Country Dashboards

Population
21 mn
2021
GDP (USD)
US$12 bn
2021
gdp/capita
US$567
2021
Inflation rate
9.3%
2021

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 0.77%
Insurance density: Premium / capita USD 4.82
Local currency MWK
Market Composition
Domestic life insurers 5
Domestic non-life insurers 8
Domestic composite insurers 0
Foreign life insurers 2
Foreign non-life insurers 2
Foreign composite insurers 0
Domestic reinsurers 1
Foreign reinsurers 0
State-owned insurers 0
State-owned reinsurers 0
Insurance intermediaries 22
Reinsurance intermediaries 1
Insurance Regulatory Authority
Institution
RBM House, Hannover Street, Blantyre
Contact

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
Licensing
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions No
Minimum capital requirement 750000000
Minimum paid-up share capital 750000000
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, Workers Compensation
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: