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The Insurance Industry in Zimbabwe: Key Trends and Opportunities to 2022

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    Report

  • 108 Pages
  • October 2018
  • Region: Zimbabwe
  • GlobalData
  • ID: 4667091
The Insurance Industry in Zimbabwe: Key Trends and Opportunities to 2022

Summary

the "The Insurance Industry in Zimbabwe: Key Trends and Opportunities to 2022" report provides detailed analysis of the market trends, drivers and challenges in the Zimbabwean insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Zimbabwean economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together the research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

This report provides in-depth market analysis, information and insights into the Zimbabwean insurance industry, including -
  • The Zimbabwean insurance industry's growth prospects by segment and category

  • A comprehensive overview of the Zimbabwean economy and demographics

  • Details of the competitive landscape in the Zimbabwean insurance industry

  • The various distribution channels in the Zimbabwean insurance industry

  • Details of regulatory policy applicable to the Zimbabwean insurance industry

  • Analysis of natural hazards in the Zimbabwean insurance industry


Key Highlights
  • In 2018, Insurance Council of Zimbabwe (ICZ) introduced a unit for the investigation and prevention of insurance fraud.

  • In 2017, IPEC introduced microinsurance regulations to facilitate and improve microinsurance product offerings in Zimbabwe.

  • In 2017, the government raised the minimum capital requirements for insurers operating in Zimbabwe.

  • On November 24, 2016 the government of Zimbabwe approved the establishment of National Health Insurance Scheme providing access to universal healthcare to the Zimbabweans.


Scope
  • This report provides a comprehensive analysis of the insurance industry in Zimbabwe.

  • It provides historical values for the Zimbabwean insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.

  • It offers a detailed analysis of the key segments in the Zimbabwean insurance industry, with market forecasts to 2022.

  • It covers an exhaustive list of parameters, including written premium and claims.

  • It analyzes the various distribution channels in Zimbabwe.

  • It profiles the top insurance companies in Zimbabwe, and outlines the key regulations affecting them.


Reasons to Buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Zimbabwean insurance industry and each segment and category within it.

  • Understand the demand-side dynamics, key market trends and growth opportunities in the Zimbabwean insurance industry.

  • Assess the competitive dynamics in the Zimbabwean insurance industry.

  • Identify the growth opportunities and market dynamics in key segments.

  • Gain insights into key regulations governing the Zimbabwean insurance industry and their impact on companies and the industry's future.

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Paid claims

5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Paid claims
5.1.3 Penetration
5.1.4 Assets and investments
5.2 Pension Insurance
5.2.1 Gross written premium
5.2.2 Penetration

6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Penetration
6.1.3 Loss ratio
6.1.4 Assets and investments
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.4 Liability Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.5 Financial Lines Insurance
6.5.1 Gross written premium
6.5.2 Penetration
6.6 Marine, Aviation and Transit Insurance
6.6.1 Gross written premium
6.6.2 Penetration
6.7 Personal Accident and Health Insurance
6.7.1 Gross written premium
6.7.2 Penetration

7 Reinsurance Outlook
7.1 Reinsurance Accepted
7.2 Premium Ceded

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards
9.1 Flooding
9.2 Droughts
9.3 Earthquakes
9.4 Wildfires
9.5 Epidemics
9.6 Exposure

10 Competitive Landscape
10.1 Company Profiles
10.1.1 Alliance Insurance Company (Pvt) Ltd - Company Overview
10.1.2 NicozDiamond Insurance Ltd - Company Overview
10.1.3 Cell Insurance Company (Pvt) Ltd - Company Overview
10.1.4 Zimnat Lion Insurance Company Ltd - Company Overview
10.1.5 Old Mutual Insurance Company - Company Overview

11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Workmen’s compensation
11.4.3 Professional indemnity insurance for insurance brokers
11.5 Supervision and Control
11.5.1 African Insurance Organization (AIO)
11.5.2 Insurance and Pensions Commission (IPEC)
11.6 Non-Admitted Insurance Regulation
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margins
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution

12 Databook
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
12.2.4 Property insurance
12.2.5 Property insurance by category
12.2.6 Motor insurance
12.2.7 Liability insurance
12.2.8 Financial lines insurance
12.2.9 Marine, aviation and transit insurance
12.2.10 Marine aviation and transit insurance by category
12.2.11 Personal accident and health insurance
12.2.12 Personal accident and health insurance by category

