TY - BOOK ID - 137788004 TI - Malawi Financial Sector Assessment Program : Contractual Savings - Insurance and Pensions. AU - International Monetary Fund. AU - World Bank. PY - 2008 PB - Washington, D.C. : The World Bank, DB - UniCat KW - Access to Information KW - Annuities KW - Asset Management KW - Benefit Formula KW - Capacity Building KW - Capital Markets KW - Civil Service KW - Contractual Savings KW - Contribution Rates KW - Debt KW - Expenditures KW - Finance and Financial Sector Development KW - Financial and Private Sector Development KW - Financial Regulation & Supervision KW - Financial Sector KW - Financial Services KW - Fund Management KW - Income Tax KW - Inflation KW - Insurance KW - Insurance & Risk Mitigation KW - Legal Framework KW - Legal Reform KW - Legislation KW - Life Insurance KW - Microinsurance KW - Mutual Funds KW - Non Bank Financial Institutions KW - Pension Administration KW - Pension Plans KW - Pensions & Retirement Systems KW - Political Economy KW - Retirement KW - Social Protections and Labor KW - Standards and Financial Reporting KW - Technical Assistance KW - Underwriting UR - https://www.unicat.be/uniCat?func=search&query=sysid:137788004 AB - 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 Concentration and costs are high, the regulatory framework is outdated or inexistent and supervision is weak.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. ER -