Chief Justice Rezine Mzikamanda has asked players in the Insurance Industry in the country to ensure that many Malawians are sensitized on the benefits of Insurance.
Mzikamanda’s remarks follow recent statics showing that Insurance uptake in Malawi is hovering around to 2 to 3 percent.
In his speech during the Insurance Institute of Malawi (IIM) Charter Dinner and Dance held at Mount Soche Hotel in Blantyre, Mzikamanda said the statics clearly shows that players in the Insurance industry need to invest much energy in sensitizing the masses on the benefit of Insurance.
“Am informed that the Insurance Industry in recent years registered a steady growth yet it is far from reaching its full potential with low level of insurance penetration which am informed is hovering around 2 to 3 percent. That many people are unaware of the benefits of Insurance and the protection it provides, presents an opportunity for the industry to increase its outreach and educate the public on the importance of insurance in this country.
“There is a perception among the general public that many Insurance companies do not always act in the best interest of the customers, that they are more interested in making profit than providing the protection they promised,” said Mzikamanda.
Turning on fraud, Mzikamanda called for a round-table discussion with Insurance representative with an aim of finding solutions to the challenge.
On his part IIM President Hastings Kapesa hailed the Chief Justice for extending an olive branch to them on some challenges faced by insurance industry such as fraud and others.
Kapesa expressed hope that through this round table discussion the judicially will help the Insurance to flush-out some tricksters who are conniving with some lawyers to make false claims.
“40 percent of many claims in the Insurance Industry are done fraudulently and if this malpractice is left unchecked, many Insurance companies in the country will die because of this monster,” said Kapesa.
The dinner and dance saw over 10 students who have completed their studies in Insurance being awarded with Diplomas, Advance Diplomas and Fellow Chartered Insurance Diplomas.
This year’s IIM Charter Dinner and Dance was held under the theme: “A glance at Insurance in Malawi in the next decade.”
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