand), 2013-2022

Figure 9: Malawian Insurance Industry-Paid Claims (MWK Billion), 2013-2022

Figure 10: Malawian Life Insurance-Gross Written Premium (MWK Billion), 2013-2022

Figure 11: Malawian Life Insurance-Number of Active Policies (Thousand), 2013-2022

Figure 12: Malawian Life Insurance-Penetration (%), 2013-2017

Figure 13: Malawian Life Insurance-Penetration (%), 2017-2022

Figure 14: Malawian Life Insurance-Total Assets (MWK Billion), 2013-2022

Figure 15: Malawian Life Insurance-Investment Portfolio (MWK Billion), 2013-2022

Figure 16: Malawian Life Insurance-Investment Portfolio Dynamics (MWK Billion), 2013-2022

Figure 17: Malawian Individual Life Insurance-Number of Active Policies (Thousand), 2013-2022

Figure 18: Malawian General Insurance-Gross Written Premium (MWK Billion), 2013-2022

Figure 19: Malawian General Insurance-Paid Claims (MWK Billion), 2013-2022

Figure 20: Malawian General Insurance-Penetration (%), 2013-2017

Figure 21: Malawian General Insurance-Penetration (%), 2017-2022

Figure 22: Malawian General Insurance-Loss Ratio (%), 2013-2017

Figure 23: Malawian General Insurance-Loss Ratio (%), 2017-2022

Figure 24: Malawian General Insurance-Total Assets (MWK Billion), 2013-2022

Figure 25: Malawian General Insurance-Total Investment Income (MWK Billion), 2013-2022

Figure 26: Malawian General Insurance-Investment Portfolio (MWK Billion), 2013-2022

Figure 27: Malawian General Insurance-Investment Portfolio Dynamics (MWK Billion), 2013-2022

Figure 28: Malawian Property Insurance-Gross Written Premium (MWK Billion), 2013-2022

Figure 29: Malawian Property Insurance-Penetration (%), 2013-2017

Figure 30: Malawian Property Insurance-Penetration (%), 2017-2022

Figure 31: Malawian Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013-2022

Figure 32: Malawian Motor Insurance-Gross Written Premium (MWK Billion), 2013-2022

Figure 33: Malawian Motor Insurance-Penetration (%), 2013-2017

Figure 34: Malawian Motor Insurance-Penetration (%), 2017-2022

Figure 35: Malawian Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013-2022

Figure 36: Malawian Personal Accident and Health Insurance-Gross Written Premium (MWK Billion), 2013-2022

Figure 37: Malawian Personal Accident and Health Insurance-Penetration (%), 2013-2017

Figure 38: Malawian Personal Accident and Health Insurance-Penetration (%), 2017-2022

Figure 39: Malawian Personal Accident and Health Insurance-Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013-2022

Figure 40: Malawian Miscellaneous-Gross Written Premium (MWK Billion), 2013-2022

Figure 41: Malawian Miscellaneous-Penetration (%), 2013-2017

Figure 42: Malawian Miscellaneous-Penetration (%), 2017-2022

Figure 43: Malawian Miscellaneous-Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013-2022

Figure 44: Malawian Reinsurance-Premium Ceded by Insurance Segment (MWK Billion), 2013-2022

Figure 45: Malawian Life Insurance-Percentage of Reinsurance Ceded (%), 2013-2022

Figure 46: Malawian General Insurance-Percentage of Reinsurance Ceded (%), 2013-2022

Figure 47: Malawi-Insurance Supervision and Control at Various Levels

Figure 48: Malawi-Insurance Regulatory Frameworks for Company Registration and Operation


List Of Table

List of Tables

Table 1: Malawian Insurance Industry-Key Facts, 2017

Table 2: Malawian Insurance Industry-Leading Insurers, 2017

Table 3: Malawian Insurance Industry-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 4: Malawian Insurance Industry-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 5: Malawian Insurance Industry-Density (MWK), 2013-2017

Table 6: Malawian Insurance Industry-Density (MWK), 2017-2022

Table 7: Malawian Insurance Industry-Number of Active Policies (Thousand), 2013-2017

Table 8: Malawian Insurance Industry-Number of Active Policies (Thousand), 2017-2022

Table 9: Malawian Insurance Industry-Paid Claims (MWK Billion and USD Million), 2013-2017

Table 10: Malawian Insurance Industry-Paid Claims (MWK Billion and USD Million), 2017-2022

Table 11: Malawian Life Insurance-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 12: Malawian Life Insurance-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 13: Malawian Life Insurance-Number of Active Policies (Thousand), 2013-2017

