Country Dashboards

19 mn
US$5 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 17 mn
Non-life premium volume (USD) 58 mn
Total premium volume 76 mn
Total premium volume (MWK) 11 bn
Insurance penetration: Premiums in % of GDP 1.09%
Insurance density: Premium / capita USD 4.82
Local currency MWK
Market Composition
Domestic life insurers 4
Domestic non-life insurers 8
Domestic composite insurers
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers
Domestic reinsurers 1
Foreign reinsurers
State-owned insurers
State-owned reinsurers
Insurance intermediaries 12
Reinsurance intermediaries
Insurance Regulatory Authority
Reserve Bank of Malawi, Convention Drive, P O Box 30063, Lilongwe 3, Malawi

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed No
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies
Foreign ownership restrictions No
Minimum capital requirement MWK 50mn - MWK 100mn
Minimum paid-up share capital
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied No
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: