Chartered insurer, Masautso Malaicha, who has 25 years working experience in general insurance and currently working as underwriting manager at General Alliance Insurance Company, was voted in as the new Institute of Insurance in Malawi (IIM) and was unveiled on Saturday during the Institute’s annual Charter Dinner at Mount Soche Hotel in Blantyre.
Malaicha served as vice-president to outgoing president Maclonex Mwase, who works for Britam insurance company as Country Sales Manager, and will be deputized by Mphatso Kamzingeni Zulu — also for General Alliance Insurance Company.
The new president pledged that he shall endeavor to volunteer his hours of service in line with IIM’s goal of supporting a range of professional noble causes the Institute has provided to the industry in particular and to the economy of Malawi in general.
In cognizance of the fact that the world undergoes constant evolution and change in many aspects, the Charter Dinner was held under the theme ‘Leading at the Edge, the Future Ready Insurer’.
“Best organizations embrace risk management concepts as an integral part of the culture,” Malaicha said.
“Today’s organizations continually face new challenges; legislation; regulations; required data for decision making will be missing or unobtainable; people will be uncooperative and resources unavailable.
“There is a lot of regulation now than before hence organizations should not fail to identify, access and manage important risks.”
He said the insurance industry, just like the rest of the economic organizations, are eroded with solvency issues, Cyber risks, high costs of third party liability and litigation claims costs and other pandemics.
“We need to understand risks our businesses are going through and avoid major losses,” he continued.
He pointed out that members should be continuously aware of risks organizations might face and take steps to mitigate of deal with their potential impact and save organizations from extinction should serious risks materialize.
Malaicha called on the members that they need to underwrite risks properly as well as proper risk categorization of fire and engineering risks to avoid unpleasant surprises for their treaty reinsurers.
He also impressed on the members that there is need to innovate and control business lines which are not profitable, such as the continued rise in litigation claims in motor third party liability — especially the pain and suffering.
“On the other side we need to handle claims professionally and beat our service level standards.”
IIM also awarded successuful candidates who had undergone insurance diplomas at their education centre situated at Malawi Posts Corporation campus at Chichiri in Blantyre.
He said the IIM will continue its dialogue with the Chartered Insurance Institute, which had stopped their education centre from administration of examinations, to resume in view of its vast membership and performance.
So Malaicha implored on IIM patron, Eric Chapola of NICO Life and NICO Pension and his executive who are pursuing the path to resume administration of examinations not to be weary but to get renewed with more strength to resolve the issue.
“We will continue to organize training packages both to be facilitated by our local technic and international expertise and we will increase visibility of insurance courses to the public through awareness programmes in schools and the media.
On his part, the outgoing president highlighted that in 2019 the Institute organized successful projects such as the hosting of the he Annual Lake Conference; the annual sports gala held in June and Educational Trainings.
The institute also held a quiz competition, won by Kingfisher Insurance Brokers, that was sponsored by Old Mutual Malawi for the 9th consecutive year and has pledged to continue supporting.
IIM sought partnership with willing insurance organizations in 2013 to provide 2 to 3 months internship for IIM College students who have at least completed their diploma so that they are prepared for employment once they complete their studies.
“I am pleased to note that more students have been employed through this initiative and the incoming president has assured me that this initiative will continue.”
During his tenure of office, Mwase said his committee promote education and intensified training for members facilitated by local and international experts.
The committee also disseminated information to the public through various channels to increase insurance penetration in Malawi which was around 1.4% in 2018, which current rate is around 2.01%.
The other members of the new committee are education secretary Wongani Banda (Britam), his deputy Lawrence Mtambalika (Reunion), honorary secretary Hastings Kapesa (Reunion), his deputy Herbert Chimombo (General Alliance), treasurer Chifundo Mtali, deputy Linda Chanda (UGI), events officer Dennis Masasa (Britam), his deputy Peter Phiri (UGI) and legal officer Gloria Mbendera.Follow and Subscribe Nyasa TV :