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

  • ID: 2564529
  • Report
  • Region: Ethiopia
  • 99 Pages
  • Timetric
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The Ethiopian insurance industry is relatively under developed in comparison to that of other African countries. The nation recorded strong economic growth during the review period (2008-2012). GDP at current prices posted a CAGR of 30.8% during the review period and is projected to record a CAGR of 16.7% over the forecast period (2012-2017). However, the country is still ranked among the poorest in the world, indeed half of the population lives below the poverty line. Nevertheless, driven by economic growth, the insurance industry recorded a CAGR of 27% during the review period and is anticipated to value ETB6.8 billion (US$387.8 million) in 2017.

Synopsis

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

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

Scope

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

- It provides historical values for the Ethiopian 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 sub-segments in the Ethiopian insurance industry, along with 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 Ethiopia 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 Ethiopian insurance industry and each segment within it
- Understand the demand-side dynamics, key trends and growth opportunities within the Ethiopian insurance industry
- Assess the competitive dynamics in the Ethiopian insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Ethiopian insurance industry and its impact on companies and the industry's future

Key Highlights

- The Ethiopian insurance industry is relatively under developed in comparison to that of other African countries
- The nation recorded strong economic growth during the review period (2008-2012)
- Driven by economic growth, the insurance industry recorded a CAGR of 27% during the review period
- Most insurance companies in Ethiopia have sister banks and generate business by using them as a distribution channel
- These banks often refer their customers to purchase life insurance policies from their sister insurers
- The National Bank of Ethiopia (NBE), the insurance industry’s regulatory authority, is undergoing a process of preparing a framework for microinsurance
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1 Executive Summary

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

3 Ethiopian Insurance Industry Overview
3.1 Ethiopian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulations

4 Industry Segmentation
4.1 Life 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
4.4 Reinsurance

5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 Ethiopian Insurance Corporation – company overview
5.2.2 National Insurance Company of Ethiopia S.C – company overview
5.2.3 Africa Insurance Company S.C – company overview
5.2.4 Nyala Insurance Company S.C – company overview
5.2.5 Awash Insurance Company SC – company overview

6 Macroeconomic Indicators
6.1 Household Final Consumption Expenditure (US$ Billion)
6.2 Agriculture, Hunting, Forestry and Fishing Output (US$ Billion)
6.3 GDP at Current Prices (US$ Billion)
6.4 Construction Output (US$ Million)
6.5 Inflation Rate (%)
6.6 Total Population
6.7 Manufacturing Output (US$ Billion)
6.8 Mining, Manufacturing, Utilities Output (US$ Billion)
6.9 Exports of Goods and Services (US$ Billion)

