Minet Malawi pushes market share edge

As published by the Daily Times on November 9th 2021

Local insurance broker, Minet, has touted its business strides over the past four years, claiming to have grown its market share from 29 percent in 2017 to 33 percent now.

This comes as the firm commemorates four years after rebranding from Aon.

It says the rebranding did not only entail change of logo and name, but adoption of new business ideologies.

Minet Managing Director Delvin Khongono said there has been a lot of goodwill by the insuring public, hence the growth.

“Our market share increased from 29 percent to 33 percent. We remain the largest insurance broker in Malawi,” he said.

He said as part of a diversification drive, the firm expanded offerings into reinsurance.

In April 2021, Minet became Malawi’s first and only insurance broking company to be awarded a composite license by regulator, the Reserve Bank of Malawi.

With the new license, Minet is able to transact retail and reinsurance businesses under one roof. “Apart from giving us another source of business to grow our revenue stream, the reinsurance license that the regulator awarded us, has helped and will continue to help the market to attract reinsurance capacity to insure risky business ventures, such as: mining, agriculture and political violence that are traditionally avoided by insurers. This in turn assists in growth of the country’s insurance penetration,” Khongono said.

Commenting on the operating environment, Khongono said while the landscape remained a mixed bag, general incurrence sub-sector experienced a quiet period, while life insurers and pension administrators picked.

He said the future looks very promising for Minet. “We will strive to offer innovative products and seamless service to our clients so that we maintain number one position in the broking sector. In tandem to and pursuant of our vision of ‘securing Africa’s future’, we are geared to make Minet a first point of call for the insuring public and position Minet brand as a household name in the county,” Khongono said.