Overview

The insurance market in Malawi dates back to colonial times. The Insurance Act 1957 governed the conduct of business in the sector, but was repealed in 2010 with the promulgation of the Insurance Act, 2010. Old Mutual operated in Malawi since 1930s through a regional office based in Zimbabwe. The Company opened an office in Malawi in 1954. Later in 1971, National Insurance Company Limited was established as a composite insurance company. Other insurance companies entered the market later in the nineties.

The insurance market is currently made up of reinsurance companies, general insurance companies and life insurance companies, as well as the following intermediaries: reinsurance brokers, insurance brokers, insurance agents, claims settling agents and insurance loss assessors/adjustors.