Government has urged players in the insurance industry to be innovative, a move it believes can increase insurance coverage in the country.
Deputy Secretary to the Office of the President and Cabinet, Dr Janet Banda SC, said this at the official opening of the 2024 Insurance Lakeshore Conference organised by the Insurance Institute of Malawi.
“We expect the industry to embrace technology that does only reduces business risks but also encourages people in communities to take up interest in purchasing insurance policies,” Banda said.
President of the Insurance Institute of Malawi, Reuben Kawelele, said the conference provides an opportunity for players in the industry to share practical solutions that will help enhance the insurance penetration ratio.
According to Kawelele, the insurance penetration level in Malawi is at 2.5%.
The theme for the 2024 Insurance Lakeshore conference is transforming Malawi, through insurance, innovation, inclusion and growth towards Malawi 2063.
By Owen Mavula
