The Insurance Industry in Swaziland, Key Trends and Opportunities to 2017

  • ID: 2499831
  • Report
  • Region: Swaziland
  • 107 Pages
  • Timetric
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FEATURED COMPANIES

  • Lidwala Insurance
  • Metropolitan Insurance
  • Momentum Insurance
  • Old Mutual Insurance
  • MORE
The Swazi insurance industry is still in the developmental stage. There are a total of ten insurance companies in Swaziland: six life insurers and four non-life insurers. The Swazi industry is highly concentrated with large companies such as Swaziland Royal Insurance Corporation (SRIC), Old Mutual, Metropolitan, Liberty Life and Momentum Insurance all operational. The industry’s key growth driver is the non-life segment, which accounted for the largest share of 50.8% of the industry’s written premium value in 2012. The Swazi insurance industry is regulated by the Registrar of Insurance and Retirement Funds (RIRF). For low income earners, insurers are promoting micro-insurance products. However, there are many challenges in operating this class insurance such as inefficient distribution channels. The nation’s over dependence on African Customs Union (SACU) receipts is considered a challenge for the development of the industry.

Synopsis

The report provides in depth market analysis, information and insights into the insurance industry in Swaziland, including:

- The Swazi insurance industry’s growth prospects by insurance segments and categories
- The competitive landscape in the Swazi insurance industry
- The current trends and drivers of the Swaziland insurance industry
- The challenges facing the Swaziland insurance industry
- The regulatory framework of the Swaziland insurance industry

Scope

This report provides a comprehensive analysis of the insurance industry in Swaziland:

- It provides historical values for the Swazi insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
- It offers a detailed analysis of the key segments and categories in the Swazi insurance industry, along with industry forecasts until 2017
- 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 Swaziland and outlines the key regulations affecting them

Reasons To Buy

- Make strategic business decisions using in depth historic and forecast industry data related to the Swazi insurance industry and each segment within it
- Assess the competitive dynamics in the Swazi insurance industry
- Understand the demand-side dynamics, key market trends and growth opportunities within the Swazi insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Swazi insurance industry and its impact on companies and the industry's future

Key Highlights

- The Swazi insurance industry is still in the developmental stage.
- During the review period, a substantial hike in the net income ratio of non-life insurers was recorded.
- Fair value adjustment following a recovery in the global financial markets has been the key growth driver.
- The Swazi insurance authority has targeted the low income population and is developing a framework to promote micro-insurance.
- In January 2011, the RIRF commissioned the Centre for Financial Regulation and Inclusion (CENFRI) to conduct research, explore opportunities and determine any challenges the nation’s insurance industry faces.
- During the review period, the combined ratio of the non-life insurance segment has shown a continuous increase which is a bad sign for company profitability.
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Note: Product cover images may vary from those shown
2 of 4

FEATURED COMPANIES

  • Lidwala Insurance
  • Metropolitan Insurance
  • Momentum Insurance
  • Old Mutual Insurance
  • MORE
1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Swazi Insurance Industry Overview
3.1 Swazi Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulation

4 Industry Segmentation
4.1 Life Insurance Growth Prospects by Category
4.2 Non-Life Insurance Growth Prospects by Category
4.2.1 Property insurance category
4.2.2 Motor insurance category
4.2.3 Liability insurance category
4.2.4 Marine, aviation and transit insurance category
4.3 Personal Accident and Health Insurance Growth Prospects by Category
4.4 Reinsurance Size by Insurance Segment, 2008–2017

5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 Swaziland Royal Insurance Corporation (SRIC)
5.2.2 Momentum Insurance – company overview
5.2.3 Lidwala Insurance – company overview
5.2.4 Metropolitan Insurance – company overview
5.2.5 Old Mutual Insurance – company overview

6 Macroeconomic Indicators
6.1 GDP at Constant Prices (US dollars)
6.2 GDP per Capita at Constant Prices (US dollars)
6.3 GDP at Current Prices (US dollars)
6.4 Construction Output at Current Prices (US$ Billions)
6.5 Arable Land
6.6 Exports as a Percentage of GDP
6.7 Healthcare Expenditure Per Capita
6.8 Employed Population
6.9 Total Population

