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

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

Summary

"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 industrys 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 reports 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 industrys future.

1 KEY FACTS AND HIGHLIGHTS 2
2 EXECUTIVE SUMMARY 3
3 ECONOMY AND DEMOGRAPHICS 11
4 INDUSTRY OUTLOOK 15
4.1 Industry Indicators 17
4.1.1 Gross written premium 17
4.1.2 Insurance density 18
4.1.3 Paid claims 19
5 LIFE INSURANCE OUTLOOK 20
5.1 Segment Indicators 21
5.1.1 Gross written premium 21
5.1.2 Paid claims 22
5.1.3 Penetration 23
5.1.4 Assets and investments 24
5.2 Pension Insurance 27
5.2.1 Gross written premium 27
5.2.2 Penetration 28
6 GENERAL INSURANCE OUTLOOK 29
6.1 Segment Indicators 30
6.1.1 Gross written premium 30
6.1.2 Penetration 31
6.1.3 Loss ratio 32
6.1.4 Assets and investments 33
6.2 Property Insurance 37
6.2.1 Gross written premium 37
6.2.2 Penetration 38
6.3 Motor Insurance 39
6.3.1 Gross written premium 39
6.3.2 Penetration 40
6.4 Liability Insurance 41
6.4.1 Gross written premium 41
6.4.2 Penetration 42
6.5 Financial Lines Insurance 43
6.5.1 Gross written premium 43
6.5.2 Penetration 44
6.6 Marine, Aviation and Transit Insurance 45
6.6.1 Gross written premium 45
6.6.2 Penetration 46
6.7 Personal Accident and Health Insurance 47
6.7.1 Gross written premium 47
6.7.2 Penetration 48
7 REINSURANCE OUTLOOK 49
7.1 Reinsurance Accepted 50
7.2 Premium Ceded 51
8 DISTRIBUTION CHANNEL OUTLOOK 53
9 NATURAL AND MAN-MADE HAZARDS 54
9.1 Flooding 54
9.2 Droughts 54
9.3 Earthquakes 54
9.4 Wildfires 54
9.5 Epidemics 55
9.6 Exposure 55
10 COMPETITIVE LANDSCAPE 56
10.1 Company Profiles 58
10.1.1 Alliance Insurance Company (Pvt) Ltd - Company Overview 58
10.1.2 NicozDiamond Insurance Ltd - Company Overview 58
10.1.3 Cell Insurance Company (Pvt) Ltd - Company Overview 59
10.1.4 Zimnat Lion Insurance Company Ltd - Company Overview 59
10.1.5 Old Mutual Insurance Company - Company Overview 60
11 GOVERNANCE, RISK AND COMPLIANCE 61
11.1 Legislation Overview and Historical Evolution 62
11.2 Latest Changes in Regulation 63
11.3 Legislation and Market Practice by Type of Insurance 68
11.3.1 Life insurance 69
11.3.2 Property insurance 70
11.3.3 Motor insurance 71
11.3.4 Liability insurance 72
11.3.5 Marine, aviation and transit insurance 72
11.3.6 Personal accident and health insurance 72
11.4 Compulsory Insurance 74
11.4.1 Motor third-party liability insurance 74
11.4.2 Workmens compensation 75
11.4.3 Professional indemnity insurance for insurance brokers 75
11.5 Supervision and Control 76
11.5.1 African Insurance Organization (AIO) 76
11.5.2 Insurance and Pensions Commission (IPEC) 76
11.6 Non-Admitted Insurance Regulation 78
11.6.1 Overview 78
11.6.2 Intermediaries 78
11.6.3 Market practices 79
11.6.4 Fines and Penalties 79
11.7 Company Registration and Operations 80
11.7.1 Type of insurance organization 81
11.7.2 Establishing a local company 81
11.7.3 Foreign ownership 82
11.7.4 Types of license 82
11.7.5 Capital requirements 82
11.7.6 Solvency margins 83
11.7.7 Reserve requirements 84
11.7.8 Investment regulations 84
11.7.9 Statutory return requirements 85
11.7.10 Fee structure 85
11.8 Taxation 86
11.8.1 Insurance premium or policy taxation 86
11.8.2 Withholding taxes on premium paid overseas 86
11.8.3 Corporate tax 86
11.8.4 VAT 87
11.8.5 Captives 87
11.9 Legal System 88
11.9.1 Introduction 88
11.9.2 Access to court 88
11.9.3 Alternative dispute resolution 89
12 DATABOOK 91
12.1 Life Insurance 91
12.1.1 Policies and premium 91
12.1.2 Claims and expenses 92
12.1.3 Assets and investments 93
12.2 General Insurance 94
12.2.1 Policies and premium 94
12.2.2 Claims and expenses 95
12.2.3 Assets and investments 96
12.2.4 Property insurance 96
12.2.5 Property insurance by category 97
12.2.6 Motor insurance 98
12.2.7 Liability insurance 98
12.2.8 Financial lines insurance 99
12.2.9 Marine, aviation and transit insurance 99
12.2.10 Marine aviation and transit insurance by category 100
12.2.11 Personal accident and health insurance 101
12.2.12 Personal accident and health insurance by category 101
13 DEFINITIONS AND METHODOLOGY 102
13.1 Definitions 102
13.2 Methodology 104
14 ABOUT GLOBALDATA 106
14.1 Contact GlobalData 106
14.2 About GlobalData 106
14.3 GlobalDatas Services 107
14.4 Disclaimer 108

