Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Zimbabwe, including:
The Zimbabwean insurance industrys growth prospects by insurance segment and category
The competitive landscape in the Zimbabwean insurance industry
The current trends and drivers of the Zimbabwean insurance industry
Challenges facing the Zimbabwean insurance industry
The detailed regulatory framework of the Zimbabwean insurance industry
Scope
This report provides a comprehensive analysis of the insurance industry in Zimbabwe:
It provides historical values for the Zimbabwean insurance industry for the reports 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Zimbabwean insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Zimbabwe, and outlines the key regulations affecting them.
Summary
The Zimbabwean economy is recovering after registering extremely high inflation and external debt. The stabilization and slow recovery of the economy followed the formation of the Government of National Unity in 2009, a coalition government, and the introduction of the multi-currency regime in the same year. The slow economic recovery supported the growth of the insurance industry, which grew at a CAGR of 43.5%. The strong performance of the life segment also supported the growth of the Zimbabwean insurance industry. The industry is expected to grow at a forecast-period CAGR of 17.3%.
Reasons To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Zimbabwean insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Zimbabwean insurance industry.
Assess the competitive dynamics in the Zimbabwean insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Zimbabwean insurance industry and its impact on companies and the industrys future.
Key highlights
The Zimbabwean economy is recovering after registering extremely high inflation and external debt.
The Zimbabwean economy is largely dependent on mineral and agricultural products, making these the driving factors for the growth during the review period.
Life insurance was the largest segment in the industry, accounting for 55.5% of gross written premium in 2013.
The life insurance segment is highly concentrated, as the three leading companies accounted for 81.9% of the segments gross written premium in 2013.
The non-life segment is moderately fragmented, as the three leading companies accounted for 39.4% of the total market share in terms of gross written premium in 2013.
Table Of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Zimbabwean Insurance Industry Overview
3.1 Zimbabwean Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual life insurance
4.1.2 General annuity insurance
4.1.3 Individual endowment insurance
4.1.4 Individual term-life insurance
4.1.5 Other insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.3.1 Personal accident insurance
4.3.2 Health insurance
4.4 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Marine, aviation and transit insurance
5.2.5 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Workmens compensation
5.4 Supervision and Control
5.4.1 African Insurance Organization
5.4.2 Insurance and Pensions Commission
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
The frameworks for calculating reserves for these types of claims and unearned premium are provided by supplementary notes from the commissioner. 124
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Old Mutual Life Assurance Company - company overview
6.2.2 Nyaradzo Funeral Assurance Company - company overview
6.2.3 RM Insurance Company (PVT) Ltd - company overview
6.2.4 NicozDiamond Insurance Ltd - company overview
6.2.5 Alliance Insurance Company (Pvt) Ltd - company overview
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation Rate (Percentage)
7.5 Life Expectancy (Years)
7.6 Total Number of Households (Million)
7.7 Total Number of Internet Users (Million)
7.8 Total Population (Million)
7.9 Rural and Urban Populations (Percentage)
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetrics Services
8.5 Disclaimer
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Zimbabwean Insurance Overall Written Premium by Segment (US$ Million), 2009-2013
Table 3: Zimbabwean Insurance Overall Written Premium by Segment (US$ Million), 2013-2018
Table 4: Zimbabwean Insurance Segmentation (% Share), 2009-2018
Table 5: Zimbabwean Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 6: Zimbabwean Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 7: Zimbabwean Life Insurance - Paid Claims (US$ Million), 2009-2013
Table 8: Zimbabwean Life Insurance - Paid Claims (US$ Million), 2013-2018
Table 9: Zimbabwean Life Insurance - Incurred Loss (US$ Million), 2009-2013
Table 10: Zimbabwean Life Insurance - Incurred Loss (US$ Million), 2013-2018
Table 11: Zimbabwean Life Insurance - Loss Ratio (%), 2009-2013