Table 14: Malawian Life Insurance-Number of Active Policies (Thousand), 2017-2022

Table 15: Malawian Life Insurance-Total Assets (MWK Billion and USD Million), 2013-2017

Table 16: Malawian Life Insurance-Total Assets (MWK Billion and USD Million), 2017-2022

Table 17: Malawian Life Insurance-Investment Portfolio (MWK Billion), 2013-2017

Table 18: Malawian Life Insurance-Investment Portfolio (MWK Billion), 2017-2022

Table 19: Malawian Individual Life Insurance-Number of Active Policies (Thousand), 2013-2017

Table 20: Malawian Individual Life Insurance-Number of Active Policies (Thousand), 2017-2022

Table 21: Malawian General Insurance-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 22: Malawian General Insurance-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 23: Malawian General Insurance-Paid Claims (MWK Billion and USD Million), 2013-2017

Table 24: Malawian General Insurance-Paid Claims (MWK Billion and USD Million), 2017-2022

Table 25: Malawian General Insurance-Total Assets (MWK Billion and USD Million), 2013-2017

Table 26: Malawian General Insurance-Total Assets (MWK Billion and USD Million), 2017-2022

Table 27: Malawian General Insurance-Total Investment Income (MWK Billion and USD Million), 2013-2017

Table 28: Malawian General Insurance-Total Investment Income (MWK Billion and USD Million), 2017-2022

Table 29: Malawian General Insurance-Investment Portfolio (MWK Billion), 2013-2017

Table 30: Malawian General Insurance-Investment Portfolio (MWK Billion), 2017-2022

Table 31: Malawian Property Insurance-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 32: Malawian Property Insurance-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 33: Malawian Property Insurance-Loss Ratio (%), 2013-2017

Table 34: Malawian Property Insurance-Loss Ratio (%), 2017-2022

Table 35: Malawian Motor Insurance-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 36: Malawian Motor Insurance-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 37: Malawian Motor Insurance-Loss Ratio (%), 2013-2017

Table 38: Malawian Motor Insurance-Loss Ratio (%), 2017-2022

Table 39: Malawian Personal Accident and Health Insurance-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 40: Malawian Personal Accident and Health Insurance-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 41: Malawian Personal Accident and Health Insurance-Loss Ratio (%), 2013-2017

Table 42: Malawian Personal Accident and Health Insurance-Loss Ratio (%), 2017-2022

Table 43: Malawian Miscellaneous-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 44: Malawian Miscellaneous-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 45: Malawian Miscellaneous-Loss Ratio (%), 2013-2017

Table 46: Malawian Miscellaneous-Loss Ratio (%), 2017-2022

Table 47: Malawian Reinsurance-Premium Ceded by Insurance Segment (MWK Billion), 2013-2017

Table 48: Malawian Reinsurance-Premium Ceded by Insurance Segment (MWK Billion), 2017-2022

