Old Mutual Malawi Limited Group Chief Executive Officer Edith Jiya has bemoaned low Insurance penetration in the country which currently stands at 2.5 percent.

Jiya expressed the concern during the launch of MK 7 million Insurance Institute of Malawi (IIM) Quiz Competition on Friday at Old Mutual Auditorium in Blantyre.

In her speech Jiya who was also the guest of honour at the event said Insurance players in the country need to develop new innovate ways of reaching out to the masses especially at the time when many Malawians grabbling with the 44 percent devaluation of the kwacha.

She then hailed IIM for taking a leading role in sensitizing the masses on Insurance.

“As players in this industry, it is high time we get challenged by the low penetration of insurance in our country which currently stands at 2.5 percent to become more innovate in how to raise awareness about insurance and how it contributes to national development.

“It is encouraging that IIM is leading in the quest through events like the quiz,” she said.

Turning to the quiz competition, Jiya urged all the teams who have shown interest to take the quiz competition as a tool to broaden their knowledge base.

“Allow me to encourage each participant from all the teams to approach this competition not just as a chance to win but as an opportunity to broaden your knowledge base, showcase your technical skills to potential employers, connect with your peers, and contribute to the collective intelligence that propels our industry forward,” she added.

On his part IIM President Hastings Kapesa hailed Old Mutual for continuing being official sponsors of quiz competition by pumping in MK7 million.

He then urged all the teams taking part in the tournament to adhere to the rules of the competition.

A total of 12 teams namely; General Insurance, Old Mutual Life, Prime Insurance, Reunion, Britam, Rhino Insurance, Nico General, CIC, UGI, Old Mutual Pension, Libertas and NICO Life have expressed interest to take part in the four days competition slated to commence on December 14, 2023.

The quiz competition is scheduled to be concluded on December 21, 2023 with a prize presentation to lucky winners.

Below is the fixture;

1. General Insurance vs Reunion
2. Old Mutual Life vs Prime Insurance
3. NICO General vs Rhino Insurance Blockers
4. Old Mutual Pension vs Britam
5. UGI vs Libertas General
6. CIC vs NICO Life