Magazine date:
Jun 2011 Even though the market is tight, the insurance penetration rate in Malawi is of 3%. This is one of the highest rates in the continent, but far behind South Africa which is at 16%. Many African countries are in a range of 2% to 3%.
In Malawi, the number of non-life insurance companies is eight while that of life insurance is four. Ten brokers and a small network of general agents are competing for the market. It is thanks to the development of microinsurance that many people have access to insurance coverage.