Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Malawi Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Malawi includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Total GWP (USD)
Insurance Penetration (%)
Recent years have seen a currency devaluation and high inflation in Malawi which have hampered insurance premium growth in dollar terms. The non-life market including personal accident and health stood at MWK 54.62bn in 2019. Natural hazards are usually in the form of droughts and floods although major hailstorms are a regular occurrence and affect the agricultural sector. It is a modest market with low penetration in non-life insurance even by regional standards.
There are eight non-life companies on the register of licensed entities with medical aid providers still to be added.