13 Definitions and Methodology
13.1 Definitions
13.2 Methodology

14 About
14.1 Contact
14.2 About
14.3 GlobalData’s Services
14.4 Disclaimer

List of Tables
Table 1: Zimbabwean Insurance Industry - Key Facts, 2017
Table 2: Zimbabwean Insurance Industry -Leading Insurers, 2017
Table 3: Zimbabwean Insurance Industry - Gross Written Premium (US$ Billion and US$ Billion), 2013-2017
Table 4: Zimbabwean Insurance Industry - Gross Written Premium (US$ Billion and US$ Billion), 2017-2022
Table 5: Zimbabwean Insurance Industry - Density (US$), 2013-2017
Table 6: Zimbabwean Insurance Industry - Density (US$), 2017-2022
Table 7: Zimbabwean Insurance Industry - Paid Claims (US$ Million), 2013-2017
Table 8: Zimbabwean Insurance Industry - Paid Claims (US$ Billion), 2017-2022
Table 9: Zimbabwean Life Insurance - Gross Written Premium (US$ Million), 2013-2017
Table 10: Zimbabwean Life Insurance - Gross Written Premium (US$ Million), 2017-2022
Table 11: Zimbabwean Life Insurance - Paid Claims (US$ Million), 2013-2017
Table 12: Zimbabwean Life Insurance - Paid Claims (US$ Million), 2017-2022
Table 13: Zimbabwean Life Insurance - Total Assets (US$ Billion and US$ Billion), 2013-2017
Table 14: Zimbabwean Life Insurance - Total Assets (US$ Billion and US$ Billion), 2017-2022
Table 15: Zimbabwean Life Insurance -Investment Portfolio (US$ Billion), 2013-2017
Table 16: Zimbabwean Life Insurance -Investment Portfolio (US$ Billion), 2017-2022
Table 17: Zimbabwean Pension- Gross Written Premium (US$ Million), 2013-2017
Table 18: Zimbabwean Pension- Gross Written Premium (US$ Million), 2017-2022
Table 19: Zimbabwean General Insurance - Gross Written Premium (US$ Million), 2013-2017
Table 20: Zimbabwean General Insurance - Gross Written Premium (US$ Million), 2017-2022
Table 21: Zimbabwean General Insurance - Total Assets (US$ Million), 2013-2017
Table 22: Zimbabwean General Insurance - Total Assets (US$ Million), 2017-2022
Table 23: Zimbabwean General Insurance - Total Investment Income (US$ Million), 2013-2017
Table 24: Zimbabwean General Insurance - Total Investment Income (US$ Million), 2017-2022
Table 25: Zimbabwean General Insurance - Investment Portfolio (US$ Million), 2013-2017
Table 26: Zimbabwean General Insurance - Investment Portfolio (US$ Million), 2017-2022
Table 27: Zimbabwean Property Insurance - Gross Written Premium (US$ Million), 2013-2017
Table 28: Zimbabwean Property Insurance - Gross Written Premium (US$ Million), 2017-2022
Table 29: Zimbabwean Motor Insurance - Gross Written Premium (US$ Million), 2013-2017
Table 30: Zimbabwean Motor Insurance - Gross Written Premium (US$ Million), 2017-2022
Table 31: Zimbabwean Liability Insurance - Gross Written Premium (US$ Million), 2013-2017
Table 32: Zimbabwean Liability Insurance - Gross Written Premium (US$ Million), 2017-2022
Table 33: Zimbabwean Financial Lines Insurance - Gross Written Premium (US$ Million), 2013-2017
Table 34: Zimbabwean Financial Lines Insurance - Gross Written Premium (US$ Million), 2017-2022
Table 35: Zimbabwean Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2013-2017
Table 36: Zimbabwean Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2017-2022
Table 37: Zimbabwean Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2013-2017
Table 38: Zimbabwean Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2017-2022
Table 39: Zimbabwean Reinsurance - Premium Accepted (US$ Million) by Reinsurance Type, 2013-2017
