The Reserve Bank of Malawi (RBM) Governor Wilson Banda has proposed a review of Insurance Act to boost the insurance sector’s growth.
Speaking during the Insurance Institute of Malawi IIM Annual Charter Dinner in Blantyre, Banda emphasised that the current Act is slowing down the growth of insurance penetration, which remains less than two percent, negatively affecting the economy.
Meanwhile, the institute has ushered in new leadership with Reuben Kamanga Kawalele taking over from Hastings Kapesa as president.
The Charter Dinner was held under a theme: “Building resilience through Insurance in times of economic turbulences.”
By Simeon Shumba
