Malawi Financial Sector Assessment Program : Contractual Savings - Insurance and Pensions
The penetration level of the insurance and pension sectors in Malawi is low, but it seems adequate as compared with other countries in similar stages of development. Concentration and costs are high, the regulatory framework is outdated or inexiste...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/276161468046489055/Malawi-Contractual-savings-insurance-and-pensions-technical-note http://hdl.handle.net/10986/28235 |
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okr-10986-28235 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO INFORMATION ACCIDENT INSURANCE ACCRUAL RATE ACCRUAL RATES ACTIVE INVESTMENT ACTUARIES ADJUSTMENT MECHANISMS ANNUITIES ANNUITY ASSET DIVERSIFICATION ASSET MANAGEMENT ASSURANCE BALANCE SHEETS BANKING INSTITUTIONS BANKS BASIC BENEFITS BENEFICIARIES BENEFIT FORMULA BENEFIT PAYMENTS CAPACITY BUILDING CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CIVIL SERVICE CIVIL SERVICE PENSION CONFLICTS OF INTEREST CONTRACTUAL SAVINGS CONTRIBUTION RATE CONTRIBUTION RATES CURRENT ASSETS DEBT DEFICITS DEFINED BENEFIT DEPOSITS DISCLOSURE OF INFORMATION DOUBLE TAXATION ECONOMIC STRUCTURE EMERGING ECONOMIES EMPLOYEE EXPENDITURE EXPENDITURES EXPOSURE EXPOSURE TO RISKS FIDUCIARY RESPONSIBILITIES FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STATEMENTS FIRE INSURANCE FISCAL BURDEN FIXED ASSETS FOREIGN CAPITALS FOREIGN INVESTMENTS FUND MANAGEMENT FUND MANAGERS FUNDED PENSION FUNDED SCHEME GENERAL INSURANCE GOVERNANCE ISSUES GOVERNMENT SECURITIES INCOME SECURITY INCOME TAX INCOME TAXES INFLATION INSTITUTIONAL CAPACITY INSTITUTIONAL DEVELOPMENT INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE MARKET INSURANCE PRODUCT INSURANCE PRODUCTS INSURANCE SUPERVISION INSURER INSURERS INTERNATIONAL BANK INTERNATIONAL DEBATE INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTING INVESTMENT INCOME INVESTMENT OPTIONS INVESTMENT POLICIES INVESTMENT STRATEGIES LABOR FORCE LEGAL FRAMEWORK LEGAL REFORM LEGISLATION LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY MARKET CONCENTRATION MARKET PENETRATION MARKET SHARE MARKET STRUCTURE MATURITY MICRO INSURANCE MICRO-INSURANCE MICROFINANCE MICROINSURANCE MINIMUM CAPITAL REQUIREMENTS MONETARY FUND NBFI NBFIS OCCUPATIONAL SCHEMES OLD-AGE INCOME PENSION PENSION ADMINISTRATION PENSION ARRANGEMENTS PENSION BENEFITS PENSION EXPENDITURE PENSION EXPENDITURES PENSION FUND PENSION FUND ADMINISTRATOR PENSION FUND MANAGEMENT PENSION FUND MANAGERS PENSION FUNDS PENSION PAYMENT PENSION PAYMENTS PENSION PLANS PENSION POLICY PENSION PROGRAMS PENSION PROVISION PENSION REFORM PENSION REFORMS PENSION RIGHTS PENSION SCHEME PENSION SCHEMES PENSION SECTORS PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS POLITICAL ECONOMY PORTFOLIO PORTFOLIO DIVERSIFICATION PORTFOLIOS PRESENT VALUE PRICE INDEXATION PRIVATE PENSION PRIVATE PENSIONS PRIVATE SAVINGS PRIVATE SECTOR DEVELOPMENT PUBLIC AGENCIES PUBLIC BUDGET PUBLIC PENSION PUBLIC PENSIONS RATE OF RETURN REAL ESTATE REGULATORY CAPACITY REGULATORY FRAMEWORK REGULATORY REQUIREMENTS REINSURANCE RESERVE RESERVE BANK RESERVES RETIREES RETIREMENT RETIREMENT AGE RETIREMENT SAVINGS RETURNS SAVINGS PROGRAMS SMALL ECONOMIES SOLVENCY SUSTAINABLE GROWTH TAX TAX COLLECTION TECHNICAL ASSISTANCE TREASURY TREASURY BILLS TRUST DEED UNDERWRITING VOLUNTARY PENSIONS |
