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

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

Summary

'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 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.

1. Key Facts and Highlights2 Executive Summary3 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 the Publisher

14.1 Contact the Publisher
14.2 About the Publisher
14.3 Services
14.4 Disclaimer

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 US$ Million), 2013-2017
Table 4: Malawian Insurance Industry - Gross Written Premium (MWK Billion and US$ Million), 2017-
Table 5: Malawian Insurance Industry - Density (MWK), 2013-2017
Table 6: Malawian Insurance Industry - Density (MWK), 2017-
Table 7: Malawian Insurance Industry - Number of Active Policies (Thousand), 2013-2017
Table 8: Malawian Insurance Industry - Number of Active Policies (Thousand), 2017-
Table 9: Malawian Insurance Industry - Paid Claims (MWK Billion and US$ Million), 2013-2017
Table 10: Malawian Insurance Industry - Paid Claims (MWK Billion and US$ Million), 2017-
Table 11: Malawian Life Insurance - Gross Written Premium (MWK Billion and US$ Million), 2013-2017
Table 12: Malawian Life Insurance - Gross Written Premium (MWK Billion and US$ Million), 2017-
Table 13: Malawian Life Insurance - Number of Active Policies (Thousand), 2013-2017
Table 14: Malawian Life Insurance - Number of Active Policies (Thousand), 2017-
Table 15: Malawian Life Insurance - Total Assets (MWK Billion and US$ Million), 2013-2017
Table 16: Malawian Life Insurance - Total Assets (MWK Billion and US$ Million), 2017-
Table 17: Malawian Life Insurance - Investment Portfolio (MWK Billion), 2013-2017
Table 18: Malawian Life Insurance - Investment Portfolio (MWK Billion), 2017-
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-
Table 21: Malawian General Insurance - Gross Written Premium (MWK Billion and US$ Million), 2013-2017
Table 22: Malawian General Insurance - Gross Written Premium (MWK Billion and US$ Million), 2017-
Table 23: Malawian General Insurance - Paid Claims (MWK Billion and US$ Million), 2013-2017
Table 24: Malawian General Insurance - Paid Claims (MWK Billion and US$ Million), 2017-
Table 25: Malawian General Insurance - Total Assets (MWK Billion and US$ Million), 2013-2017
Table 26: Malawian General Insurance - Total Assets (MWK Billion and US$ Million), 2017-
Table 27: Malawian General Insurance - Total Investment Income (MWK Billion and US$ Million), 2013-2017
Table 28: Malawian General Insurance - Total Investment Income (MWK Billion and US$ Million), 2017-
Table 29: Malawian General Insurance - Investment Portfolio (MWK Billion), 2013-2017
Table 30: Malawian General Insurance - Investment Portfolio (MWK Billion), 2017-
Table 31: Malawian Property Insurance - Gross Written Premium (MWK Billion and US$ Million), 2013-2017
Table 32: Malawian Property Insurance - Gross Written Premium (MWK Billion and US$ Million), 2017-
Table 33: Malawian Property Insurance - Loss Ratio (%), 2013-2017
Table 34: Malawian Property Insurance - Loss Ratio (%), 2017-
Table 35: Malawian Motor Insurance - Gross Written Premium (MWK Billion and US$ Million), 2013-2017
Table 36: Malawian Motor Insurance - Gross Written Premium (MWK Billion and US$ Million), 2017-
Table 37: Malawian Motor Insurance - Loss Ratio (%), 2013-2017
Table 38: Malawian Motor Insurance - Loss Ratio (%), 2017-
Table 39: Malawian Personal Accident and Health Insurance - Gross Written Premium (MWK Billion and US$ Million), 2013-2017
Table 40: Malawian Personal Accident and Health Insurance - Gross Written Premium (MWK Billion and US$ Million), 2017-
Table 41: Malawian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2017
Table 42: Malawian Personal Accident and Health Insurance - Loss Ratio (%), 2017-
Table 43: Malawian Miscellaneous - Gross Written Premium (MWK Billion and US$ Million), 2013-2017
Table 44: Malawian Miscellaneous - Gross Written Premium (MWK Billion and US$ Million), 2017-
Table 45: Malawian Miscellaneous - Loss Ratio (%), 2013-2017
Table 46: Malawian Miscellaneous - Loss Ratio (%), 2017-
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-
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-
Table 66: Malawian Life Insurance - Assets and Investments, 2013-2017
Table 67: Malawian Life Insurance - Assets and Investments, 2017-
Table 68: Malawian Life Insurance - Individual Life Insurance, 2013-2017
Table 69: Malawian Life Insurance - Individual Life Insurance, 2017-
Table 70: Malawian Life Insurance - Group Life Insurance, 2013-2017
Table 71: Malawian Life Insurance - Group Life Insurance, 2017-
Table 72: Malawian General Insurance - Policies and Premium, 2013-2017
Table 73: Malawian General Insurance - Policies and Premium, 2017-
Table 74: Malawian General Insurance - Claims and Expenses, 2013-2017
Table 75: Malawian General Insurance - Claims and Expenses, 2017-
Table 76: Malawian General Insurance - Assets and Investments, 2013-2017
Table 77: Malawian General Insurance - Assets and Investments, 2017-
Table 78: Malawian General Insurance - Property Insurance, 2013-2017
Table 79: Malawian General Insurance - Property Insurance, 2017-
Table 80: Malawian General Insurance - Property Insurance by Category, 2013-2017
Table 81: Malawian General Insurance - Property Insurance by Category, 2017-
Table 82: Malawian General Insurance - Motor Insurance, 2013-2017
Table 83: Malawian General Insurance - Motor Insurance, 2017-
Table 84: Malawian General Insurance - Personal Accident and Health Insurance, 2013-2017
Table 85: Malawian General Insurance - Personal Accident and Health Insurance, 2017-
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-
Table 88: Malawian General Insurance - Miscellaneous, 2013-2017
Table 89: Malawian General Insurance - Miscellaneous, 2017-
Table 90: Insurance Industry Definitions