7 Appendix
7.1 Methodology
7.1 Contact Us
7.2 About Timetric
7.3 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Swazi Insurance Overall Written Premium by Segment (SZL Million), 2008–2012
Table 3: Swazi Insurance Overall Written Premium by Segment (US$ Billion), 2008–2012
Table 4: Swazi Insurance Overall Written Premium by Segment (SZL Million), 2012–2017
Table 5: Swazi Insurance Overall Written Premium by Segment (US$ Billion), 2012–2017
Table 6: Swazi Insurance Segmentation (Percentage Share), 2008–2017
Table 7: Swazi Life Insurance – Paid Claims (SZL Million), 2008–2012
Table 8: Swazi Life Insurance – Paid Claims (SZL Million), 2012–2017
Table 9: Swazi Life Insurance – Incurred Loss (SZL Million), 2008–2012
Table 10: Swazi Life Insurance – Incurred Loss (SZL Million), 2012–2017
Table 11: Swazi Life Insurance – Loss Ratio (%), 2008–2012
Table 12: Swazi Life Insurance – Loss Ratio (%), 2012–2017
Table 13: Swazi Life Insurance – Combined Ratio (%), 2008–2012
Table 14: Swazi Life Insurance – Combined Ratio (%), 2012–2017
Table 15: Swazi Life Insurance – Total Assets (SZL Million), 2008–2012
Table 16: Swazi Life Insurance – Total Assets (SZL Million), 2012–2017
Table 17: Swazi Life Insurance – Total Investment Income (SZL Million), 2008–2012
Table 18: Swazi Life Insurance – Total Investment Income (SZL Million), 2012–2017
Table 19: Swazi Life Insurance – Retentions (SZL Million), 2008–2012
Table 20: Swazi Life Insurance – Retentions (SZL Million), 2012–2017
Table 21: Swazi Non-Life Insurance Written Premium by Category (SZL Million), 2008–2012
Table 22: Swazi Non-Life Insurance Written Premium by Category (US$ Billion), 2008–2012
Table 23: Swazi Non-Life Insurance Written Premium by Category (SZL Million), 2012–2017
Table 24: Swazi Non-Life Insurance Written Premium by Category (US$ Billion), 2012–2017
Table 25: Swazi Non-Life Insurance Segment – Paid Claim (SZL Million), 2008–2012
Table 26: Swazi Non-Life Insurance Segment– Paid Claim (SZL Million), 2012–2017
Table 27: Swazi Non-Life Insurance Segment– Incurred Loss (SZL Million), 2008–2012
Table 28: Swazi Non-Life Insurance Segment– Incurred Loss (SZL Million), 2012–2017
Table 29: Swazi Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 30: Swazi Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 31: Swazi Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 32: Swazi Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 33: Swazi Non-Life Insurance – Total Investment Income (SZL Million), 2008–2012
Table 34: Swazi Non-Life Insurance – Total Investment Income (SZL Million), 2012–2017
Table 35: Swazi Non-Life Insurance – Retentions (SZL Million), 2008–2012
Table 36: Swazi Non-Life Insurance – Retentions (SZL Million), 2012–2017
Table 37: Swazi Property Insurance Category – Written Premium (SZL Million), 2008–2012
Table 38: Swazi Property Insurance Category – Written Premium (SZL Million), 2012–2017
Table 39: Swazi Motor Insurance Category – Written Premium (SZL Million), 2008–2012
Table 40: Swazi Motor Insurance Category – Written Premium (SZL Million), 2012–2017
Table 41: Swazi Liability Insurance Category – Written Premium (SZL Million), 2008–2012
Table 42: Swazi Liability Insurance Category – Written Premium (SZL Million), 2012–2017
Table 43: Swazi Marine, Aviation and Transit Insurance Category – Written Premium (SZL Million), 2008–2012
Table 44: Swazi Marine, Aviation and Transit Insurance Category – Written Premium (SZL Million), 2012–2017
Table 45: Swazi Personal Accident and Health Insurance Segment – Paid Claim (SZL Million), 2008–2012
Table 46: Swazi Personal Accident and Health Insurance Segment – Paid Claim (SZL Million), 2012–2017
Table 47: Swazi Personal Accident and Health Insurance Segment – Incurred Loss (SZL Million), 2008–2012
Table 48: Swazi Personal Accident and Health Insurance Segment – Incurred Loss (SZL Million), 2012–2017
Table 49: Swazi Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Table 50: Swazi Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Table 51: Swazi Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Table 52: Swazi Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Table 53: Swazi Personal Accident and Health Insurance – Total Investment Income (SZL Million), 2008–2012
Table 54: Swazi Personal Accident and Health Insurance – Total Investment Income (SZL Million), 2012–2017
Table 55: Swazi Personal Accident and Health Insurance – Retentions (SZL Million), 2008–2012
Table 56: Swazi Personal Accident and Health Insurance – Retentions (SZL Million), 2012–2017
Table 57: Swazi Reinsurance Ceded by Insurance Segment (SZL Million), 2008–2012
Table 58: Swazi Reinsurance Ceded by Insurance Segment (US$ Billion), 2008–2012
Table 59: Swazi Reinsurance Ceded by Insurance Segment(SZL Million), 2012–2017
Table 60: Swazi Reinsurance Ceded by Insurance Segment(US$ Billion), 2012–2017
Table 61: Swazi Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 62: Swazi Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 63: Swazi Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 64: Swazi Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 65: Swazi Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 66: Swazi Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 67: Number of Registered Entities in Swaziland, 2011
Table 68: Swazi Life Insurance – Market Share, 2011
Table 69: Swazi Non-Life Insurance – Market Share, 2011
Table 70: SRIC, Main Products
Table 71: SRIC, Key Employees
Table 72: Momentum, Main Products
Table 73: Momentum, Key Employees
Table 74: Lidwala, Main Products
Table 75: Lidwala, Key Employees
Table 76: Metropolitan, Main Products
Table 77: Metropolitan, Key Employees
Table 78: Old Mutual, Main Products
Table 79: Old Mutual, Key Employees