| spellingShingle |
ACCESS TO INFORMATION ACCIDENT INSURANCE ACCRUAL RATE ACCRUAL RATES ACTIVE INVESTMENT ACTUARIES ADJUSTMENT MECHANISMS ANNUITIES ANNUITY ASSET DIVERSIFICATION ASSET MANAGEMENT ASSURANCE BALANCE SHEETS BANKING INSTITUTIONS BANKS BASIC BENEFITS BENEFICIARIES BENEFIT FORMULA BENEFIT PAYMENTS CAPACITY BUILDING CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CIVIL SERVICE CIVIL SERVICE PENSION CONFLICTS OF INTEREST CONTRACTUAL SAVINGS CONTRIBUTION RATE CONTRIBUTION RATES CURRENT ASSETS DEBT DEFICITS DEFINED BENEFIT DEPOSITS DISCLOSURE OF INFORMATION DOUBLE TAXATION ECONOMIC STRUCTURE EMERGING ECONOMIES EMPLOYEE EXPENDITURE EXPENDITURES EXPOSURE EXPOSURE TO RISKS FIDUCIARY RESPONSIBILITIES FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STATEMENTS FIRE INSURANCE FISCAL BURDEN FIXED ASSETS FOREIGN CAPITALS FOREIGN INVESTMENTS FUND MANAGEMENT FUND MANAGERS FUNDED PENSION FUNDED SCHEME GENERAL INSURANCE GOVERNANCE ISSUES GOVERNMENT SECURITIES INCOME SECURITY INCOME TAX INCOME TAXES INFLATION INSTITUTIONAL CAPACITY INSTITUTIONAL DEVELOPMENT INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE MARKET INSURANCE PRODUCT INSURANCE PRODUCTS INSURANCE SUPERVISION INSURER INSURERS INTERNATIONAL BANK INTERNATIONAL DEBATE INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTING INVESTMENT INCOME INVESTMENT OPTIONS INVESTMENT POLICIES INVESTMENT STRATEGIES LABOR FORCE LEGAL FRAMEWORK LEGAL REFORM LEGISLATION LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY MARKET CONCENTRATION MARKET PENETRATION MARKET SHARE MARKET STRUCTURE MATURITY MICRO INSURANCE MICRO-INSURANCE MICROFINANCE MICROINSURANCE MINIMUM CAPITAL REQUIREMENTS MONETARY FUND NBFI NBFIS OCCUPATIONAL SCHEMES OLD-AGE INCOME PENSION PENSION ADMINISTRATION PENSION ARRANGEMENTS PENSION BENEFITS PENSION EXPENDITURE PENSION EXPENDITURES PENSION FUND PENSION FUND ADMINISTRATOR PENSION FUND MANAGEMENT PENSION FUND MANAGERS PENSION FUNDS PENSION PAYMENT PENSION PAYMENTS PENSION PLANS PENSION POLICY PENSION PROGRAMS PENSION PROVISION PENSION REFORM PENSION REFORMS PENSION RIGHTS PENSION SCHEME PENSION SCHEMES PENSION SECTORS PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS POLITICAL ECONOMY PORTFOLIO PORTFOLIO DIVERSIFICATION PORTFOLIOS PRESENT VALUE PRICE INDEXATION PRIVATE PENSION PRIVATE PENSIONS PRIVATE SAVINGS PRIVATE SECTOR DEVELOPMENT PUBLIC AGENCIES PUBLIC BUDGET PUBLIC PENSION PUBLIC PENSIONS RATE OF RETURN REAL ESTATE REGULATORY CAPACITY REGULATORY FRAMEWORK REGULATORY REQUIREMENTS REINSURANCE RESERVE RESERVE BANK RESERVES RETIREES RETIREMENT RETIREMENT AGE RETIREMENT SAVINGS RETURNS SAVINGS PROGRAMS SMALL ECONOMIES SOLVENCY SUSTAINABLE GROWTH TAX TAX COLLECTION TECHNICAL ASSISTANCE TREASURY TREASURY BILLS TRUST DEED UNDERWRITING VOLUNTARY PENSIONS International Monetary Fund World Bank Malawi Financial Sector Assessment Program : Contractual Savings - Insurance and Pensions |
| geographic_facet |
Africa Malawi |
| description |
The penetration level of the insurance
and pension sectors in Malawi is low, but it seems adequate
as compared with other countries in similar stages of
development. Concentration and costs are high, the
regulatory framework is outdated or inexistent and
supervision is weak. An innovative pilot experience of