Table 49: Malawian Insurance Industry-Leading Insurers, 2017

Table 50: Nico General Insurance Company Ltd-Key Facts

Table 51: Nico Life Insurance Ltd-Key Facts

Table 52: Old Mutual Life Assurance Company Ltd-Key Facts

Table 53: United General Insurance Company Ltd-Key Facts

Table 54: Prime Insurance Company Ltd-Key Facts

Table 55: Malawi-Insurance Regulatory Framework Key Features

Table 56: Malawi-Life Insurance Regulatory Framework

Table 57: Malawi-Property Insurance Regulatory Framework

Table 58: Malawi-Motor Insurance Regulatory Framework

Table 59: Malawi-Liability Insurance Regulatory Framework

Table 60: Malawi-Insolvency Regulations for Life Insurers

Table 61: Malawi-Insolvency Regulations for General Insurers

Table 62: Malawi-Insolvency Regulations for Reinsurers

Table 63: Malawi-Corporate Tax Rates for the Financial Year 2018

Table 64: Malawian Life Insurance-Policies and Premium, 2013-2017

Table 65: Malawian Life Insurance-Policies and Premium, 2017-2022

Table 66: Malawian Life Insurance-Assets and Investments, 2013-2017

Table 67: Malawian Life Insurance-Assets and Investments, 2017-2022

Table 68: Malawian Life Insurance-Individual Life Insurance, 2013-2017

Table 69: Malawian Life Insurance-Individual Life Insurance, 2017-2022

Table 70: Malawian Life Insurance-Group Life Insurance, 2013-2017

Table 71: Malawian Life Insurance-Group Life Insurance, 2017-2022

Table 72: Malawian General Insurance-Policies and Premium, 2013-2017

Table 73: Malawian General Insurance-Policies and Premium, 2017-2022

Table 74: Malawian General Insurance-Claims and Expenses, 2013-2017

Table 75: Malawian General Insurance-Claims and Expenses, 2017-2022

Table 76: Malawian General Insurance-Assets and Investments, 2013-2017

Table 77: Malawian General Insurance-Assets and Investments, 2017-2022

Table 78: Malawian General Insurance-Property Insurance, 2013-2017

Table 79: Malawian General Insurance-Property Insurance, 2017-2022

Table 80: Malawian General Insurance-Property Insurance by Category, 2013-2017

Table 81: Malawian General Insurance-Property Insurance by Category, 2017-2022

Table 82: Malawian General Insurance-Motor Insurance, 2013-2017

Table 83: Malawian General Insurance-Motor Insurance, 2017-2022

Table 84: Malawian General Insurance-Personal Accident and Health Insurance, 2013-2017

Table 85: Malawian General Insurance-Personal Accident and Health Insurance, 2017-2022

Table 86: Malawian General Insurance-Personal Accident and Health Insurance by Category, 2013-2017

Table 87: Malawian General Insurance-Personal Accident and Health Insurance by Category, 2017-2022

Table 88: Malawian General Insurance-Miscellaneous, 2013-2017

Table 89: Malawian General Insurance-Miscellaneous, 2017-2022

Table 90: Insurance Industry Definitions

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Products and Companies

Products

Malawian insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance


Companies

Nico General Insurance Company Ltd

Nico Life Insurance Company Ltd

Old Mutual Life Assurance Company Ltd

United General Insurance Company Ltd

Prime Insurance Company Ltd

Charter Insurance Company Ltd

Reunion Insurance Company Ltd

Britam Insurance Company Malawi Ltd

Vanguard Life Assurance Company Ltd

Smile Life Insurance Company Ltd

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.