List of Figures

Figure 1: Malawian Real GDP (US$ Billion), 2013-
Figure 2: Malawian Exchange Rate (MWK per US$), 2013-
Figure 3: Malawian Consumer Price Inflation (%), 2013-
Figure 4: Malawian Current Account Balance as Percentage of GDP (%), 2013-
Figure 5: Malawian Population by Age Group, 2013-
Figure 6: Malawian Insurance Industry - Gross Written Premium (MWK Billion), 2013-
Figure 7: Malawian Insurance Industry - Density (MWK), 2013-
Figure 8: Malawian Insurance Industry - Number of Active Policies (Thousand), 2013-
Figure 9: Malawian Insurance Industry - Paid Claims (MWK Billion), 2013-
Figure 10: Malawian Life Insurance - Gross Written Premium (MWK Billion), 2013-
Figure 11: Malawian Life Insurance - Number of Active Policies (Thousand), 2013-
Figure 12: Malawian Life Insurance - Penetration (%), 2013-2017
Figure 13: Malawian Life Insurance - Penetration (%), 2017-
Figure 14: Malawian Life Insurance - Total Assets (MWK Billion), 2013-
Figure 15: Malawian Life Insurance - Investment Portfolio (MWK Billion), 2013-
Figure 16: Malawian Life Insurance - Investment Portfolio Dynamics (MWK Billion), 2013-
Figure 17: Malawian Individual Life Insurance - Number of Active Policies (Thousand), 2013-
Figure 18: Malawian General Insurance - Gross Written Premium (MWK Billion), 2013-
Figure 19: Malawian General Insurance - Paid Claims (MWK Billion), 2013-
Figure 20: Malawian General Insurance - Penetration (%), 2013-2017
Figure 21: Malawian General Insurance - Penetration (%), 2017-
Figure 22: Malawian General Insurance - Loss Ratio (%), 2013-2017
Figure 23: Malawian General Insurance - Loss Ratio (%), 2017-
Figure 24: Malawian General Insurance - Total Assets (MWK Billion), 2013-
Figure 25: Malawian General Insurance - Total Investment Income (MWK Billion), 2013-
Figure 26: Malawian General Insurance - Investment Portfolio (MWK Billion), 2013-
Figure 27: Malawian General Insurance - Investment Portfolio Dynamics (MWK Billion), 2013-
Figure 28: Malawian Property Insurance - Gross Written Premium (MWK Billion), 2013-
Figure 29: Malawian Property Insurance - Penetration (%), 2013-2017
Figure 30: Malawian Property Insurance - Penetration (%), 2017-
Figure 31: Malawian Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013-
Figure 32: Malawian Motor Insurance - Gross Written Premium (MWK Billion), 2013-
Figure 33: Malawian Motor Insurance - Penetration (%), 2013-2017
Figure 34: Malawian Motor Insurance - Penetration (%), 2017-
Figure 35: Malawian Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013-
Figure 36: Malawian Personal Accident and Health Insurance - Gross Written Premium (MWK Billion), 2013-
Figure 37: Malawian Personal Accident and Health Insurance - Penetration (%), 2013-2017
Figure 38: Malawian Personal Accident and Health Insurance - Penetration (%), 2017-
Figure 39: Malawian Personal Accident and Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013-
Figure 40: Malawian Miscellaneous - Gross Written Premium (MWK Billion), 2013-
Figure 41: Malawian Miscellaneous - Penetration (%), 2013-2017
Figure 42: Malawian Miscellaneous - Penetration (%), 2017-
Figure 43: Malawian Miscellaneous - Earned Premium, Incurred Loss and Loss Ratio (MWK Billion and %), 2013-
Figure 44: Malawian Reinsurance - Premium Ceded by Insurance Segment (MWK Billion), 2013-
Figure 45: Malawian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-
Figure 46: Malawian General Insurance - Percentage of Reinsurance Ceded (%), 2013-
Figure 47: Malawi - Insurance Supervision and Control at Various Levels
Figure 48: Malawi - Insurance Regulatory Frameworks for Company Registration and Operation