List of Figures

Figure 1: Swazi Insurance Overall Written Premium by Segment (SZL Million), 2008–2017
Figure 2: Swazi Insurance Industry Dynamics by Segment, 2008–2017
Figure 3: Swazi Life Insurance – Paid Claims (SZL Million), 2008–2012
Figure 4: Swazi Life Insurance – Paid Claims (SZL Million), 2012–2017
Figure 5: Swazi Life Insurance – Incurred Loss (SZL Million), 2008–2012
Figure 6: Swazi Life Insurance – Incurred Loss (SZL Million), 2012–2017
Figure 7: Swazi Life Insurance – Loss Ratio (%), 2008–2012
Figure 8: Swazi Life Insurance – Loss Ratio (%), 2012–2017
Figure 9: Swazi Life Insurance – Combined Ratio (%), 2008–2012
Figure 10: Swazi Life Insurance – Combined Ratio (%), 2012–2017
Figure 11: Swazi Life Insurance – Total Assets (SZL Million), 2008–2012
Figure 12: Swazi Life Insurance – Total Assets (SZL Million), 2012–2017
Figure 13: Swazi Life Insurance – Total Investment Income (SZL Million), 2008–2012
Figure 14: Swazi Life Insurance – Total Investment Income (SZL Million), 2012–2017
Figure 15: Swazi Life Insurance – Retentions (SZL Million), 2008–2012
Figure 16: Swazi Life Insurance – Retentions (SZL Million), 2012–2017
Figure 17: Swazi Life Insurance – Investment (SZL Million), 2008–2012
Figure 18: Swazi Life Insurance Penetration (Percentage of GDP), 2008–2012
Figure 19: Swazi Life Insurance – Premium Per-Capita (LCU), 2008–2012
Figure 20: Swazi Non-Life Insurance Written Premium by Category (SZL Million), 2008–2017
Figure 21: Swazi Non-Life Insurance Written Premium by Category (Percentage Share), 2012 and 2017
Figure 22: Swazi Non-Life Insurance Segment Dynamics by Category, 2008–2017
Figure 23: Swazi Non-Life Insurance – Paid Claims by Category (SZL Million), 2008–2012
Figure 24: Swazi Non-Life Insurance – Paid Claims (SZL Million), 2012–2017
Figure 25: Swazi Non-Life Insurance – Incurred Loss (SZL Million), 2008–2012
Figure 26: Swazi Non-Life Insurance – Incurred Loss by Category (SZL Million), 2012–2017
Figure 27: Swazi Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 28: Swazi Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 29: Swazi Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 30: Swazi Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 31: Swazi Non-Life Insurance – Total Investment Income (SZL Million), 2008–2012
Figure 32: Swazi Non-Life Insurance – Total Investment Income (SZL Million), 2012–2017
Figure 33: Swazi Non-Life Insurance – Retentions (SZL Million), 2008–2012
Figure 34: Swazi Non-Life Insurance – Retentions (US$ Billion), 2012–2017
Figure 35: Swazi Non-Life Insurance – Investment (SZL Million), 2008–2012
Figure 36: Swazi Non-Life Insurance Penetration (Percentage of GDP), 2008–2012
Figure 37: Swazi Non-Life Insurance – Premium Per Capita (LCU), 2008–2012
Figure 38: Swazi Property Insurance Category – Written Premium (SZL Million), 2008–2012
Figure 39: Swazi Property Insurance Category – Written Premium (SZL Million), 2012–2017
Figure 40: Swazi Motor Insurance Category – Written Premium (SZL Million), 2008–2012
Figure 41: Swazi Motor Insurance Category – Written Premium (SZL Million), 2012–2017
Figure 42: Swazi Liability Insurance Category – Written Premium (SZL Million), 2008–2012
