Speaking during the launch of the programme at MUBAS Campus in Blantyre on 5 December,2024, Director of Pension and Insurance at the Reserve of Malawi (RBM), Paul Nyirenda said the new programme marks a significant milestone in the insurance sector and the country at large.

Nyirenda said as Malawi grapples with low insurance services penetration, the introduction of the new programme will help to boost the industry by producing well trained professionals in the sector.

“As the risk environment continues to evolve, gaps in technical expertise have become more prevalent for regulators, practioners and policy makers in the insurance sector, therefore this programme will definitely bridge the gaps which exists by equipping its graduates with the necessary prerequisites to drive the industry forward,” said Nyirenda.

He added that well-trained insurance professionals help to mitigate risks, stabilize economies and enhance financial inclusion by expanding insurance services to underserved populations.

“Trained professionals instill public trust and confidence in the industry, ensure fairness in claims handling and contribute to the design of innovate products that meet the dynamic needs of consumers,’’ he said. 

In her remarks, MUBAS Vice-Chancellor, Associate Professor Nancy Chitera, said the introduction of the new programme is a reaffirmation of the university’s sense of responsibility to contribute to the development of the country.

Chitera said that as a university that values responsiveness to industrial needs, the design of the programme has been comprehensive to address practical challenges and realities in the insurance industry.

“The launch of the Bachelor of Insurance and Risk Management aligns perfectly with the university’s core values which among them include academic excellence, responsiveness, integrity and entrepreneurship and these values provide us a big sense of responsibility to contribute meaningfully to the development of our society and economy,’’ said Chitera.

The Vice-Chancellor said the close collaboration with the Insurance Institute of Malawi (IIM) in developing the programme, is clear manifestation of the university’s positive engagement with various industries in the country.

"As we celebrate the launch of this programme, we are particularly grateful to insurance industry for the input provided in the development of the programme. The support, insights and collaboration from the Insurance Institute of Insurance in developing this programme was invaluable. We are confident that after undergoing this programme, our graduates will step into workforce with confidence, skills and understanding about challenges and opportunities in the insurance sector," she added.

The grand launch of the programme started with a walk from Blantyre Central Business Area, through Masauko Chipembere Highway, to MUBAS ODeL Auditorium, the venue of the launch. Professionals in the insurance industry led by IIM President, Reuben Kawelele Kamanga, MUBAS members of staff and other well-wishers took part in the Malawi Prison Brass Band led march.

Skills for a Vibrant Economy (SAVE) project provided funding for the development of the new programme.