New book by Malawian practitioner simplifies insurance

Insurance practitioner Chimwemwe Kanyenda has authored a book that simplifies insurance issues for the lay person.

Kanyenda: Random Thoughts

Kanyenda: Random Thoughts

Kanyenda’s commitment and passion to learning and sharing the contemporary and complex issues in insurance is exemplified by his weekly column titled Insurance Insight published on Wednesdays in The Daily Times newspaper.

In his book titled Random Thoughts on Insurance Practice: A Practitioner’s Exposé, Kanyenda says the role of insurance in least developed economies is often not well understood and is usually underestimated.

“For a country such as Malawi, insurance does and can continue to support the pace of economic development and protect quality of life.

“It can safeguard and rebuild the foundations of economic activity after unexpected loss, like in the wake of natural catastrophes. Insurance can also play an important part in funding retirement solutions,” says Kanyenda, who is Assistant Claims Manager at NICO General Insurance Company Limited.

Figures from the Reserve Bank of Malawi (RBM) show that the country’s insurance penetration rate is among the lowest in Africa and the world, with the average rate over the last five years hovering between 3 percent and 4.5 percent.

Experts argue that there is limited public awareness of insurance in Malawi, and distrust by the few who are aware of it. But Kanyenda says there is plenty of room for improvement of business practices towards consumers and innovation to serve the retail and micro-insurance segments.

“The very low penetration of insurance coupled with a large and growing population and economy, represent an attractively large potential market,” he says.

Kanyenda’s book has a series of topics revolving around insurance and risk management to fill the knowledge gap in financial literacy in the country.

The book is available at Central Bookshop Ltd, Chichiri Shopping Mall in Blantyre and Grey Matter Bookshop Ltd, Game Complex in Lilongwe.

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This is good undertaking, majority of Malawians are unaware on the benefits of insurance, especially in the cases of death of a loved one and once they have reached a retirement age. Bravo Chimwemwe!!! School us please!!


eh amwenewa ali ndi mutu waukulu bwanji
LET THEM BE OPEN WITH CUSTOMER I write to register my disapproval with the author. most insurance do not deal with customers honestly. I had a life policy with one of insurance for a period of 5 years. I paid all the premiums (K5000 each month) after 5 years ( 60months) i had contributed K300000.00 and yet they paid me K318000.00 which means my profit was only K18000.00. Is this not discouraging people from buying policies with them. My advice is just be doing other things other than buying these policies. Look at how the currency is loosing value. This… Read more »
Mirella K

Good point my friend. Insurance makes no sense. I only do it where I am required by the law like car insurance and no more. It’s nonsense!



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