Reserve Bank of Malawi

Pensions & Insurance Supervision

About Pensions and Insurance Supervision


The Pension and Insurance Supervision (PISU) Department was established on 1st July 2010. The department is responsible for supervising operations of pension and insurance entities.


To be a recognised regulator of excellence in promoting financial stability and development through effective supervision of pension and insurance sectors.

Mission Statement

To foster the development and existance of the fair, safe and stable pension and insurance sectors in Malawi by supervising and regulating pension and insurance entities through a dedicated team of examiners in order to instil public confidence in the financial system.

Core Values

In pursuance of the aforementioned mission, the department seeks to perform its work with transparency, integrity, professionalism, innovation, teamwork and efficieny without compromising its authority or mandate.

Strategic Objectives

The Department has the following core strategic objectives:
  • To promote safety and soundness of pension and insurance entities.
  • To empower and protect pension and insurance consumers by providing complaint redress mechanism, promoting fair market conduct and raising consumer awareness.
  • To facilitate development of pension and insurance sectors in line with the Financial Sector Development Strategy.
To achieve the above objectives, the department has four key result areas namely:
  • Prudential supervision
  • Market conduct supervision
  • Market development
  • Complaints handling and consumer education

Contact Details

Further information or inquiries should be addressed to:

The Director
Pension and Insurance Supervision Department
Reserve Bank of Malawi
P. O. Box 565
Tel. No.: (265) 1 820 299/444
Fax No.: (265) 1 832 222

Supervision of the Insurance Sector

The Insurance Act 2010 provides the primary legislative framework which governs the insurance market in Malawi. The main purpose of supervising insurance entities is to ensure that they are being operated in a sound and viable manner so as to develop and maintain public confidence in the insurance sector. To this end the primary responsibility of the Registrar is to protect the interests of the public by administering a regulatory and supervisory regime that promotes decency and fairness in the operating environment by encouraging insurance companies to confine their risk taking into acceptable levels.

It is, therefore, expected that the insurance industry will play a pivotal role in enhancing access to financial services and products by majority of Malawians.


The Department monitors financial performance of market players through continued off-site surveillance of all insurance market institutions using financial statements provided by the regulated institutions on a quarterly basis. The department conducts periodic onsite examinations mainly as a follow up on to the off-site findings. As required, findings of such onsite examinations are reported to the concerned institutions.

The Reserve Bank currently regulates and supervises the following market players which make up the insurance industry:

  • General Insurance Companies
    General Insurance companies undertake liabilities under a contract of insurance to indemnify a person in respect of any loss or damage, including a liability to pay damages or compensation contingent upon happening of a specific event. To this end, general insurance companies issue non-life policies, otherwise known as property and casualty.
  • Life Insurance Companies
    Life Insurance companies undertake liabilities under a contract of insurance to indemnify a person in respect of any loss or damage, including a liability to pay damages or compensation contingent upon happening of a specific event. To this end, Life Insurance companies issue policies that cover liabilities contingent on the life of an individual.
  • Reinsurance Companies
    Reinsurance companies on the other hand, undertake liabilities to pay money to insurers or reinsurers in respect of contractual liabilities or insurance business incurred by insurers or reinsurers arising out of events. In effect, reinsurers provide insurance services to insurance companies or indeed, other reinsurance companies.
  • Insurance Brokers
    Insurance brokers are entities that act as agents of the insuring public on insurance products, providing advisory or risk management services and may assist in soliciting, negotiating and procuring of contracts of insurance or reinsurance in exchange of a commission.
  • Insurance Agents
    Insurance agents are persons or companies which sell insurance products on behalf of insurance companies in exchange for a commission. Insurance agents will be appointed by insurance companies to issue or collect proposals and policies, and collect insurance premiums to be passed on to insurers.
  • Insurance Loss Assessors/Adjusters
    Insurance loss assessors/adjusters are persons or entities that are engaged by insurers or policyholders to assess and establish the amount of loss/damage resulting from an event. This professional opinion may form the basis on how much should be paid in claims arising out of the event.