Figure 43: Swazi Liability Insurance Category – Written Premium (SZL Million), 2012–2017
Figure 44: Swazi Marine, Aviation and Transit Insurance Category – Written Premium (SZL Million), 2008–2012
Figure 45: Swazi Marine, Aviation and Transit Insurance Category – Written Premium (SZL Million), 2012–2017
Figure 46: Swazi Personal Accident and Health Insurance – Paid Claims by Category (SZL Million), 2008–2012
Figure 47: Swazi Personal Accident and Health Insurance – Paid Claims (SZL Million), 2012–2017
Figure 48: Swazi Personal Accident and Health Insurance – Incurred Loss (SZL Million), 2008–2012
Figure 49: Swazi Personal Accident and Health Insurance – Incurred Loss by Category (SZL Million), 2012–2017
Figure 50: Swazi Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 51: Swazi Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 52: Swazi Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 53: Swazi Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 54: Swazi Personal Accident and Health Insurance – Total Investment Income (SZL Million), 2008–2012
Figure 55: Swazi Personal Accident and Health Insurance – Total Investment Income (SZL Million), 2012–2017
Figure 56: Swazi Personal Accident and Health Insurance – Retentions (SZL Million), 2008–2012
Figure 57: Swazi Personal Accident and Health Insurance – Retentions (US$ Billion), 2012–2017
Figure 58: Swazi Personal Accident and Health Insurance – Investment (SZL Million), 2008–2012
Figure 59: Swazi Personal Accident and Health Insurance Penetration (Percentage of GDP), 2008–2012
Figure 60: Swazi Personal Accident and Health Insurance – Premium Per Capita (LCU), 2008–2012
Figure 61: Swazi Reinsurance Ceded by Insurance Segment(SZL Million), 2008–2017
Figure 62: Swazi ReInsurance SegmentDynamics by Insurance Segment, 2008–2017
Figure 63: Swazi Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 64: Swazi Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 65: Swazi Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 66: Swazi Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 67: Swazi Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 68: Swazi Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 69: Swazi Life Insurance – Market Share, 2011
Figure 70: Swazi Non-Life Insurance – Market Share 2011
Figure 71: Swazi GDP at Constant Prices (US$ Billion), 2007–2011
Figure 72: Swazi GDP Per Capita at Constant Prices (US$), 2007–2012
Figure 73: Swazi GDP at Current Prices (US$ Billion), 2007–2012
Figure 74: Swazi Construction Net Output at Current Prices (US$ Million), 2007–2012
Figure 75: Swazi Arable Land (‘000 Hectares), 2007–2012
Figure 76: Swazi Exports as a Percentage of GDP (%), 2007–2012
Figure 77: Swazi Healthcare Expenditure Per Capita (US$), 2007–2012
Figure 78: Swazi Employed Population (000), 2007–2012
Figure 79: Swazi Total Population (Million), 2007–2012
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- Lidwala Insurance
- Metropolitan Insurance
- Momentum Insurance
- Old Mutual Insurance
- Swaziland Royal Insurance Corporation
Note: Product cover images may vary from those shown
5 of 4
Note: Product cover images may vary from those shown
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