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Synopsis
Timetric’s ' The Insurance Industry in Malawi, Key Trends and Opportunities to 2019' report provides detailed analysis of the Malawian insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the industry, 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 Timetric’s 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.

Summary
Timetric’s 'The Insurance Industry in Malawi, Key Trends and Opportunities to 2019' 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 Malawi's economy and demographics

- Details of the competitive landscape in the Malawian insurance industry

- Analysis of the 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

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 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key segments in the Malawian insurance industry, and market forecasts to 2019.

- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

- 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 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.

Key Highlights
- As of 2014, there were four life insurers, six general insurers and one reinsurer operating in the country.

- Changing market demands resulted in the introduction of new insurance products by Malawian insurers to expand the customer base.

- Over the forecast period, the large rural population and their dependence on agriculture is expected to drive demand for micro insurance products in life, funeral, health and agriculture for the low-income population.

- To reduce operational expenses, in terms of commissions paid to brokers and agents, insurers are focusing on developing alternate distribution channels such as banks, mobile phones and the internet.

- Developing customer centric products, making people aware of insurance benefits through newspapers, televisions and radio, and improving the service delivery methods through digital platforms and transparency in business are expected to support the insurance industry’s growth over the forecast period.

Table Of Contents

The Insurance Industry in Malawi, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Malawian Insurance Industry Overview
5.1 Malawian Insurance Industry
5.2 Life Insurance
5.3 Non-Life Insurance
5.3.1 Property insurance
5.3.2 Motor insurance
5.4 Personal Accident and Health Insurance
5.5 Reinsurance
6 Distribution Channel Outlook
7 Natural Hazards
7.1 Floods
7.2 Droughts
7.3 Storms
7.4 Exposure
8 Competitive Landscape
8.1 Overview
8.2 Leading Companies
8.2.1 NICO General Insurance Company Ltd - company overview
8.2.2 NICO Life Insurance Company Ltd - company overview
8.2.3 Old Mutual Life Assurance Company Ltd - company overview
8.2.4 United General Insurance Company Ltd - company overview
8.2.5 Prime Insurance Company Ltd - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 African Insurance Organization (AIO)
9.5.3 Reserve Bank of Malawi
9.5.4 Insurance Association of Malawi (IAM)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Appendix
10.1 Methodology
10.2 Contact Timetric
10.3 About Timetric
10.4 Timetric's Services
10.5 Disclaimer