Table 12: Zimbabwean Life Insurance - Loss Ratio (%), 2013-2018
Table 13: Zimbabwean Life Insurance - Combined Ratio (%), 2009-2013
Table 14: Zimbabwean Life Insurance - Combined Ratio (%), 2013-2018
Table 15: Zimbabwean Life Insurance - Total Assets (US$ Million), 2009-2013
Table 16: Zimbabwean Life Insurance - Total Assets (US$ Billion), 2013-2018
Table 17: Zimbabwean Life Insurance - Retentions (US$ Million), 2009-2013
Table 18: Zimbabwean Life Insurance - Retentions (US$ Million), 2013-2018
Table 19: Zimbabwean Individual Life Insurance - Written Premium (US$ Million), 2009-2013
Table 20: Zimbabwean Individual Life Insurance - Written Premium (US$ Million), 2013-2018
Table 21: Zimbabwean General Annuity Insurance - Written Premium (US$ Million), 2009-2013
Table 22: Zimbabwean General Annuity Insurance - Written Premium (US$ Million), 2013-2018
Table 23: Zimbabwean Individual Endowment Insurance - Written Premium (US$ Million), 2009-2013
Table 24: Zimbabwean Individual Endowment Insurance - Written Premium (US$ Million), 2013-2018
Table 25: Zimbabwean Individual Term Life Insurance - Written Premium (US$ Million), 2009-2013
Table 26: Zimbabwean Individual Term Life Insurance - Written Premium (US$ Million), 2013-2018
Table 27: Zimbabwean Other Insurance - Written Premium (US$ Million), 2009-2013
Table 28: Zimbabwean Other Insurance - Written Premium (US$ Million), 2013-2018
Table 29: Zimbabwean Non-Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 30: Zimbabwean Non-Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 31: Zimbabwean Non-Life Insurance - Paid Claims (US$ Million), 2009-2013
Table 32: Zimbabwean Non-Life Insurance - Paid Claims (US$ Million), 2013-2018
Table 33: Zimbabwean Non-Life Insurance - Incurred Loss (US$ Million), 2009-2013
Table 34: Zimbabwean Non-Life Insurance - Incurred Loss (US$ Million), 2013-2018
Table 35: Zimbabwean Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 36: Zimbabwean Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 37: Zimbabwean Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 38: Zimbabwean Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 39: Zimbabwean Non-Life Insurance - Total Assets (US$ Million), 2009-2013
Table 40: Zimbabwean Non-Life Insurance - Total Assets (US$ Million), 2013-2018
Table 41: Zimbabwean Non-Life Insurance - Retentions (US$ Million), 2009-2013
Table 42: Zimbabwean Non-Life Insurance - Retentions (US$ Million), 2013-2018
Table 43: Zimbabwean Property Insurance - Written Premium (US$ Million), 2009-2013
Table 44: Zimbabwean Property Insurance - Written Premium (US$ Million), 2013-2018
Table 45: Zimbabwean Motor Insurance - Written Premium (US$ Million), 2009-2013
Table 46: Zimbabwean Motor Insurance - Written Premium (US$ Million), 2013-2018
Table 47: Zimbabwean Liability Insurance - Written Premium (US$ Million), 2009-2013
Table 48: Zimbabwean Liability Insurance - Written Premium (US$ Million), 2013-2018
Table 49: Zimbabwean Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2009-2013
Table 50: Zimbabwean Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2013-2018
Table 51: Zimbabwean Personal Accident and Health Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 52: Zimbabwean Personal Accident and Health Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 53: Zimbabwean Personal Accident and Health Insurance - Paid Claim (US$ Million), 2009-2013
Table 54: Zimbabwean Personal Accident and Health Insurance - Paid Claim (US$ Million), 2013-2018
Table 55: Zimbabwean Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2009-2013
Table 56: Zimbabwean Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2013-2018
Table 57: Zimbabwean Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 58: Zimbabwean Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 59: Zimbabwean Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 60: Zimbabwean Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 61: Zimbabwean Personal Accident and Health Insurance - Total Assets (US$ Million), 2009-2013
Table 62: Zimbabwean Personal Accident and Health Insurance - Total Assets (US$ Million), 2013-2018
Table 63: Zimbabwean Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2009-2013
Table 64: Zimbabwean Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2013-2018
Table 65: Zimbabwean Personal Accident and Health Insurance - Retentions (US$ Million), 2009-2013
Table 66: Zimbabwean Personal Accident and Health Insurance - Retentions (US$ Million), 2013-2018
Table 67: Zimbabwean Personal Accident Insurance - Written Premium (US$ Million), 2009-2013
Table 68: Zimbabwean Personal Accident Insurance - Written Premium (US$ Million), 2013-2018
Table 69: Zimbabwean Health Insurance - Written Premium (US$ Million), 2009-2013
Table 70: Zimbabwean Health Insurance - Written Premium (US$ Million), 2013-2018
