Malawi Insurance Industry – Key Trends and Opportunities to 2028
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Malawi Insurance Market Report Overview
The gross written premium of the Malawi insurance market was MWK174.8 billion ($151.2 million) in 2023. The market is expected to achieve a CAGR of more than 15% during 2024-2028. The Malawi insurance market research report provides in-depth market analysis, information, and insights into the Malawi insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
Malawi Insurance Market Outlook, 2023-2028 (MWK Million)
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The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Malawi economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives 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.
Market Size (2023) | MWK174.8 billion ($151.2 million) (GWP) |
CAGR (2024-2028) | >15% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Segments | · Life Insurance
· General Insurance |
Leading Players | · NICO Life
· Old Mutual Life · Vanguard Life · Co-operative Life · LifeCo Life · Smile Life Insurance |
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Malawi Insurance Market Trends
A few of the recent trends influencing the Malawi insurance market are digitalization, digital motor insurance certificates, parametric drought insurance, and inclusive insurance. For instance, in November 2023, the Insurance Association of Malawi launched digital motor insurance certificates, replacing pre-printed ones. The association continued to issue pre-printed certificates until December 31, 2023, but from January 1, 2024, only digital certificates are valid. The move will create a unified system for issuing certificates and simplify the implementation of motor insurance legislation while eliminating fraudulent certificates.
Malawi Insurance Market by Segments
General insurance led the Malawi insurance market in 2023
The key segments in the Malawi insurance market are life insurance and general insurance. In 2023, the general insurance sector accounted for a prominent share of the total Malawi insurance industry’s GWP.
Malawi Insurance Market Analysis by Segments, 2023 (%)
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Malawi Insurance Market – Competitive Landscape
Malawi Insurance led the Malawi insurance market in 2022
The key companies in the Malawi insurance market are:
- NICO Life
- Old Mutual Life
- Vanguard Life
- Co-operative Life
- LifeCo Life
- Smile Life Insurance
Malawi Insurance Market Analysis by Players, 2022 (%)
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Segments Covered in the Report
Malawi Insurance Market Segments Outlook (Value, MWK Million, 2019-2028)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Malawi insurance industry:
- It provides historical values for the Malawi insurance industry for the report’s 2019-2023 review period and projected figures for the 2024–28 forecast period.
- It offers a detailed analysis of the key categories in the Malawi insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Malawi and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Malawi insurance industry.
- A comprehensive overview of the Malawi economy, government initiatives, and investment opportunities.
- The Malawi insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Malawi insurance industry’s market structure gives details of lines of business.
- Malawi’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Malawi insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Malawi insurance industry.
- Assess the competitive dynamics in the Malawi insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Old Mutual Life
NICO General
Britam Insurance
Prime Insurance
General Alliance Insurance
United General Insurance
Liberty General Insurance
Table of Contents
Frequently asked questions
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What was the Malawi insurance market gross written premium in 2023?
The gross written premium of the Malawi insurance market was MWK174.8 billion ($151.2 million) in 2023.
-
What is the growth rate of the Malawi insurance market?
The insurance market in Malawi is expected to achieve a CAGR of more than 15% during 2023-2027.
-
Which segment dominated the Malawi insurance market in 2023?
The general insurance segment dominated the Malawi insurance market in 2023.
-
Who are the major players operating in the Malawi insurance market?
The key companies in the Malawi insurance market are NICO Life, Old Mutual Life, Vanguard Life, Co-operative Life, LifeCo Life, and Smile Life Insurance.
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