READ MORE

Scope

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Industry Indicators

4.1.1 Gross written premium

4.1.2 Insurance density

4.1.3 Active policies

4.1.4 Paid claims

5 Life Insurance Outlook

5.1 Segment Indicators

5.1.1 Gross written premium

5.1.2 Active policies

5.1.3 Penetration

5.1.4 Assets and investments

5.2 Individual Life Insurance

5.2.1 Active policies

6 General Insurance Outlook

6.1 Segment Indicators

6.1.1 Gross written premium

6.1.2 Paid claims

6.1.3 Penetration

6.1.4 Loss ratio

6.1.5 Assets and investments

6.2 Property Insurance

6.2.1 Gross written premium

6.2.2 Penetration

6.2.3 Profitability

6.3 Motor Insurance

6.3.1 Gross written premium

6.3.2 Penetration

6.3.3 Profitability

6.4 Personal Accident and Health Insurance

6.4.1 Gross written premium

6.4.2 Penetration

6.4.3 Profitability

6.5 Miscellaneous

6.5.1 Gross written premium

6.5.2 Penetration

6.5.3 Profitability

7 Reinsurance Outlook

7.1 Premium Ceded

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards

9.1 Flooding

9.2 Earthquakes

9.3 Droughts

9.4 Exposure

10 Competitive Landscape

10.1 Company Profiles

10.1.1 Nico General Insurance Company Ltd-company overview

10.1.2 Nico Life Insurance Company Ltd-company overview

10.1.3 Old Mutual Life Assurance Company Ltd-company overview

10.1.4 United General Insurance Company Ltd-company overview

10.1.5 Prime Insurance Company Ltd-company overview

11 Governance, Risk and Compliance

11.1 Legislation Overview and Historical Evolution

11.2 Latest Changes in Regulation

11.3 Legislation and Market Practice by Type of Insurance

11.3.1 Life insurance

11.3.2 Property insurance

11.3.3 Motor insurance

11.3.4 Liability insurance

11.3.5 Marine, aviation and transit insurance

11.3.6 Personal accident and health insurance

11.4 Compulsory Insurance

11.4.1 Motor third-party liability insurance

11.4.2 Fidelity guarantee and professional indemnity insurance for insurance brokers

11.5 Supervision and Control

11.5.1 International Association of Insurance Supervisors

11.5.2 African Insurance Organization

11.5.3 Reserve Bank of Malawi

11.5.4 Insurance Association of Malawi

11.6 Non-Admitted Insurance Regulations

11.6.1 Overview

11.6.2 Intermediaries

11.6.3 Market practices

11.6.4 Fines and Penalties

11.7 Company Registration and Operations

11.7.1 Type of insurance organization

11.7.2 Establishing a local company

11.7.3 Foreign ownership

11.7.4 Types of license

11.7.5 Capital requirements

11.7.6 Solvency margin

11.7.7 Reserve requirements

11.7.8 Investment regulations

11.7.9 Statutory return requirements

11.7.10 Fee structure

11.8 Taxation

11.8.1 Insurance premium or policy taxation

11.8.2 Withholding taxes on premium paid overseas

11.8.3 Corporate tax

11.8.4 VAT

11.8.5 Captives

11.9 Legal System

11.9.1 Introduction

11.9.2 Access to court

11.9.3 Alternative dispute resolution

12 Databook

12.1 Life Insurance

12.1.1 Policies and premium

12.1.2 Assets and investments

12.1.3 Individual life insurance

12.1.4 Group life insurance

12.2 General Insurance

12.2.1 Policies and premium

12.2.2 Claims and expenses

12.2.3 Assets and investments

12.2.4 Property insurance

12.2.5 Property insurance by category

12.2.6 Motor insurance

12.2.7 Personal accident and health insurance

12.2.8 Personal accident and health insurance by category

12.2.9 Miscellaneous

13 Definitions and Methodology

13.1 Definitions

13.2 Methodology

14 About GlobalData

14.1 Contact GlobalData

14.2 About GlobalData

14.3 GlobalData's Services

14.4 Disclaimer


List Of Figure

List of Figures

Figure 1: Malawian Real GDP (USD Billion), 2013-2022

Figure 2: Malawian Exchange Rate (MWK per USD ), 2013-2022

Figure 3: Malawian Consumer Price Inflation (%), 2013-2022

Figure 4: Malawian Current Account Balance as Percentage of GDP (%), 2013-2022

Figure 5: Malawian Population by Age Group, 2013-2022

Figure 6: Malawian Insurance Industry-Gross Written Premium (MWK Billion), 2013-2022

Figure 7: Malawian Insurance Industry-Density (MWK), 2013-2022

Figure 8: Malawian Insurance Industry-Number of Active Policies (Thousand), 2013-2022

Figure 9: Malawian Insurance Industry-Paid Claims (MWK Billion), 2013-2022

Figure 10: Malawian Life Insurance-Gross Written Premium (MWK Billion), 2013-2022

Figure 11: Malawian Life Insurance-Number of Active Policies (Thousand), 2013-2022

Figure 12: Malawian Life Insurance-Penetration (%), 2013-2017

Figure 13: Malawian Life Insurance-Penetration (%), 2017-2022

Figure 14: Malawian Life Insurance-Total Assets (MWK Billion), 2013-2022

Figure 15: Malawian Life Insurance-Investment Portfolio (MWK Billion), 2013-2022

Figure 16: Malawian Life Insurance-Investment Portfolio Dynamics (MWK Billion), 2013-2022

Figure 17: Malawian Individual Life Insurance-Number of Active Policies (Thousand), 2013-2022

Figure 18: Malawian General Insurance-Gross Written Premium (MWK Billion), 2013-2022

Figure 19: Malawian General Insurance-Paid Claims (MWK Billion), 2013-2022

Figure 20: Malawian General Insurance-Penetration (%), 2013-2017

Figure 21: Malawian General Insurance-Penetration (%), 2017-2022

Figure 22: Malawian General Insurance-Loss Ratio (%), 2013-2017

Figure 23: Malawian General Insurance-Loss Ratio (%), 2017-2022

Figure 24: Malawian General Insurance-Total Assets (MWK Billion), 2013-2022

Figure 25: Malawian General Insurance-Total Investment Income (MWK Billion), 2013-2022

Figure 26: Malawian General Insurance-Investment Portfolio (MWK Billion), 2013-2022

Figure 27: Malawian General Insurance-Investment Portfolio Dynamics (MWK Billion), 2013-2022

Figure 28: Malawian Property Insurance-Gross Written Premium (MWK Billion), 2013-2022

Figure 29: Malawian Property Insurance-Penetration (%), 2013-2017

Figure 30: Malawian Property Insurance-Penetration (%), 2017-2022

Figure 31: Malawian Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013-2022

Figure 32: Malawian Motor Insurance-Gross Written Premium (MWK Billion), 2013-2022