Table 71: Zimbabwean Reinsurance Ceded by Insurance Industry (US$ Million), 2009-2013
Table 72: Zimbabwean Reinsurance Ceded by Insurance Industry (US$ Million), 2013-2018
Table 73: Zimbabwean Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 74: Zimbabwean Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 75: Zimbabwean Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 76: Zimbabwean Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 77: Zimbabwean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 78: Zimbabwean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 79: Zimbabwe - Life Insurance Regulatory Framework
Table 80: Zimbabwe - Property Insurance Regulatory Framework
Table 81: Zimbabwe - Motor Insurance Regulatory Framework
Table 82: Zimbabwe - Corporate Tax Rates for the Financial Year 2014
Table 83: Zimbabwean Life Insurance - Segment Shares, 2013
Table 84: Zimbabwean Non-Life Insurance - Segment Shares, 2013
Table 85: Old Mutual Life Assurance Company, Main Products
Table 86: Old Mutual Life Assurance Company, Key Employees
Table 87: Nyaradzo Funeral Assurance Company, Main Products
Table 88: Nyaradzo Funeral Assurance Company, Key Employees
Table 89: R M Insurance Company (PVT) Ltd, Main Products
Table 90: R M Insurance Company (PVT) Ltd - Key Employees
Table 91: NicozDiamond Insurance Ltd, Main Products
Table 92: NicozDiamond Insurance Ltd, Key Employees
Table 93: Alliance Insurance Company (Pvt) Ltd, Main Products
Table 94: Alliance Insurance Company (Pvt) Ltd, Key Employees
List Of Figures
Figure 1: Zimbabwean Insurance Overall Written Premium by Segment (US$ Million), 2009-2018
Figure 2: Zimbabwean Insurance Market Dynamics by Segment, 2009-2018
Figure 3: Zimbabwean Life Insurance - Written Premium by Category (US$ Million), 2009-2018
Figure 4: Zimbabwean Life Insurance - Written Premium by Category (% Share), 2013 and 2018
Figure 5: Zimbabwean Life Insurance - Dynamics by Category, 2009-2018
Figure 6: Zimbabwean Life Insurance - Paid Claims (US$ Million), 2009-2013
Figure 7: Zimbabwean Life Insurance - Paid Claims (US$ Million), 2013-2018
Figure 8: Zimbabwean Life Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 9: Zimbabwean Life Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 10: Zimbabwean Life Insurance - Loss Ratio (%), 2009-2013
Figure 11: Zimbabwean Life Insurance - Loss Ratio (%), 2013-2018
Figure 12: Zimbabwean Life Insurance - Combined Ratio (%), 2009-2013
Figure 13: Zimbabwean Life Insurance - Combined Ratio (%), 2013-2018
Figure 14: Zimbabwean Life Insurance - Total Assets (US$ Million), 2009-2013
Figure 15: Zimbabwean Life Insurance - Total Assets (US$ Billion), 2013-2018
Figure 16: Zimbabwean Life Insurance - Retentions (US$ Million), 2009-2013
Figure 17: Zimbabwean Life Insurance - Retentions (US$ Million), 2013-2018
Figure 18: Zimbabwean Life Insurance - Penetration (%), 2009-2013
Figure 19: Zimbabwean Life Insurance - Premium Per-capita (US$), 2009-2013
Figure 20: Zimbabwean Individual Life Insurance - Written Premium (US$ Million), 2009-2013
Figure 21: Zimbabwean Individual Life Insurance - Written Premium (US$ Million), 2013-2018
Figure 22: Zimbabwean General Annuity Insurance - Written Premium (US$ Million), 2009-2013
Figure 23: Zimbabwean General Annuity Insurance - Written Premium (US$ Million), 2013-2018
Figure 24: Zimbabwean Individual Endowment Insurance - Written Premium (US$ Million), 2009-2013
Figure 25: Zimbabwean Individual Endowment Insurance - Written Premium (US$ Million), 2013-2018
Figure 26: Zimbabwean Individual Term Life Insurance - Written Premium (US$ Million), 2009-2013
Figure 27: Zimbabwean Individual Term Life Insurance - Written Premium (US$ Million), 2013-2018
Figure 28: Zimbabwean Other Insurance - Written Premium (US$ Million), 2009-2013
Figure 29: Zimbabwean Other Insurance - Written Premium (US$ Million), 2013-2018
Figure 30: Zimbabwean Non-Life Insurance - Written Premium by Category (US$ Million), 2009-2018
Figure 31: Zimbabwean Non-Life Insurance - Written Premium by Category (%), 2013 and 2018
Figure 32: Zimbabwean Non-Life Insurance - Dynamics by Category, 2009-2018
Figure 33: Zimbabwean Non-Life Insurance - Paid Claims (US$ Million), 2009-2013
Figure 34: Zimbabwean Non-Life Insurance - Paid Claims (US$ Million), 2013-2018
Figure 35: Zimbabwean Non-Life Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 36: Zimbabwean Non-Life Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 37: Zimbabwean Non-Life Insurance - Loss Ratio (%), 2009-2013
Figure 38: Zimbabwean Non-Life Insurance - Loss Ratio (%), 2013-2018
Figure 39: Zimbabwean Non-Life Insurance - Combined Ratio (%), 2009-2013
Figure 40: Zimbabwean Non-Life Insurance - Combined Ratio (%), 2013-2018
Figure 41: Zimbabwean Non-Life Insurance - Total Assets (US$ Million), 2009-2013