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: Ethiopian Insurance – Overall Written Premium by Segment (ETB Million), 2008–2012
Table 3: Ethiopian Insurance – Overall Written Premium by Segment (US$ Million), 2008–2012
Table 4: Ethiopian Insurance – Overall Written Premium by Segment (ETB Million), 2012–2017
Table 5: Ethiopian Insurance – Overall Written Premium by Segment (US$ Million), 2012–2017
Table 6: Ethiopian Insurance – Segmentation (%), 2008–2017
Table 7: Minimum Capital Requirements in Million
Table 8: Minimum Paid-Up Capital Requirements in Million
Table 9: Ethiopian Life Insurance – Written Premium (ETB Million), 2008–2012
Table 10: Ethiopian Life Insurance – Written Premium (ETB Million), 2012–2017
Table 11: Ethiopian Life Insurance – Paid Claims (ETB Million), 2008–2012
Table 12: Ethiopian Life Insurance – Paid Claims (ETB Million), 2012–2017
Table 13: Ethiopian Life Insurance – Incurred Loss (ETB Million), 2008–2012
Table 14: Ethiopian Life Insurance – Incurred Loss (ETB Million), 2012–2017
Table 15: Ethiopian Life Insurance – Loss Ratio (%), 2008–2012
Table 16: Ethiopian Life Insurance – Loss Ratio (%), 2012–2017
Table 17: Ethiopian Life Insurance – Combined Ratio (%), 2008–2012
Table 18: Ethiopian Life Insurance – Combined Ratio (%), 2012–2017
Table 19: Ethiopian Life Insurance – Retentions (ETB Million), 2008–2012
Table 20: Ethiopian Life Insurance – Retentions (ETB Million), 2012–2017
Table 21: Ethiopian Non-Life Insurance – Written Premium by Category (ETB Million), 2008–2012
Table 22: Ethiopian Non-Life Insurance – Written Premium by Category (US$ Million), 2008–2012
Table 23: Ethiopian Non-Life Insurance – Written Premium by Category (ETB Million), 2012–2017
Table 24: Ethiopian Non-Life Insurance – Written Premium by Category (US$ Million), 2012–2017
Table 25: Ethiopian Non-Life Insurance – Paid Claims (ETB Million), 2008–2012
Table 26: Ethiopian Non-Life Insurance – Paid Claims (ETB Million), 2012–2017
Table 27: Ethiopian Non-Life Insurance – Incurred Loss (ETB Million), 2008–2012
Table 28: Ethiopian Non-Life Insurance – Incurred Loss (ETB Million), 2012–2017
Table 29: Ethiopian Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 30: Ethiopian Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 31: Ethiopian Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 32: Ethiopian Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 33: Ethiopian Non-Life Insurance – Retentions (ETB Million), 2008–2012
Table 34: Ethiopian Non-Life Insurance – Retentions (ETB Million), 2012–2017
Table 35: Ethiopian Property Insurance – Written Premium (ETB Million), 2008–2012
Table 36: Ethiopian Property Insurance – Written Premium (ETB Million), 2012–2017
Table 37: Ethiopian Motor Insurance – Written Premium (ETB Million), 2008–2012
Table 38: Ethiopian Motor Insurance – Written Premium (ETB Million), 2012–2017
Table 39: Ethiopian Liability Insurance – Written Premium (ETB Million), 2008–2012
Table 40: Ethiopian Liability Insurance – Written Premium (ETB Million), 2012–2017
Table 41: Ethiopian Marine, Aviation and Transit Insurance – Written Premium (ETB Million), 2008–2012
Table 42: Ethiopian Marine, Aviation and Transit Insurance – Written Premium (ETB Million), 2012–2017
Table 43: Ethiopian Personal Accident and Health Insurance – Written Premium (ETB Million), 2008–2012
Table 44: Ethiopian Personal Accident and Health Insurance – Written Premium (ETB Million), 2012–2017
Table 45: Ethiopian Personal Accident and Health Insurance Market – Paid Claims (ETB Million), 2008–2012
Table 46: Ethiopian Personal Accident and Health Insurance Market – Paid Claims (ETB Million), 2012–2017
Table 47: Ethiopian Personal Accident and Health Insurance – Incurred Loss (ETB Million), 2008–2012
Table 48: Ethiopian Personal Accident and Health Insurance – Incurred Loss (ETB Million), 2012–2017
Table 49: Ethiopian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Table 50: Ethiopian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Table 51: Ethiopian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Table 52: Ethiopian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Table 53: Ethiopian Personal Accident and Health Insurance – Retentions (ETB Million), 2008–2012
Table 54: Ethiopian Personal Accident and Health Insurance – Retentions (ETB Million), 2012–2017
Table 55: Ethiopian Reinsurance Ceded by Insurance Segment (ETB Million), 2008–2012
Table 56: Ethiopian Reinsurance Ceded by Insurance Segment (US$ Million), 2008–2012
Table 57: Ethiopian Reinsurance Ceded by Insurance Segment (ETB Million), 2012–2017
Table 58: Ethiopian Reinsurance Ceded by Insurance Segment (US$ Million), 2012–2017
Table 59: Ethiopian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 60: Ethiopian Life Insurance – Percentage of Reinsurance Ceded (%),2012–2017
Table 61: Ethiopian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 62: Ethiopian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 63: Ethiopian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 64: Ethiopian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 65: Ethiopian Insurance Corporation, Main Products
Table 66: Ethiopian Insurance Corporation, Key Employees
Table 67: National Insurance Company of Ethiopia S.C, Main Products
Table 68: National Insurance Company of Ethiopia S.C, Key Employees
Table 69: Africa Insurance Company S.C, Main Products
Table 70: Africa Insurance Company S.C, Key Employees
Table 71: Nyala Insurance Company S.C, Main Products
Table 72: Nyala Insurance Company S.C, Key Employees
Table 73: Awash Insurance Company S.C., Main Products
Table 74: Awash Insurance Company S.C., Key Employees