weather micro-insurance is a good example of private-public
partnership to reduce vulnerability and extend benefits, but
the coverage is still low. The project faces several
challenges, one of them being the need to invest in weather
technology. Cost benefit analysis of public projects in this
area should take into consideration the possible positive
social benefits of income security for vulnerable rural
population. The analysis needs to take into account that
possibilities to increase micro-insurance penetration may be
affected by the level of education of farmers, as well as
their specific knowledge of insurance products and their
confidence in insurance companies. Life insurance and
private pension plans have an acceptable level of
development as substitute of the non-existing mandatory
pensions for private sector workers, but they need a
stronger supervision and regulation to enhance their
benefits. Rules should seek to promote portfolio
diversification, higher portability of pensions and old age
income security through well defined benefit rules. |
| format |
Report |
| author |
International Monetary Fund World Bank |
| author_facet |
International Monetary Fund World Bank |
| author_sort |
International Monetary Fund |
| title |
Malawi Financial Sector Assessment Program : Contractual Savings - Insurance and Pensions |
| title_short |
Malawi Financial Sector Assessment Program : Contractual Savings - Insurance and Pensions |
| title_full |
Malawi Financial Sector Assessment Program : Contractual Savings - Insurance and Pensions |
| title_fullStr |
Malawi Financial Sector Assessment Program : Contractual Savings - Insurance and Pensions |
| title_full_unstemmed |
Malawi Financial Sector Assessment Program : Contractual Savings - Insurance and Pensions |
| title_sort |
malawi financial sector assessment program : contractual savings - insurance and pensions |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/276161468046489055/Malawi-Contractual-savings-insurance-and-pensions-technical-note http://hdl.handle.net/10986/28235 |
| _version_ |
1764466147369943040 |
| spelling |
okr-10986-282352021-04-23T14:04:46Z Malawi Financial Sector Assessment Program : Contractual Savings - Insurance and Pensions International Monetary Fund World Bank ACCESS TO INFORMATION ACCIDENT INSURANCE ACCRUAL RATE ACCRUAL RATES ACTIVE INVESTMENT ACTUARIES ADJUSTMENT MECHANISMS ANNUITIES ANNUITY ASSET DIVERSIFICATION ASSET MANAGEMENT ASSURANCE BALANCE SHEETS BANKING INSTITUTIONS BANKS BASIC BENEFITS BENEFICIARIES BENEFIT FORMULA BENEFIT PAYMENTS CAPACITY BUILDING CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CIVIL SERVICE CIVIL SERVICE PENSION CONFLICTS OF INTEREST CONTRACTUAL SAVINGS CONTRIBUTION RATE CONTRIBUTION RATES CURRENT ASSETS DEBT DEFICITS DEFINED BENEFIT DEPOSITS DISCLOSURE OF INFORMATION DOUBLE TAXATION ECONOMIC STRUCTURE EMERGING ECONOMIES EMPLOYEE EXPENDITURE EXPENDITURES EXPOSURE EXPOSURE TO RISKS FIDUCIARY RESPONSIBILITIES FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STATEMENTS FIRE INSURANCE FISCAL BURDEN FIXED ASSETS FOREIGN CAPITALS FOREIGN INVESTMENTS FUND MANAGEMENT FUND MANAGERS FUNDED PENSION FUNDED SCHEME GENERAL INSURANCE GOVERNANCE ISSUES GOVERNMENT SECURITIES INCOME SECURITY INCOME TAX INCOME TAXES INFLATION INSTITUTIONAL CAPACITY INSTITUTIONAL DEVELOPMENT INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE MARKET INSURANCE PRODUCT INSURANCE PRODUCTS INSURANCE SUPERVISION INSURER INSURERS INTERNATIONAL BANK INTERNATIONAL DEBATE INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTING INVESTMENT INCOME INVESTMENT OPTIONS INVESTMENT POLICIES INVESTMENT STRATEGIES LABOR FORCE LEGAL FRAMEWORK LEGAL REFORM LEGISLATION LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY MARKET CONCENTRATION MARKET PENETRATION MARKET SHARE MARKET STRUCTURE MATURITY MICRO INSURANCE MICRO-INSURANCE MICROFINANCE MICROINSURANCE MINIMUM CAPITAL REQUIREMENTS MONETARY FUND NBFI NBFIS OCCUPATIONAL SCHEMES OLD-AGE INCOME PENSION PENSION ADMINISTRATION PENSION ARRANGEMENTS PENSION BENEFITS PENSION EXPENDITURE PENSION EXPENDITURES PENSION FUND PENSION FUND ADMINISTRATOR PENSION FUND MANAGEMENT PENSION FUND MANAGERS PENSION FUNDS PENSION PAYMENT PENSION PAYMENTS PENSION PLANS PENSION POLICY PENSION PROGRAMS PENSION PROVISION PENSION REFORM PENSION REFORMS PENSION RIGHTS PENSION SCHEME PENSION SCHEMES PENSION SECTORS PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS POLITICAL ECONOMY PORTFOLIO PORTFOLIO DIVERSIFICATION PORTFOLIOS PRESENT VALUE PRICE INDEXATION PRIVATE PENSION PRIVATE PENSIONS PRIVATE SAVINGS PRIVATE SECTOR DEVELOPMENT PUBLIC AGENCIES PUBLIC BUDGET PUBLIC PENSION PUBLIC PENSIONS RATE OF RETURN REAL ESTATE REGULATORY CAPACITY REGULATORY FRAMEWORK REGULATORY REQUIREMENTS REINSURANCE RESERVE RESERVE BANK RESERVES RETIREES RETIREMENT RETIREMENT AGE RETIREMENT SAVINGS RETURNS SAVINGS PROGRAMS SMALL ECONOMIES SOLVENCY SUSTAINABLE GROWTH TAX TAX COLLECTION TECHNICAL ASSISTANCE TREASURY TREASURY BILLS TRUST DEED UNDERWRITING VOLUNTARY PENSIONS The penetration level of the insurance and pension sectors in Malawi is low, but it seems adequate as compared with other countries in similar stages of development. Concentration and costs are high, the regulatory framework is outdated or inexistent and supervision is weak. An innovative pilot experience of weather micro-insurance is a good example of private-public partnership to reduce vulnerability and extend benefits, but the coverage is still low. The project faces several challenges, one of them being the need to invest in weather technology. Cost benefit analysis of public projects in this area should take into consideration the possible positive social benefits of income security for vulnerable rural population. The analysis needs to take into account that possibilities to increase micro-insurance penetration may be affected by the level of education of farmers, as well as their specific knowledge of insurance products and their confidence in insurance companies. Life insurance and private pension plans have an acceptable level of development as substitute of the non-existing mandatory pensions for private sector workers, but they need a stronger supervision and regulation to enhance their benefits. Rules should seek to promote portfolio diversification, higher portability of pensions and old age income security through well defined benefit rules. 2017-09-08T18:54:20Z 2017-09-08T18:54:20Z 2008-09 Report http://documents.worldbank.org/curated/en/276161468046489055/Malawi-Contractual-savings-insurance-and-pensions-technical-note http://hdl.handle.net/10986/28235 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work Africa Malawi |