Britam Insurance Group says its business in Malawi is on a growth path despite ongoing economic challenges, and the company is now focused on expanding its market share and introducing innovative solutions to support key sectors of the economy.
Group chief executive officer Tom Gitogo said Britam is currently the second-largest insurer in Malawi and is working towards becoming the market leader.
“Our business here continues to grow and we are looking to see what we need to do to ensure that we become the largest and most profitable,” he said.
Despite currency devaluation and high inflation in 2024, Gitogo noted that the company’s performance was encouraging. He attributed this to strategic partnerships, especially with telcos and banks, as well as its ability to adapt to changing economic conditions.
Gitogo acknowledged that the insurance industry has not done enough in the agriculture sector, which contributes 60% of the country’s GDP space, and said Britam is now investing in climate-related insurance products, including parametric insurance, to help farmers and businesses respond more effectively to weather shocks.
The company is also targeting the informal sector and SMEs through accessible micro-insurance products, such as its partnership with Airtel offering accident cover linked to airtime usage.
He said: “As Britam prepares its 2026–2030 strategy, the focus will be on agility, innovation, and inclusion — ensuring that even underserved communities’ benefit from insurance and other financial services.”
Echoing the Gitogo’s sentiment, Britam Malawi managing director Wales Meja described 2024 as economically tough but successful.
“The fundamentals were not favorable, but we still managed to meet our targets and post commendable profits.
“We are in the early stages of crafting a new journey that will take us beyond where we are now. The market is broad, but many insurers are concentrated in the same areas. We want to reach the uninsured, the informal sector, and the bottom of the pyramid,” he said.