List of Tables
Table 1: Malawian Insurance Industry - Key Facts
Table 2: Insurance Industry Definitions
Table 3: Malawian Insurance Gross Written Premium by Segment (MWK Billion), 2010-2014
Table 4: Malawian Insurance Gross Written Premium by Segment (US$ Million), 2010-2014
Table 5: Malawian Insurance Gross Written Premium by Segment (MWK Billion), 2014-2019
Table 6: Malawian Insurance Gross Written Premium by Segment (US$ Million), 2014-2019
Table 7: Malawian Insurance Segmentation by Gross Written Premium (% Share), 2010-2019
Table 8: Malawian Life Insurance - Gross Written Premium (MWK Billion), 2010-2014
Table 9: Malawian Life Insurance - Gross Written Premium (MWK Billion), 2014-2019
Table 10: Malawian Life Insurance - Direct Written Premium (MWK Billion), 2010-2014
Table 11: Malawian Life Insurance - Direct Written Premium (MWK Billion), 2014-2019
Table 12: Malawian Life Insurance - Sum Assured (MWK Billion), 2010-2014
Table 13: Malawian Life Insurance - Sum Assured (MWK Million), 2014-2019
Table 14: Malawian Life Insurance - Net Written Premium as a Percentage of GWP, 2010-2014
Table 15: Malawian Life Insurance - Net Written Premium as a Percentage of GWP, 2014-2019
Table 16: Malawian Life Insurance - Total Assets (MWK Billion), 2010-2014
Table 17: Malawian Life Insurance - Total Assets (MWK Billion), 2014-2019
Table 18: Malawian Life Insurance - Net Written Premium (MWK Billion), 2010-2014
Table 19: Malawian Life Insurance - Net Written Premium (MWK Billion), 2014-2019
Table 20: Malawian Non-Life Insurance - Gross Written Premium by Category (MWK Billion), 2010-2014
Table 21: Malawian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 22: Malawian Non-Life Insurance - Gross Written Premium by Category (MWK Billion), 2014-2019
Table 23: Malawian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 24: Malawian Non-Life Insurance - Direct Written Premium by Category (MWK Billion), 2010-2014
Table 25: Malawian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 26: Malawian Non-Life Insurance - Direct Written Premium by Category (MWK Billion), 2014-2019
Table 27: Malawian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 28: Malawian Non-Life Insurance - Paid Claims (MWK Billion), 2010-2014
Table 29: Malawian Non-Life Insurance - Paid Claims (MWK Billion), 2014-2019
Table 30: Malawian Non-Life Insurance - Incurred Loss (MWK Billion), 2010-2014
Table 31: Malawian Non-Life Insurance - Incurred Loss (MWK Billion), 2014-2019
Table 32: Malawian Non-Life Insurance - Loss Ratio (%), 2010-2014
Table 33: Malawian Non-Life Insurance - Loss Ratio (%), 2014-2019
Table 34: Malawian Non-Life Insurance - Combined Ratio (%), 2010-2014
Table 35: Malawian Non-Life Insurance - Combined Ratio (%), 2014-2019
Table 36: Malawian Non-Life Insurance - Total Assets (MWK Billion), 2010-2014
Table 37: Malawian Non-Life Insurance - Total Assets (MWK Billion), 2014-2019
Table 38: Malawian Non-Life Insurance - Total Investment Income (MWK Billion), 2010-2014
Table 39: Malawian Non-Life Insurance - Total Investment Income (MWK Billion), 2014-2019
Table 40: Malawian Non-Life Insurance - Net Written Premium (MWK Billion), 2010-2014
Table 41: Malawian Non-Life Insurance - Net Written Premium (MWK Billion), 2014-2019
Table 42: Malawian Property Insurance - Gross Written Premium (MWK Billion), 2010-2014
Table 43: Malawian Property Insurance - Gross Written Premium (MWK Billion), 2014-2019
Table 44: Malawian Motor Insurance - Gross Written Premium (MWK Billion), 2010-2014
Table 45: Malawian Motor Insurance - Gross Written Premium (MWK Billion), 2014-2019
Table 46: Malawian Personal Accident and Health Insurance - Gross Written Premium (MWK Billion), 2009-2013
Table 47: Malawian Personal Accident and Health Insurance - Gross Written Premium (MWK Billion), 2014-2019
Table 48: Malawian Personal Accident and Health Insurance - Paid Claims (MWK Million), 2010-2014
Table 49: Malawian Personal Accident and Health Insurance - Paid Claims (MWK Billion), 2014-2019
Table 50: Malawian Personal Accident and Health Insurance - Incurred Loss (MWK Million), 2010-2014
Table 51: Malawian Personal Accident and Health Insurance - Incurred Loss (MWK Billion), 2014-2019
Table 52: Malawian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 53: Malawian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 54: Malawian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 55: Malawian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 56: Malawian Personal Accident and Health Insurance - Total Assets (MWK Billion), 2010-2014
Table 57: Malawian Personal Accident and Health Insurance - Total Assets (MWK Billion), 2014-2019
Table 58: Malawian Personal Accident and Health Insurance - Total Investment Income (MWK Million), 2010-2014
Table 59: Malawian Personal Accident and Health Insurance - Total Investment Income (MWK Million), 2014-2019
Table 60: Malawian Personal Accident and Health Insurance - Net Written Premium (MWK Million), 2010-2014
Table 61: Malawian Personal Accident and Health Insurance - Net Written Premium (MWK Billion), 2014-2019
Table 62: Malawian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (MWK Billion), 2010-2014
Table 63: Malawian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2014
Table 64: Malawian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (MWK Billion), 2014-2019
Table 65: Malawian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014-2019
Table 66: Malawian Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Table 67: Malawian Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Table 68: Malawian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Table 69: Malawian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Table 70: Malawian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Table 71: Malawian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Table 72: Malawian Average Annual Loss by Hazard
Table 73: Malawian Insurance Industry - Market Share, 2014
Table 74: Malawian Life Insurance - Market Share, 2014
Table 75: Malawian Non-Life Insurance - Market Share, 2014
Table 76: NICO General Insurance Company Ltd - Key Facts
Table 77: NICO Life Insurance Ltd - Key Facts
Table 78: Old Mutual Life Assurance Company Ltd - Key Facts
Table 79: United General Insurance Company Ltd - Key Facts
Table 80: Prime Insurance Company Ltd - Key Facts
Table 81: Malawi - Insurance Regulatory Framework Key Features
Table 82: Malawi - Life Insurance Regulatory Framework
Table 83: Malawi - Property Insurance Regulatory Framework
Table 84: Malawi - Motor Insurance Regulatory Framework
Table 85: Malawi - Liability Insurance Regulatory Framework
Table 86: Malawi - Corporate Tax Rates for the Financial Year 2015