Table 40: Zimbabwean Reinsurance - Premium Accepted (US$ Million) by Reinsurance Type, 2017-2022
Table 41: Zimbabwean Reinsurance - Premium Ceded by Insurance Segment (US$ Million), 2013-2017
Table 42: Zimbabwean Reinsurance - Premium Ceded by Insurance Segment (US$ Million), 2017-2022
Table 43: Zimbabwean Insurance Industry -Leading Insurers, 2017
Table 44: Alliance Insurance Company (Pvt) Ltd - Key Facts
Table 45: NicozDiamond Insurance Ltd - Key Facts
Table 46: Cell Insurance Company (Pvt) Ltd - Key Facts
Table 47: Zimnat Lion Insurance Company Ltd - Key Facts
Table 48: Old Mutual Insurance Company - Key Facts
Table 49: Zimbabwe - Insurance Regulatory Framework Key Features
Table 50: Zimbabwe - Intermediary remuneration
Table 51: Zimbabwe - Life Insurance Regulatory Framework
Table 52: Zimbabwe - Property Insurance Regulatory Framework
Table 53: Zimbabwe - Motor Insurance Regulatory Framework
Table 54: Zimbabwe - Liability Insurance Regulatory Framework
Table 55: Zimbabwe - Corporate Tax Rates for the Financial Year 2018
Table 56: Zimbabwean Life Insurance - Policies and Premium, 2013-2017
Table 57: Zimbabwean Life Insurance - Policies and Premium, 2017-2022
Table 58: Zimbabwean Life Insurance - Claims and Expenses, 2013-2017
Table 59: Zimbabwean Life Insurance - Claims and Expenses, 2017-2022
Table 60: Zimbabwean Life Insurance - Assets and Investments, 2013-2017
Table 61: Zimbabwean Life Insurance - Assets and Investments, 2017-2022
Table 62: Zimbabwean General Insurance - Policies and Premium, 2013-2017
Table 63: Zimbabwean General Insurance - Policies and Premium, 2017-2022
Table 64: Zimbabwean General Insurance - Claims and Expenses, 2013-2017
Table 65: Zimbabwean General Insurance - Claims and Expenses, 2017-2022
Table 66: Zimbabwean General Insurance - Assets and Investments, 2013-2017
Table 67: Zimbabwean General Insurance - Assets and Investments, 2017-2022
Table 68: Zimbabwean General Insurance - Property Insurance, 2013-2017
Table 69: Zimbabwean General Insurance - Property Insurance, 2017-2022
Table 70: Zimbabwean General Insurance - Property Insurance by Category, 2013-2017
Table 71: Zimbabwean General Insurance - Property Insurance by Category, 2017-2022
Table 72: Zimbabwean General Insurance - Motor Insurance, 2013-2017
Table 73: Zimbabwean General Insurance - Motor Insurance, 2017-2022
Table 74: Zimbabwean General Insurance - Liability Insurance, 2013-2017
Table 75: Zimbabwean General Insurance - Liability Insurance, 2017-2022
Table 76: Zimbabwean General Insurance - Financial Lines Insurance, 2013-2017
Table 77: Zimbabwean General Insurance - Financial Lines Insurance, 2017-2022
Table 78: Zimbabwean General Insurance - Marine, Aviation and Transit Insurance, 2013-2017
Table 79: Zimbabwean General Insurance - Marine, Aviation and Transit Insurance, 2017-2022
Table 80: Zimbabwean General Insurance - Marine Aviation and Transit Insurance by Category, 2013-2017
Table 81: Zimbabwean General Insurance - Marine Aviation and Transit Insurance by Category, 2017-2022
Table 82: Zimbabwean General Insurance - Personal Accident and Health Insurance, 2013-2017
Table 83: Zimbabwean General Insurance - Personal Accident and Health Insurance, 2017-2022
Table 84: Zimbabwean General Insurance - Personal Accident and Health Insurance by Category, 2013-2017
Table 85: Zimbabwean General Insurance - Personal Accident and Health Insurance by Category, 2017-2022
Table 86: Insurance Industry Definitions