Figure 33: Malawian Motor Insurance-Penetration (%), 2013-2017

Figure 34: Malawian Motor Insurance-Penetration (%), 2017-2022

Figure 35: Malawian Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013-2022

Figure 36: Malawian Personal Accident and Health Insurance-Gross Written Premium (MWK Billion), 2013-2022

Figure 37: Malawian Personal Accident and Health Insurance-Penetration (%), 2013-2017

Figure 38: Malawian Personal Accident and Health Insurance-Penetration (%), 2017-2022

Figure 39: Malawian Personal Accident and Health Insurance-Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013-2022

Figure 40: Malawian Miscellaneous-Gross Written Premium (MWK Billion), 2013-2022

Figure 41: Malawian Miscellaneous-Penetration (%), 2013-2017

Figure 42: Malawian Miscellaneous-Penetration (%), 2017-2022

Figure 43: Malawian Miscellaneous-Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013-2022

Figure 44: Malawian Reinsurance-Premium Ceded by Insurance Segment (MWK Billion), 2013-2022

Figure 45: Malawian Life Insurance-Percentage of Reinsurance Ceded (%), 2013-2022

Figure 46: Malawian General Insurance-Percentage of Reinsurance Ceded (%), 2013-2022

Figure 47: Malawi-Insurance Supervision and Control at Various Levels

Figure 48: Malawi-Insurance Regulatory Frameworks for Company Registration and Operation


List Of Table

List of Tables

Table 1: Malawian Insurance Industry-Key Facts, 2017

Table 2: Malawian Insurance Industry-Leading Insurers, 2017

Table 3: Malawian Insurance Industry-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 4: Malawian Insurance Industry-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 5: Malawian Insurance Industry-Density (MWK), 2013-2017

Table 6: Malawian Insurance Industry-Density (MWK), 2017-2022

Table 7: Malawian Insurance Industry-Number of Active Policies (Thousand), 2013-2017

Table 8: Malawian Insurance Industry-Number of Active Policies (Thousand), 2017-2022

Table 9: Malawian Insurance Industry-Paid Claims (MWK Billion and USD Million), 2013-2017

Table 10: Malawian Insurance Industry-Paid Claims (MWK Billion and USD Million), 2017-2022

Table 11: Malawian Life Insurance-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 12: Malawian Life Insurance-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 13: Malawian Life Insurance-Number of Active Policies (Thousand), 2013-2017

Table 14: Malawian Life Insurance-Number of Active Policies (Thousand), 2017-2022

Table 15: Malawian Life Insurance-Total Assets (MWK Billion and USD Million), 2013-2017

Table 16: Malawian Life Insurance-Total Assets (MWK Billion and USD Million), 2017-2022

Table 17: Malawian Life Insurance-Investment Portfolio (MWK Billion), 2013-2017

Table 18: Malawian Life Insurance-Investment Portfolio (MWK Billion), 2017-2022

Table 19: Malawian Individual Life Insurance-Number of Active Policies (Thousand), 2013-2017

Table 20: Malawian Individual Life Insurance-Number of Active Policies (Thousand), 2017-2022

Table 21: Malawian General Insurance-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 22: Malawian General Insurance-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 23: Malawian General Insurance-Paid Claims (MWK Billion and USD Million), 2013-2017

Table 24: Malawian General Insurance-Paid Claims (MWK Billion and USD Million), 2017-2022

Table 25: Malawian General Insurance-Total Assets (MWK Billion and USD Million), 2013-2017

Table 26: Malawian General Insurance-Total Assets (MWK Billion and USD Million), 2017-2022

Table 27: Malawian General Insurance-Total Investment Income (MWK Billion and USD Million), 2013-2017

Table 28: Malawian General Insurance-Total Investment Income (MWK Billion and USD Million), 2017-2022

Table 29: Malawian General Insurance-Investment Portfolio (MWK Billion), 2013-2017

Table 30: Malawian General Insurance-Investment Portfolio (MWK Billion), 2017-2022

Table 31: Malawian Property Insurance-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 32: Malawian Property Insurance-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 33: Malawian Property Insurance-Loss Ratio (%), 2013-2017

Table 34: Malawian Property Insurance-Loss Ratio (%), 2017-2022

Table 35: Malawian Motor Insurance-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 36: Malawian Motor Insurance-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 37: Malawian Motor Insurance-Loss Ratio (%), 2013-2017

