International Monetary FundWorld Bank2017-09-082017-09-082008-09https://hdl.handle.net/10986/28235The 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 Concentration and costs are high, the regulatory framework is outdated or inexistent and supervision is weak.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.en-USCC BY 3.0 IGOACCESS TO INFORMATIONACCIDENT INSURANCEACCRUAL RATEACCRUAL RATESACTIVE INVESTMENTACTUARIESADJUSTMENT MECHANISMSANNUITIESANNUITYASSET DIVERSIFICATIONASSET MANAGEMENTASSURANCEBALANCE SHEETSBANKING INSTITUTIONSBANKSBASIC BENEFITSBENEFICIARIESBENEFIT FORMULABENEFIT PAYMENTSCAPACITY BUILDINGCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCIVIL SERVICECIVIL SERVICE PENSIONCONFLICTS OF INTERESTCONTRACTUAL SAVINGSCONTRIBUTION RATECONTRIBUTION RATESCURRENT ASSETSDEBTDEFICITSDEFINED BENEFITDEPOSITSDISCLOSURE OF INFORMATIONDOUBLE TAXATIONECONOMIC STRUCTUREEMERGING ECONOMIESEMPLOYEEEXPENDITUREEXPENDITURESEXPOSUREEXPOSURE TO RISKSFIDUCIARY RESPONSIBILITIESFINANCIAL INTERMEDIARIESFINANCIAL MARKETFINANCIAL MARKET DEVELOPMENTFINANCIAL MARKETSFINANCIAL PRODUCTSFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL STATEMENTSFIRE INSURANCEFISCAL BURDENFIXED ASSETSFOREIGN CAPITALSFOREIGN INVESTMENTSFUND MANAGEMENTFUND MANAGERSFUNDED PENSIONFUNDED SCHEMEGENERAL INSURANCEGOVERNANCE ISSUESGOVERNMENT SECURITIESINCOME SECURITYINCOME TAXINCOME TAXESINFLATIONINSTITUTIONAL CAPACITYINSTITUTIONAL DEVELOPMENTINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINSURANCE MARKETINSURANCE PRODUCTINSURANCE PRODUCTSINSURANCE SUPERVISIONINSURERINSURERSINTERNATIONAL BANKINTERNATIONAL DEBATEINTERNATIONAL STANDARDINTERNATIONAL STANDARDSINVESTINGINVESTMENT INCOMEINVESTMENT OPTIONSINVESTMENT POLICIESINVESTMENT STRATEGIESLABOR FORCELEGAL FRAMEWORKLEGAL REFORMLEGISLATIONLIFE INSURANCELIFE INSURANCE COMPANIESLIQUIDITYMARKET CONCENTRATIONMARKET PENETRATIONMARKET SHAREMARKET STRUCTUREMATURITYMICRO INSURANCEMICRO-INSURANCEMICROFINANCEMICROINSURANCEMINIMUM CAPITAL REQUIREMENTSMONETARY FUNDNBFINBFISOCCUPATIONAL SCHEMESOLD-AGE INCOMEPENSIONPENSION ADMINISTRATIONPENSION ARRANGEMENTSPENSION BENEFITSPENSION EXPENDITUREPENSION EXPENDITURESPENSION FUNDPENSION FUND ADMINISTRATORPENSION FUND MANAGEMENTPENSION FUND MANAGERSPENSION FUNDSPENSION PAYMENTPENSION PAYMENTSPENSION PLANSPENSION POLICYPENSION PROGRAMSPENSION PROVISIONPENSION REFORMPENSION REFORMSPENSION RIGHTSPENSION SCHEMEPENSION SCHEMESPENSION SECTORSPENSION SYSTEMPENSION SYSTEMSPENSIONERSPENSIONSPOLITICAL ECONOMYPORTFOLIOPORTFOLIO DIVERSIFICATIONPORTFOLIOSPRESENT VALUEPRICE INDEXATIONPRIVATE PENSIONPRIVATE PENSIONSPRIVATE SAVINGSPRIVATE SECTOR DEVELOPMENTPUBLIC AGENCIESPUBLIC BUDGETPUBLIC PENSIONPUBLIC PENSIONSRATE OF RETURNREAL ESTATEREGULATORY CAPACITYREGULATORY FRAMEWORKREGULATORY REQUIREMENTSREINSURANCERESERVERESERVE BANKRESERVESRETIREESRETIREMENTRETIREMENT AGERETIREMENT SAVINGSRETURNSSAVINGS PROGRAMSSMALL ECONOMIESSOLVENCYSUSTAINABLE GROWTHTAXTAX COLLECTIONTECHNICAL ASSISTANCETREASURYTREASURY BILLSTRUST DEEDUNDERWRITINGVOLUNTARY PENSIONSReportWorld Bank10.1596/28235