Supervision of Pensions

The Pension Act provides the primary legislative framework for regulation and supervision of the pension industry in Malawi. The main purpose of regulating and supervising the pension industry is to ensure that trustees and service providers act in the best interest of pension members, and that pension funds are operated in a safe, sound and viable manner in order to achieve the objective of providing retirement savings. Ultimately, this will help to develop and maintain public confidence in the mandatory pension scheme as well as providing social and financial security in retirement. At the aggregate level, the accumulation of savings through pension funds contributes significantly towards capital formation critical to creation of investments. If properly channeled the investments may positively contribute to economic growth.

Register of Licensed Entities

General Insurance Companies
  1. Libertas General Insurance Company Limited
  2. General Alliance Insurance Company Ltd
  3. NICO General Insurance Company Ltd
  4. Prime Insurance Company Ltd
  5. Britam Insurance Company Malawi Ltd
  6. Reunion Insurance Company Ltd
  7. United General Insurance Company Ltd
  8. Co-operatives General Insurance Limited
Life Insurance Companies
  1. NICO Life Insurance Company Ltd
  2. Old Mutual Life Assurance Co. MW Ltd
  3. Smile Life Insurance Company Ltd
  4. Vanguard Life Assurance Company Ltd
  5. Co-operatives Life Assurance Limited
Reinsurance Companies
  1. Emeritus Reinsurance Company Limited
Insurance Brokers
  1. All One Assurance Brokers Limited Email:
  2. Budget Insurance Services Limited
  3. Canopy Insurance Brokers Limited
  4. City State International
  5. Cover Your Assets Insurance Brokers Limited Email:
  6. Eagle Insurance Brokers Limited
    Email: Email:
  7. Equity Reinsurance Brokers Limited Email: Website:
  8. Equatorial Insurance Brokers Limited
  9. Express Insurance Brokers Limited
  10. GG Insurance Brokers Limited
  11. Guardian Insurance Services Limited
  12. Hubertus Clausius (Malawi) Limited Email:
  13. Kingfisher Insurance Brokers Limited Email:
  14. Mahogany Insurance Brokers Limited Email:
  15. Makz Insurance Brokers Limited Email:
  16. Marsh (Malawi) Limited Email:
  17. MicroInsurance Services and Insurance Brokers Limited Email:
  18. Midas Insurance Brokers And Risk Consultants Limited Email:
  19. Minet Insurance Brokers (Malawi) Limited
    Email: Website:
  20. Rhino Insurance Brokers Limited Email:
  21. Senate Insurance Brokers Limited Email:
  22. Star Insurance Brokers Limited Email:
  23. Thofu Insurance Brokers Limited Email:
  24. Trinity Insurance Brokers Ltd Email:
Agents for Brokers
  1. FDH Bank
  2. National Bank of Malawi
  3. NBS Bank Malawi Ltd
  4. Opportunity Bank Malawi
  5. Standard Bank Limited
General Insurance Agents
  1. Breakthrough Insurance Agency
  2. Central Insurance Agency Email:
  3. CHC Insurance Agency
  4. Chisangalalo Insurance Agency Email:
  5. Coconut Insurance Agency
  6. Crown Insurance Agency
  7. Direct Insurance Agency Email:
  8. Equatorial Insurance Agency
  9. Future Insurance Agency
  10. Hamax Insurance Agency Email:
  11. Henliz Insurance Agencies Email:
  12. Hope Insurance agency Email:
  13. Ibex Insurance Agency Email:
  14. Impact Insurance Agency Email:
  15. Indetrust Ltd Email:
  16. LAUDO Insuance Agency Email:
  17. Mc Freed Insurance Agency
  18. Nata Insurance Agency
  19. Orama Insurance Agency
  20. PAGAT United Insurance agency Email:
  21. Pamib Insurance Agency Email:
  22. Premier Insurance Agency Email:
  23. Progressive Insurance Agency
  24. Ranila Insurance Agency
  25. Reliable Insurance agency
  26. Resilient Insurance Agency Email:
  27. Roland insurance Agency
  28. Rossal Insurance Agency
  29. Senate Insurance Agency
  30. Specific Insurance Agency
  31. Ultimate Insurance Agency Email:
  32. Vepro Insurance Agency Email:
  33. Vision Insurance Agency
  34. Vepro Insurance Agency Email:
  35. Worldwide Network Insurance Agency Email:
  36. Thundu Insurance Agency