Malawi’s insurance penetration lowest in the region says RBM

BY HENRY MCHAZIME 17:24:21 - 29 September 2008

Reserve Bank of Malawi (RBM) Deputy Governor Mary Nkosi says the country’s insurance penetration is very low despite the fact that Malawi’s economy has been on the rise.Nkosi who is also Deputy Registrar of Insurance said this on Friday during the official opening of Insurance Institute of Malawi (IIM) annual conference held under the theme ‘Thriving on change, go for gold’.She said although the economy registered an impressive growth rate of 8.6 percent in 2007 due to good and sound economic management, insurance penetration ratio was very low.“The rosy picture of how our economy has performed over the past three years stands to be dented when we have low insurance penetration ratios. In 2005 the insurance penetration ratio was 2 percent, 2.2 percent in 2006 and 2007 2.3 percent,” said Nkosi.She added that the ratios entail that few Malawians have access to insurance products and challenged the insurance industry to seek proper solutions to address the challenge.“Let us try to find solutions with a view of ensuring that more Malawian should access insurance products particularly in the present times when the prevalent macroeconomic environment is quite favourable,” said Nkosi. On economic prospects for 2008 Nkosi said the economy is expected to grow by 8.7 percent with the expectation that the direction which the economy will take thereafter will have a significant influence on the future performances of all business entities and insurance companies.In his remarks IIM outgoing president Master Mbale who is also Assistant General Manager for Nico General Insurance said the theme for the conference was selected to provide necessary skills to participants on how to deal with changes affecting the industry. Around 100 participants attended the conference which had local presenters who tackled several challenges facing insurance business ranging from fraud to money laundering.

Copyright @ 2005 BNL Limited, Malawi

LEHMAN BROTHERS: AIG NEXT?

5, 000 jobs have been lost in London directly through the thousands of miles away Lehman Brothers Chapter 11 protection filing in the US. In the fallout AIG (American International Group Inc.) is struggling due to its huge stake in Lehman Brothers, it share price is in freefall, and it is looking for at least 40 billion British Pounds in bridge loans. So which way for the worlds largest insurer? What about Manchester United shirt sponsors' satellites around the world?

AIG estimated a one-notch downgrade by both S&P and Moody's Investors Service would force it to post $13.3 billion in extra collateral to cover swaps, according to a regulatory filing.

Another ratings agency, Fitch Ratings, on Monday night cut its longterm issuer default rating for AIG to "A" from "AA-."

Lehman Brothers was an investment bank and most of its clients were corporate, as Alan Greenspan says its just the beginning, there may be more casualties caught up in the complicated global investment(s) fray, too many loans were given, too many loans were taken. Global economy question marks set in. Who next? Asia?

Telegraph.co.uk

AIG Seeks Funds From JPMorgan, Goldman After Fed Balks at Loan

Wall St., Not Washington, Steps Up To Help AIG

NY allows AIG to borrow from subsidiaries

Talk of job security! We are never ever really safe as employees, are we?

T D Jakes on God, War and Sarah Palin (The Rachel Maddow Road)

http://www.msnbc.msn.com/id/21134540/vp/26631789#26615289

Should Malawi Government finally let go Air Malawi?

http://chiholocastle.blogspot.com/2008/09/should-malawi-government-finally-let-go.html

Curing Victimitis

Watch your thoughts; they lead to attitudes.
Watch your attitudes; they lead to words.
Watch your words; they lead to actions.
Watch your actions; they lead to habits.
Watch your habits; they form your character.
Watch your character; it determines your destiny.

These words of unknown origin tell us that our silent and often subconscious choices shape our future. Every aspect of our lives, at home and at work, can be improved if we use our power to think, reflect, and make conscious choices about our thoughts, attitudes, words, actions, and habits.

Instead, many of us think of ourselves as victims. We complain about our circumstances and what others did to us. Whatever psychological comfort there is in feeling powerless and blameless when things aren't going right, in the end, victims lead unsatisfied lives.

We're most vulnerable to victimitis when we're under the influence of powerful emotions like fear, insecurity, anger, frustration, grief, or depression. These feelings are so powerful, we believe our state of mind is inevitable. Our only hope is they will go away on their own. Yet it's during times of emotional tumult that using our power to choose our thoughts and attitudes is most important. We can't make pain go away, but we can refuse to suffer.

Even when we don't like any of our choices, we do have some -- once we realize we can take control. It isn't easy, but what we do and how we choose to feel about ourselves has a profound impact on the quality of our lives. Victims may get sympathy for a while, but that isn't enough.

Taking personal responsibility for our happiness and success can be scary, but the payoff is enormous. Although we can't make our lives perfect, we can make them better -- usually a lot better.

Michael Josephson
www.charactercounts.org