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Malawi

Life Report

Product Insurance Market Reports Life Rev Malawi

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Malawi's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Malawi's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Malawi

The Malawi life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Malawi. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Malawi and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Malawi’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Malawi is available.

Axco’s report describes the regulatory framework that applies to the domestic life insurance sector, including whether non-admitted insurance is permitted in Malawi; as well as the legislation necessary to know regarding Malawi’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Malawi with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Malawian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Malawi, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Malawian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Malawi report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Malawi Life and Benefits Report Extract

Below are brief extracts of information from the Malawi Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Political problems have dogged economic performance and the "cashgate" affair suggested that corruption was so significant that the international donor community suspended aid. Recent years have seen a currency devaluation and high inflation which have hampered market growth in USD terms. Life market penetration stood at 0.64% in 2019 against a steadily growing population. Growth in MWK terms was 20.74%, the third consecutive year of growth above 20%. In USD terms, the growth was 18.69%, the lowest for three years. Life insurance is encouraged by the government through the compulsory nature of group life sales related to mandatory workplace pension ....

Pensions

Malawi does not have a state pension and to address the absence of old age provision the government brought in a requirement for workplace pensions. Pensions funds and management are required to run independently of life insurance entities and to this end the major life insurers have set up separate pension companies. Most funds are established on the basis of defined contributions. Penetration rates are said to be increasing after reminders from the authorities to employers about their statutory obligations in this area ....

Healthcare

State welfare provision is scant in Malawi; there is no universal public healthcare with such aid as is available known to be very basic. The private insurance sector continues to grow although some tensions exist between the supervisor's attempts to stabilise the market with capital and solvency controls, and the need to liberalise some aspects of the industry. The market leader continues to lobby government to allow some easement by creating tax incentives which would encourage ....

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