The Reserve Bank of Malawi (RBM) has expressed concern over the continued low uptake of insurance services in the country.
Deputy Governor MacDonald Mafuta Mwale raised the issue in Mangochi while presiding over the launch of the 2024 Insurance Awareness Week.
According to the bank, statistics and research carried out by various institutions shows that Malawi’s insurance penetration ratio remains low at 1.9 percent as of December 2023.
The trend, according to the regulator of insurance industry, is affecting Malawi’s mission of ensuring that almost every Malawian is financially included.
Mwale said, “there are various contributions to the meagre performance in this area, key of which is lack of knowledge of the masses as to what insurance can do to them. We believe literacy or awareness campaigns form a bedrock upon which this industry can enhance its growth.”
By Owen Mavula
