2016 insurance sector performance

Financial institutions in the country continue to experience a fluctuating trend in bottom line results with general insurance companies attributing their downward performance to slow economic growth, high inflation and interest rates and rare new business opportunities in 2016 while impairment losses partly underpin underperformance of some commercial banks. Insurance firms, commercial banks, microfinance and…

Mixed results: Insurance firms’ profits soar

A considerable number of local insurance companies unleashed a resounding performance in 2015 despite operating in a sluggish economy, adverse market conditions, restrictive regulatory environment and an industry where fraud is developing at an accelerating rate. Conversely, profits for commercial banks significantly slumped. The insurance industry has recovered from a 17 percent profitability decline in…

Malawi needs economic discipline, not strikes—Gondwe

Government is firmly pushing for budgetary discipline that makes public workers’ clamour for strikes and unbudgeted salary increases detrimental to efforts to heal the nation’s economic woes, Finance, Economic Planning and Development Minister Goodall Gondwe has said. He said at a press briefing he jointly held with Minister of Information, Tourism and Culture Kondwani Nankhumwa…

Mixed results for insurers

  At all cost, all financial institutions have published their 2012 statutory financial accounts in the public domain, unlocking this article to examine the performance of selected insurance companies in the context of roles and interests of insurance stakeholders. Financial institutions are governed by the Financial Services Act 2010, as amended by relevant directives of…