List of Figures
Figure 1: Malawian Real GDP (MWK Billion) , 2010-2019
Figure 2: Malawian Consumer Price Inflation, 2010-2019
Figure 3: MWK-US$ Exchange Rate, 2010-2019
Figure 4: Malawian Unemployment Rate, 2010-2019
Figure 5: Malawian Population by Age Group, 1991-2025
Figure 6: Malawian Insurance Gross Written Premium by Segment (MWK Billion), 2010-2019
Figure 7: Malawian Insurance Gross Written Premium Market Dynamics by Segment, 2010-2019
Figure 8: Malawian Life Insurance - Gross Written Premium (MWK Billion), 2010-2014
Figure 9: Malawian Life Insurance - Gross Written Premium (MWK Billion), 2014-2019
Figure 10: Malawian Life Insurance - Direct Written Premium (MWK Billion), 2010-2014
Figure 11: Malawian Life Insurance - Direct Written Premium (MWK Billion), 2014-2019
Figure 12: Malawian Life Insurance - Sum Assured (MWK Billion), 2010-2014
Figure 13: Malawian Life Insurance - Sum Assured (MWK Million), 2014-2019
Figure 14: Malawian Life Insurance - Net Written Premium as a Percentage of GWP, 2010-2014
Figure 15: Malawian Life Insurance - Net Written Premium as a Percentage of GWP, 2014-2019
Figure 16: Malawian Life Insurance - Total Assets (MWK Billion), 2010-2014
Figure 17: Malawian Life Insurance - Total Assets (MWK Billion), 2014-2019
Figure 18: Malawian Life Insurance - Net Written Premium (MWK Billion), 2010-2014
Figure 19: Malawian Life Insurance - Net Written Premium (MWK Billion), 2014-2019
Figure 20: Malawian Life Insurance - Total Investment (MWK Billion), 2010-2014
Figure 21: Malawian Life Insurance - Insurance Penetration (Ratio of Direct Premium to GDP), 2010-2014
Figure 22: Malawian Life Insurance - Insurance Density (Direct Premium per Capita) (MWK), 2010-2014
Figure 23: Malawian Non-Life Insurance - Gross Written Premium by Category (MWK Billion), 2010-2019
Figure 24: Malawian Non-Life Insurance - Gross Written Premium by Category (%), 2014 and 2019
Figure 25: Malawian Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 26: Malawian Non-Life Insurance - Direct Written Premium by Category (MWK Billion), 2010-2019
Figure 27: Malawian Non-Life Insurance - Direct Written Premium by Category (%), 2014 and 2019
Figure 28: Malawian Non-Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019
Figure 29: Malawian Non-Life Insurance - Paid Claims (MWK Billion), 2010-2014
Figure 30: Malawian Non-Life Insurance - Paid Claims (MWK Billion), 2014-2019
Figure 31: Malawian Non-Life Insurance - Incurred Loss (MWK Billion), 2010-2014
Figure 32: Malawian Non-Life Insurance - Incurred Loss (MWK Billion), 2014-2019
Figure 33: Malawian Non-Life Insurance - Loss Ratio (%), 2010-2014
Figure 34: Malawian Non-Life Insurance - Loss Ratio (%), 2014-2019
Figure 35: Malawian Non-Life Insurance - Combined Ratio (%), 2010-2014
Figure 36: Malawian Non-Life Insurance - Combined Ratio (%), 2014-2019
Figure 37: Malawian Non-Life Insurance - Total Assets (MWK Billion), 2010-2014
Figure 38: Malawian Non-Life Insurance - Total Assets (MWK Billion), 2014-2019
Figure 39: Malawian Non-Life Insurance - Total Investment Income (MWK Billion), 2010-2014
Figure 40: Malawian Non-Life Insurance - Total Investment Income (MWK Billion), 2014-2019
Figure 41: Malawian Non-Life Insurance - Net Written Premium (MWK Billion), 2010-2014
Figure 42: Malawian Non-Life Insurance - Net Written Premium (MWK Billion), 2014-2019
Figure 43: Malawian Non-Life Insurance - Total Investment (MWK Billion), 2010-2014
Figure 44: Malawian Non-Life Insurance Penetration (Ratio of Direct Premium to GDP), 2010-2014
