Britam Malawi has been launched in the country following it’s rebranding from Real Insurance Company last year as a result of the acquisition of its mother company in Kenya by British America Investment Company (Britam).
The launch took place in Blantyre on Friday during a dinner hosted by the company for its partners as well as existing and potential customers.
Guest of honour at the ceremony, Reserve Bank of Malawi (RBM) director of banking supervision, Noel Nkulichi, hailed Britam for demonstrating commitment to adopt best practices and attain full statutory and regulatory compliance in its operations.
“This had been more pronounced in the review of its technical reserving policy. This commitment is a sign of good leadership and influence from the Britam Group,” said Mkulichi.
“It is our sincere hope that Britam Malawi will remain firmly committed to best and fair practices as proclaimed in the relevant regulatory environment and international standards,” he said.
Nkuluchi spoke against insurance pricing undertaking in the sector, saying pricing should be determined to ensure scientifically resolute premium rates.
“We, therefore, urge all insurers to adhere to the best insurance practices in their operations. The office of registrar is currently working on a pricing model project for general insurers with a belief that the effort can complement those of each insurer in addressing the issue of pricing,” said Nkulichi.
Britam regional director for insurance, Steven Wandera, said the company is committed to bringing new products and services on the local market to revolutionise the industry.
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