Table 38: Malawian Motor Insurance-Loss Ratio (%), 2017-2022

Table 39: Malawian Personal Accident and Health Insurance-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 40: Malawian Personal Accident and Health Insurance-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 41: Malawian Personal Accident and Health Insurance-Loss Ratio (%), 2013-2017

Table 42: Malawian Personal Accident and Health Insurance-Loss Ratio (%), 2017-2022

Table 43: Malawian Miscellaneous-Gross Written Premium (MWK Billion and USD Million), 2013-2017

Table 44: Malawian Miscellaneous-Gross Written Premium (MWK Billion and USD Million), 2017-2022

Table 45: Malawian Miscellaneous-Loss Ratio (%), 2013-2017

Table 46: Malawian Miscellaneous-Loss Ratio (%), 2017-2022

Table 47: Malawian Reinsurance-Premium Ceded by Insurance Segment (MWK Billion), 2013-2017

Table 48: Malawian Reinsurance-Premium Ceded by Insurance Segment (MWK Billion), 2017-2022

Table 49: Malawian Insurance Industry-Leading Insurers, 2017

Table 50: Nico General Insurance Company Ltd-Key Facts

Table 51: Nico Life Insurance Ltd-Key Facts

Table 52: Old Mutual Life Assurance Company Ltd-Key Facts

Table 53: United General Insurance Company Ltd-Key Facts

Table 54: Prime Insurance Company Ltd-Key Facts

Table 55: Malawi-Insurance Regulatory Framework Key Features

Table 56: Malawi-Life Insurance Regulatory Framework

Table 57: Malawi-Property Insurance Regulatory Framework

Table 58: Malawi-Motor Insurance Regulatory Framework

Table 59: Malawi-Liability Insurance Regulatory Framework

Table 60: Malawi-Insolvency Regulations for Life Insurers

Table 61: Malawi-Insolvency Regulations for General Insurers

Table 62: Malawi-Insolvency Regulations for Reinsurers

Table 63: Malawi-Corporate Tax Rates for the Financial Year 2018

Table 64: Malawian Life Insurance-Policies and Premium, 2013-2017

Table 65: Malawian Life Insurance-Policies and Premium, 2017-2022

Table 66: Malawian Life Insurance-Assets and Investments, 2013-2017

Table 67: Malawian Life Insurance-Assets and Investments, 2017-2022

Table 68: Malawian Life Insurance-Individual Life Insurance, 2013-2017

Table 69: Malawian Life Insurance-Individual Life Insurance, 2017-2022

Table 70: Malawian Life Insurance-Group Life Insurance, 2013-2017

Table 71: Malawian Life Insurance-Group Life Insurance, 2017-2022

Table 72: Malawian General Insurance-Policies and Premium, 2013-2017

Table 73: Malawian General Insurance-Policies and Premium, 2017-2022

Table 74: Malawian General Insurance-Claims and Expenses, 2013-2017

Table 75: Malawian General Insurance-Claims and Expenses, 2017-2022

Table 76: Malawian General Insurance-Assets and Investments, 2013-2017

Table 77: Malawian General Insurance-Assets and Investments, 2017-2022

Table 78: Malawian General Insurance-Property Insurance, 2013-2017

Table 79: Malawian General Insurance-Property Insurance, 2017-2022

Table 80: Malawian General Insurance-Property Insurance by Category, 2013-2017

Table 81: Malawian General Insurance-Property Insurance by Category, 2017-2022

Table 82: Malawian General Insurance-Motor Insurance, 2013-2017

Table 83: Malawian General Insurance-Motor Insurance, 2017-2022

Table 84: Malawian General Insurance-Personal Accident and Health Insurance, 2013-2017

Table 85: Malawian General Insurance-Personal Accident and Health Insurance, 2017-2022

Table 86: Malawian General Insurance-Personal Accident and Health Insurance by Category, 2013-2017

Table 87: Malawian General Insurance-Personal Accident and Health Insurance by Category, 2017-2022

Table 88: Malawian General Insurance-Miscellaneous, 2013-2017

Table 89: Malawian General Insurance-Miscellaneous, 2017-2022

Table 90: Insurance Industry Definitions

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Products

Malawian insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance


Companies

Nico General Insurance Company Ltd

Nico Life Insurance Company Ltd

Old Mutual Life Assurance Company Ltd

United General Insurance Company Ltd

Prime Insurance Company Ltd

Charter Insurance Company Ltd

Reunion Insurance Company Ltd

Britam Insurance Company Malawi Ltd

Vanguard Life Assurance Company Ltd

Smile Life Insurance Company Ltd

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