Figure 45: Malawian Non-Life Insurance Density (Direct Premium per Capita) (MWK), 2010-2014
Figure 46: Malawian Property Insurance - Gross Written Premium (MWK Billion), 2010-2014
Figure 47: Malawian Property Insurance - Gross Written Premium (MWK Billion), 2014-2019
Figure 48: Malawian Motor Insurance - Gross Written Premium (MWK Billion), 2010-2014
Figure 49: Malawian Motor Insurance - Gross Written Premium (MWK Billion), 2014-2019
Figure 50: Malawian Personal Accident and Health Insurance - Gross Written Premium (MWK Billion), 2010-2014
Figure 51: Malawian Personal Accident and Health Insurance - Gross Written Premium (MWK Billion), 2014-2019
Figure 52: Malawian Personal Accident and Health Insurance - Paid Claims by Category (MWK Billion), 2010-2014
Figure 53: Malawian Personal Accident and Health Insurance - Paid Claims (MWK Billion), 2014-2019
Figure 54: Malawian Personal Accident and Health Insurance - Incurred Loss (MWK Million), 2010-2014
Figure 55: Malawian Personal Accident and Health Insurance - Incurred Loss (MWK Billion), 2014-2019
Figure 56: Malawian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Figure 57: Malawian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Figure 58: Malawian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Figure 59: Malawian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Figure 60: Malawian Personal Accident and Health Insurance - Total Assets (MWK Billion), 2010-2014
Figure 61: Malawian Personal Accident and Health Insurance - Total Assets (MWK Billion), 2014-2019
Figure 62: Malawian Personal Accident and Health Insurance - Total Investment Income (MWK Million), 2010-2014
Figure 63: Malawian Personal Accident and Health Insurance - Total Investment Income (MWK Million), 2014-2019
Figure 64: Malawian Personal Accident and Health Insurance - Net Written Premium (MWK Million), 2010-2014
Figure 65: Malawian Personal Accident and Health Insurance - Net Written Premium (MWK Billion), 2014-2019
Figure 66: Malawian Personal Accident and Health Insurance - Total Investment (MWK Million), 2010-2014
Figure 67: Malawian Personal Accident and Health Insurance Penetration (Ratio of Direct Premium to GDP), 2010-2014
Figure 68: Malawian Personal Accident and Health Insurance Density (Direct Premium per Capita) (MWK), 2010-2014
Figure 69: Malawian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (MWK Billion), 2010-2019
Figure 70: Malawian Reinsurance - Dynamics by Insurance Segment, 2010-2019
Figure 71: Malawian Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Figure 72: Malawian Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Figure 73: Malawian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Figure 74: Malawian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Figure 75: Malawian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Figure 76: Malawian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2014-2019
Figure 77: Malawian Frequency of Hazards by Type, 1990-2014
Figure 78: Malawian Mortality of Hazards by Type, 1990-2014
Figure 79: Malawian Economic Issues of Hazards by Type, 1990-2014
Figure 80: Malawian Insurance Industry - Market Share, 2014
Figure 81: Malawian Life Insurance - Market Share, 2014
Figure 82: Malawian Non-life Insurance - Market Share, 2014
Figure 83: Malawi - Insurance Supervision and Control at Various Levels
Figure 84: Malawi - Insurance Regulatory Frameworks for Company Registration and Operation

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