The Insurance Industry in Burundi, Key Trends and Opportunities to 2022

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 Direct written premium
4.1.2 Insurance density
4.1.3 Paid claims

5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Direct written premium
5.1.2 Paid claims
5.1.3 Penetration

6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Direct written premium
6.1.2 Penetration

7 Reinsurance Outlook
7.1 Premium Ceded

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards
9.1 Flooding
9.2 Landslides
9.3 Exposure

10 Competitive Landscape
10.1 Company Profiles
10.1.1 Burundi Insurance Corporation (BICOR) - company overview
10.1.2 Commercial Insurance and Reinsurance Company (SOCAR) - company overview
10.1.3 General Insurance And Reinsurance Company (SOGEAR) - company overview
10.1.4 Insurance Company of Burundi (SOCABU) - company overview
10.1.5 Commercial Insurance and Reinsurance Union of Burundi (UCAR) - 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 Professional indemnity insurance for doctors
11.4.3 Professional indemnity insurance for lawyers
11.4.4 Civil liability insurance for operators of commercial buildings against fire or explosion
11.4.5 Insurance for administrative buildings against fire or explosion
11.4.6 Construction risk insurance
11.4.7 Financial guarantee/professional liability insurance for insurance intermediaries
11.4.8 Insurance for import of goods
11.5 Supervision and Control
11.5.1 The African Insurance Organization
11.5.2 Agency of Regulation and Insurance Supervision
11.6 Non-Admitted Insurance Regulations
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 margin
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
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses

13 Definitions and Methodology
13.1 Definitions
13.2 Methodology

14 About the Publisher
14.1 Contact Information
14.2 About the Publisher
14.3 Services
14.4 Disclaimer

List of Tables
Table 1: Burundian Insurance Industry - Key Facts, 2017
Table 2: Burundian Insurance Industry - Industry Shares of the Top Insurers, 2016
Table 3: Burundian Insurance Industry - Direct Written Premium (BIF Billion and US$ Million), 2013-2017
Table 4: Burundian Insurance Industry - Direct Written Premium (BIF Billion and US$ Million), 2017-2022
Table 5: Burundian Insurance Industry - Density (BIF and US$), 2013-2017
Table 6: Burundian Insurance Industry - Density (BIF and US$), 2017-2022
Table 7: Burundian Insurance Industry - Paid Claims (BIF Billion and US$ Million), 2013-2017
Table 8: Burundian Insurance Industry - Paid Claims (BIF Billion and US$ Million), 2017-2022
Table 9: Burundian Life Insurance - Direct Written Premium (BIF Billion and US$ Million), 2013-2017
Table 10: Burundian Life Insurance - Direct Written Premium (BIF Billion and US$ Million), 2017-2022
Table 11: Burundian Life Insurance - Paid Claims (BIF Billion and US$ Million), 2013-2017
Table 12: Burundian Life Insurance - Paid Claims (BIF Billion and US$ Million), 2017-2022
Table 13: Burundian General Insurance - Direct Written Premium (BIF Billion and US$ Million), 2013-2017
Table 14: Burundian General Insurance - Direct Written Premium (BIF Billion and US$ Million), 2017-2022
Table 15: Burundian Reinsurance - Premium Ceded by Insurance Segment (BIF Billion), 2013-2017
Table 16: Burundian Reinsurance - Premium Ceded by Insurance Segment (BIF Billion), 2017-2022
Table 17: Burundian Insurance Industry - Leading Insurers, 2016
Table 18: Burundi Insurance Corporation (BICOR) - Key Facts
Table 19: Commercial Insurance and Reinsurance Company (SOCAR) - Key Facts
Table 20: General Insurance And Reinsurance Company (SOGEAR) - Key Facts
Table 21: Insurance Company Of Burundi (SOCABU) - Key Facts
Table 22: Commercial Insurance and Reinsurance Union of Burundi (UCAR) - Key Facts
Table 23: Burundi - Insurance Regulatory Framework Key Features
Table 24: Burundi - Non-life Insurance - Commission Rates for Insurance Brokers
Table 25: Burundi - Fees for Services Rendered by the ARCA
Table 26: Burundi - Life Insurance Regulatory Framework
Table 27: Burundi - Property Insurance Regulatory Framework
Table 28: Burundi - Motor Insurance Regulatory Framework
Table 29: Burundi - Liability Insurance Regulatory Framework
Table 30: Burundi - Corporate Tax Rates for the Financial Year 2017
Table 31: Burundian Life Insurance - Policies and Premium, 2013-2017
Table 32: Burundian Life Insurance - Policies and Premium, 2017-2022
Table 33: Burundian Life Insurance - Claims and Expenses, 2013-2017
Table 34: Burundian Life Insurance - Claims and Expenses, 2017-2022
Table 35: Burundian General Insurance - Policies and Premium, 2013-2017
Table 36: Burundian General Insurance - Policies and Premium, 2017-2022
Table 37: Burundian General Insurance - Claims and Expenses, 2013-2017
Table 38: Burundian General Insurance - Claims and Expenses, 2017-2022
Table 39: Insurance Industry Definitions

List of Figures
Figure 1: Burundian Real GDP (BIF Trillion), 2013-2022
Figure 2: Burundian Exchange Rate (BIF per US$), 2013-2022
Figure 3: Burundian Consumer Price Inflation (%), 2013-2022
Figure 4: Burundian Current Account Balance (% of GDP), 2013-2022
Figure 5: Burundian Population by Age Group, 2013-2022
Figure 6: Burundian Insurance Industry - Direct Written Premium (BIF Billion), 2013-2022
Figure 7: Burundian Insurance Industry - Density (BIF), 2013-2022
Figure 8: Burundian Insurance Industry - Paid Claims (BIF Billion), 2013-2022
Figure 9: Burundian Life Insurance - Direct Written Premium (BIF Billion), 2013-2022
Figure 10: Burundian Life Insurance - Paid Claims (BIF Billion), 2013-2022
Figure 11: Burundian Life Insurance - Penetration (%), 2013-2017
Figure 12: Burundian Life Insurance - Penetration (%), 2017-2022
Figure 13: Burundian General Insurance - Direct Written Premium (BIF Billion), 2013-2022
Figure 14: Burundian General Insurance - Penetration (%), 2013-2017
Figure 15: Burundian General Insurance - Penetration (%), 2017-2022
Figure 16: Burundian Reinsurance - Premium Ceded by Insurance Segment (BIF Billion), 2013-2022
Figure 17: Burundi - Insurance Supervision and Control at Various Levels
Figure 18: Burundi - Insurance Regulatory Frameworks for Company Registration and Operation

• Burundi Insurance Corporation (BICOR)


• Commercial Insurance and Reinsurance Company (SOCAR)


• General Insurance And Reinsurance Company (SOGEAR)


• Insurance Company Of Burundi (SOCABU)


• Commercial Insurance and Reinsurance Union of Burundi (UCAR)


• Jubilee Insurance Company Of Burundi


• East Africa Global Insurance Company Non-Vie (EGIC NV)