Figure 42: Zimbabwean Non-Life Insurance - Total Assets (US$ Million), 2013-2018
Figure 43: Zimbabwean Non-Life Insurance - Retentions (US$ Million), 2009-2013
Figure 44: Zimbabwean Non-Life Insurance - Retentions (US$ Million), 2013-2018
Figure 45: Zimbabwean Non-Life Insurance - Investment (US$ Million), 2009-2013
Figure 46: Zimbabwean Non-Life Insurance Penetration (%), 2009-2013
Figure 47: Zimbabwean Non-Life Insurance - Premium Per Capita (US$), 2009-2013
Figure 48: Zimbabwean Property Insurance - Written Premium (US$ Million), 2009-2013
Figure 49: Zimbabwean Property Insurance - Written Premium (US$ Million), 2013-2018
Figure 50: Zimbabwean Motor Insurance - Written Premium (US$ Million), 2009-2013
Figure 51: Zimbabwean Motor Insurance - Written Premium (US$ Million), 2013-2018
Figure 52: Zimbabwean Liability Insurance - Written Premium (US$ Million), 2009-2013
Figure 53: Zimbabwean Liability Insurance - Written Premium (US$ Million), 2013-2018
Figure 54: Zimbabwean Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2009-2013
Figure 55: Zimbabwean Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2013-2018
Figure 56: Zimbabwean Personal Accident and Health Insurance - Written Premium by Category (US$ Million), 2009-2018
Figure 57: Zimbabwean Personal Accident and Health Insurance - Written Premium by Category (%), 2013 and 2018
Figure 58: Zimbabwean Personal Accident and Health Insurance - Dynamics by Category, 2009-2018
Figure 59: Zimbabwean Personal Accident and Health Insurance - Paid Claims by Category (US$ Million), 2009-2013
Figure 60: Zimbabwean Personal Accident and Health Insurance - Paid Claims (US$ Million), 2013-2018
Figure 61: Zimbabwean Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 62: Zimbabwean Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 63: Zimbabwean Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Figure 64: Zimbabwean Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Figure 65: Zimbabwean Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Figure 66: Zimbabwean Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Figure 67: Zimbabwean Personal Accident and Health Insurance - Total Assets (US$ Million), 2009-2013
Figure 68: Zimbabwean Personal Accident and Health Insurance - Total Assets (US$ Million), 2013-2018
Figure 69: Zimbabwean Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2009-2013
Figure 70: Zimbabwean Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2013-2018
Figure 71: Zimbabwean Personal Accident and Health Insurance - Retentions (US$ Million), 2009-2013
Figure 72: Zimbabwean Personal Accident and Health Insurance - Retentions (US$ Million), 2013-2018
Figure 73: Zimbabwean Personal Accident and Health Insurance - Investment (US$ Million), 2009-2013
Figure 74: Zimbabwean Personal Accident and Health Insurance Penetration (%), 2009-2013
Figure 75: Zimbabwean Personal Accident and Health Insurance - Premium Per Capita (US$), 2009-2013
Figure 76: Zimbabwean Personal Accident Insurance - Written Premium (US$ Million), 2009-2013
Figure 77: Zimbabwean Personal Accident Insurance - Written Premium (US$ Million), 2013-2018
Figure 78: Zimbabwean Health Insurance - Written Premium (US$ Million), 2009-2013
Figure 79: Zimbabwean Health Insurance - Written Premium (US$ Million), 2013-2018
Figure 80: Zimbabwean Reinsurance Ceded by Insurance Segment (US$ Million), 2009-2018
Figure 81: Zimbabwean Reinsurance - Dynamics by Insurance Segment, 2009-2018
Figure 82: Zimbabwean Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 83: Zimbabwean Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 84: Zimbabwean Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 85: Zimbabwean Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 86: Zimbabwean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 87: Zimbabwean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 88: Zimbabwe - Insurance Regulatory Framework
Figure 89: Zimbabwe - Insurance Supervision and Control at Various Levels
Figure 90: Zimbabwe - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 91: Zimbabwean Life Insurance - Segment Shares, 2013
Figure 92: Zimbabwean Non-Life Insurance - Segment Shares, 2013
Figure 93: Zimbabwean GDP at Constant Prices (US$ Billion), 2009-2013
Figure 94: Zimbabwean GDP at Current Prices (US$ Billion), 2009-2013
Figure 95: Zimbabwean GDP Per Capita at Current Prices (US$), 2009-2013
Figure 96: Zimbabwean Inflation Rate (%), 2009-2013
Figure 97: Zimbabwean Life Expectancy (Number of Years), 2009-2013
Figure 98: Zimbabwean Total Number of Households (Million), 2009-2013
Figure 99: Zimbabwean Total Number of Internet Users (Million), 2008-2012
Figure 100: Zimbabwean Total Population (Million), 2009-2013
Figure 101: Zimbabwean Rural and Urban Populations (%), 2009-2013