List of Figures
Figure 1: Zimbabwean Real GDP (US$ Billion), 2013-2017
Figure 2: Zimbabwean Consumer Price Inflation (%), 2013-2022
Figure 3: Zimbabwean Current Account Balance as Percentage of GDP (%), 2013-2016
Figure 4: Zimbabwean Insurance Industry - Gross Written Premium (US$ Billion), 2013-2022
Figure 5: Zimbabwean Insurance Industry - Density (US$), 2013-2022
Figure 6: Zimbabwean Insurance Industry - Paid Claims (US$ Million), 2013-2022
Figure 7: Zimbabwean Life Insurance - Gross Written Premium (US$ Million), 2013-2022
Figure 8: Zimbabwean Life Insurance - Paid Claims (US$ Million), 2013-2022
Figure 9: Zimbabwean Life Insurance - Penetration (%), 2013-2017
Figure 10: Zimbabwean Life Insurance - Penetration (%), 2017-2022
Figure 11: Zimbabwean Life Insurance - Total Assets (US$ Billion), 2013-2022
Figure 12: Zimbabwean Life Insurance -Investment Portfolio (US$ Billion), 2013-2022
Figure 13: Zimbabwean Life Insurance -Investment Portfolio Dynamics (US$ Billion), 2013-2022
Figure 14: Zimbabwean Pension- Gross Written Premium (US$ Million), 2013-2022
Figure 15: Zimbabwean Pension- Penetration (%), 2013-2017
Figure 16: Zimbabwean Pension - Penetration (%), 2017-2022
Figure 17: Zimbabwean General Insurance - Gross Written Premium (US$ Million), 2013-2022
Figure 18: Zimbabwean General Insurance - Penetration (%), 2013-2017
Figure 19: Zimbabwean General Insurance - Penetration (%), 2017-2022
Figure 20: Zimbabwean General Insurance - Loss Ratio (%), 2013-2017
Figure 21: Zimbabwean General Insurance - Loss Ratio (%), 2017-2022
Figure 22: Zimbabwean General Insurance - Total Assets (US$ Million), 2013-2022
Figure 23: Zimbabwean General Insurance - Total Investment Income (US$ Million), 2013-2022
Figure 24: Zimbabwean General Insurance - Investment Portfolio (US$ Million), 2013-2022
Figure 25: Zimbabwean General Insurance - Investment Portfolio Dynamics (US$ Million), 2013-2022
Figure 26: Zimbabwean Property Insurance - Gross Written Premium (US$ Million), 2013-2022
Figure 27: Zimbabwean Property Insurance - Penetration (%), 2013-2017
Figure 28: Zimbabwean Property Insurance - Penetration (%), 2017-2022
Figure 29: Zimbabwean Motor Insurance - Gross Written Premium (US$ Million), 2013-2022
Figure 30: Zimbabwean Motor Insurance - Penetration (%), 2013-2017
Figure 31: Zimbabwean Motor Insurance - Penetration (%), 2017-2022
Figure 32: Zimbabwean Liability Insurance - Gross Written Premium (US$ Million), 2013-2022
Figure 33: Zimbabwean Liability Insurance - Penetration (%), 2013-2017
Figure 34: Zimbabwean Liability Insurance - Penetration (%), 2017-2022
Figure 35: Zimbabwean Financial Lines Insurance - Gross Written Premium (US$ Million), 2013-2022
Figure 36: Zimbabwean Financial Lines Insurance - Penetration (%), 2013-2017
Figure 37: Zimbabwean Financial Lines Insurance - Penetration (%), 2017-2022
Figure 38: Zimbabwean Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2013-2022
Figure 39: Zimbabwean Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017
Figure 40: Zimbabwean Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022
Figure 41: Zimbabwean Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2013-2022
Figure 42: Zimbabwean Personal Accident and Health Insurance - Penetration (%), 2013-2017
Figure 43: Zimbabwean Personal Accident and Health Insurance - Penetration (%), 2017-2022
Figure 44: Zimbabwean Reinsurance - Premium Accepted (US$ Million) by Reinsurance Type, 2013-2022
Figure 45: Zimbabwean Reinsurance - Premium Ceded by Insurance Segment (US$ Million), 2013-2022
Figure 46: Zimbabwean Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
Figure 47: Zimbabwean General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
Figure 48: Zimbabwe - Insurance Supervision and Control at Various Levels
Figure 49: Zimbabwe - Insurance Regulatory Frameworks for Company Registration and Operation

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Alliance Insurance Company (Pvt) Ltd

  • NicozDiamond Insurance Ltd

  • Cell insurance Company (Pvt) Ltd

  • Zimnat Lion Insurance Company Ltd

  • Old Mutual Insurance Company

  • CBZ Life Limited

  • Heritage Life Assurance Company

  • Eagle Insurance Company