List of Figures

Figure 1: Ethiopian Insurance – Overall Written Premium by Segment (ETB Million), 2008–2017
Figure 2: Ethiopian Life Insurance – Written Premium (ETB Million), 2008–2012
Figure 3: Ethiopian Life Insurance – Written Premium (ETB Million), 2012–2017
Figure 4: Ethiopian Life Insurance – Paid Claims (ETB Million), 2008–2012
Figure 5: Ethiopian Life Insurance – Paid Claims (ETB Million), 2012–2017
Figure 6: Ethiopian Life Insurance – Incurred Loss (ETB Million), 2008–2012
Figure 7: Ethiopian Life Insurance – Incurred Loss (ETB Million), 2012–2017
Figure 8: Ethiopian Life Insurance – Loss Ratio (%), 2008–2012
Figure 9: Ethiopian Life Insurance – Loss Ratio (%), 2012–2017
Figure 10: Ethiopian Life Insurance – Combined Ratio (%), 2008–2012
Figure 11: Ethiopian Life Insurance – Combined Ratio (%), 2012–2017
Figure 12: Ethiopian Life Insurance – Retentions (ETB Million), 2008–2012
Figure 13: Ethiopian Life Insurance – Retentions (ETB Million), 2012–2017
Figure 14: Ethiopian Life Insurance – Penetration (Percentage of GDP), 2008–2012
Figure 15: Ethiopian Life Insurance – Premium Per Capita (ETB), 2008–2012
Figure 16: Ethiopian Non-Life Insurance – Written Premium by Category (ETB Million), 2008–2017
Figure 17: Ethiopian Non-Life Insurance – Written Premium by Category (Percentage Share), 2012 and 2017
Figure 18: Ethiopian Non-Life Insurance – Dynamics by Category, 2008–2017
Figure 19: Ethiopian Non-Life Insurance – Paid Claims by Category (ETB Million), 2008–2012
Figure 20: Ethiopian Non-Life Insurance – Paid Claims (ETB Million), 2012–2017
Figure 21: Ethiopian Non-Life Insurance – Incurred Loss (ETB Million), 2008–2012
Figure 22: Ethiopian Non-Life Insurance – Incurred Loss (ETB Million), 2012–2017
Figure 23: Ethiopian Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 24: Ethiopian Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 25: Ethiopian Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 26: Ethiopian Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 27: Ethiopian Non-Life Insurance – Retentions (ETB Million), 2008–2012
Figure 28: Ethiopian Non-Life Insurance – Retentions (US$ Million), 2012–2017
Figure 29: Ethiopian Non-Life Insurance – Penetration (Percentage of GDP), 2008–2012
Figure 30: Ethiopian Non-Life Insurance – Premium Per Capita (ETB), 2008–2012
Figure 31: Ethiopian Property Insurance – Written Premium (ETB Million), 2008–2012
Figure 32: Ethiopian Property Insurance – Written Premium (ETB Million), 2012–2017
Figure 33: Ethiopian Motor Insurance – Written Premium (ETB Million), 2008–2012
Figure 34: Ethiopian Motor Insurance – Written Premium (ETB Million), 2012–2017
Figure 35: Ethiopian Liability Insurance – Written Premium (ETB Million), 2008–2012
Figure 36: Ethiopian Liability Insurance – Written Premium (ETB Million), 2012–2017
Figure 37: Ethiopian Marine, Aviation and Transit Insurance – Written Premium (ETB Million), 2008–2012
Figure 38: Ethiopian Marine, Aviation and Transit Insurance – Written Premium (ETB Million), 2012–2017
Figure 39: Ethiopian Personal Accident and Health Insurance – Written Premium (ETB Million), 2008–2012
Figure 40: Ethiopian Personal Accident and Health Insurance – Written Premium (ETB Million), 2012–2017
Figure 41: Ethiopian Personal Accident and Health Insurance – Paid Claims by Category (ETB Million), 2008–2012
Figure 42: Ethiopian Personal Accident and Health Insurance – Paid Claims (ETB Million), 2012–2017
Figure 43: Ethiopian Personal Accident and Health Insurance – Incurred Loss (ETB Million), 2008–2012
Figure 44: Ethiopian Personal Accident and Health Insurance – Incurred Loss (ETB Million), 2012–2017
Figure 45: Ethiopian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 46: Ethiopian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 47: Ethiopian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 48: Ethiopian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 49: Ethiopian Personal Accident and Health Insurance – Retentions (ETB Million), 2008–2012
Figure 50: Ethiopian Personal Accident and Health Insurance – Retentions (US$ Million), 2012–2017
Figure 51: Ethiopian Personal Accident and Health Insurance – Penetration (Percentage of GDP), 2008–2012
Figure 52: Ethiopian Personal Accident and Health Insurance – Premium Per Capita (ETB), 2008–2012
Figure 53: Ethiopian Reinsurance Ceded by Insurance Segment (ETB Million), 2008–2017
Figure 54: Ethiopian ReInsurance – Dynamics by Insurance Segment, 2008–2017
Figure 55: Ethiopian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 56: Ethiopian Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 57: Ethiopian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 58: Ethiopian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 59: Ethiopian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 60: Ethiopian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 61: Shares of Key Insurers in the Ethiopian Insurance Industry (%), 2010
Figure 62: Ethiopian Final Consumption Expenditure (US$ Billion), 2007–2011
Figure 63: Ethiopian Agriculture, Hunting, Forestry, Fishing Output (US$ Billion), 2007–2011
Figure 64: Ethiopian GDP at Current Prices (US$ Billion), 2007–2011
Figure 65: Ethiopian Construction Output (US$ Million), 2007–2011
Figure 66: Ethiopian Inflation Rate (%), 2007–2011
Figure 67: Ethiopian Total Population (Million), 2007–2011
Figure 68: Ethiopian Manufacturing Output (US$ Billion), 2007–2011
Figure 69: Ethiopian Mining, Manufacturing, Utilities Output (US$ Billion), 2007–2011
Figure 70: Ethiopian Exports of Goods and Services (US$ Billion), 2007–2011
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- Africa Insurance Company S.C
- Awash Insurance Company SC
- Ethiopian Insurance Corporation
- National Insurance Company of Ethiopia S.C
- Nyala Insurance Company S.C
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