List Of Tables


Table 1: Zimbabwean Insurance Industry - Key Facts, 2017 2
Table 2: Zimbabwean Insurance Industry -Leading Insurers, 2017 2
Table 3: Zimbabwean Insurance Industry - Gross Written Premium (US$ Billion and US$ Billion), 2013-2017 17
Table 4: Zimbabwean Insurance Industry - Gross Written Premium (US$ Billion and US$ Billion), 2017-2022 17
Table 5: Zimbabwean Insurance Industry - Density (US$), 2013-2017 18
Table 6: Zimbabwean Insurance Industry - Density (US$), 2017-2022 18
Table 7: Zimbabwean Insurance Industry - Paid Claims (US$ Million), 2013-2017 19
Table 8: Zimbabwean Insurance Industry - Paid Claims (US$ Billion), 2017-2022 19
Table 9: Zimbabwean Life Insurance - Gross Written Premium (US$ Million), 2013-2017 21
Table 10: Zimbabwean Life Insurance - Gross Written Premium (US$ Million), 2017-2022 21
Table 11: Zimbabwean Life Insurance - Paid Claims (US$ Million), 2013-2017 22
Table 12: Zimbabwean Life Insurance - Paid Claims (US$ Million), 2017-2022 22
Table 13: Zimbabwean Life Insurance - Total Assets (US$ Billion and US$ Billion), 2013-2017 24
Table 14: Zimbabwean Life Insurance - Total Assets (US$ Billion and US$ Billion), 2017-2022 24
Table 15: Zimbabwean Life Insurance -Investment Portfolio (US$ Billion), 2013-2017 25
Table 16: Zimbabwean Life Insurance -Investment Portfolio (US$ Billion), 2017-2022 25
Table 17: Zimbabwean Pension- Gross Written Premium (US$ Million), 2013-2017 27
Table 18: Zimbabwean Pension- Gross Written Premium (US$ Million), 2017-2022 27
Table 19: Zimbabwean General Insurance - Gross Written Premium (US$ Million), 2013-2017 30
Table 20: Zimbabwean General Insurance - Gross Written Premium (US$ Million), 2017-2022 30
Table 21: Zimbabwean General Insurance - Total Assets (US$ Million), 2013-2017 33
Table 22: Zimbabwean General Insurance - Total Assets (US$ Million), 2017-2022 33
Table 23: Zimbabwean General Insurance - Total Investment Income (US$ Million), 2013-2017 34
Table 24: Zimbabwean General Insurance - Total Investment Income (US$ Million), 2017-2022 34
Table 25: Zimbabwean General Insurance - Investment Portfolio (US$ Million), 2013-2017 35
Table 26: Zimbabwean General Insurance - Investment Portfolio (US$ Million), 2017-2022 35
Table 27: Zimbabwean Property Insurance - Gross Written Premium (US$ Million), 2013-2017 37
Table 28: Zimbabwean Property Insurance - Gross Written Premium (US$ Million), 2017-2022 37
Table 29: Zimbabwean Motor Insurance - Gross Written Premium (US$ Million), 2013-2017 39
Table 30: Zimbabwean Motor Insurance - Gross Written Premium (US$ Million), 2017-2022 39
Table 31: Zimbabwean Liability Insurance - Gross Written Premium (US$ Million), 2013-2017 41
Table 32: Zimbabwean Liability Insurance - Gross Written Premium (US$ Million), 2017-2022 41
Table 33: Zimbabwean Financial Lines Insurance - Gross Written Premium (US$ Million), 2013-2017 43
Table 34: Zimbabwean Financial Lines Insurance - Gross Written Premium (US$ Million), 2017-2022 43
Table 35: Zimbabwean Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2013-2017 45
Table 36: Zimbabwean Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2017-2022 45
Table 37: Zimbabwean Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2013-2017 47
Table 38: Zimbabwean Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2017-2022 47
Table 39: Zimbabwean Reinsurance - Premium Accepted (US$ Million) by Reinsurance Type, 2013-2017 50
Table 40: Zimbabwean Reinsurance - Premium Accepted (US$ Million) by Reinsurance Type, 2017-2022 50
Table 41: Zimbabwean Reinsurance - Premium Ceded by Insurance Segment (US$ Million), 2013-2017 51
Table 42: Zimbabwean Reinsurance - Premium Ceded by Insurance Segment (US$ Million), 2017-2022 51
Table 43: Zimbabwean Insurance Industry -Leading Insurers, 2017 57
Table 44: Alliance Insurance Company (Pvt) Ltd - Key Facts 58
Table 45: NicozDiamond Insurance Ltd - Key Facts 58
Table 46: Cell Insurance Company (Pvt) Ltd - Key Facts 59
Table 47: Zimnat Lion Insurance Company Ltd - Key Facts 59
Table 48: Old Mutual Insurance Company - Key Facts 60
Table 49: Zimbabwe - Insurance Regulatory Framework Key Features 61
Table 50: Zimbabwe - Intermediary remuneration 68
Table 51: Zimbabwe - Life Insurance Regulatory Framework 69
Table 52: Zimbabwe - Property Insurance Regulatory Framework 70
Table 53: Zimbabwe - Motor Insurance Regulatory Framework 71
Table 54: Zimbabwe - Liability Insurance Regulatory Framework 72
Table 55: Zimbabwe - Corporate Tax Rates for the Financial Year 2018 86
Table 56: Zimbabwean Life Insurance - Policies and Premium, 2013-2017 91
Table 57: Zimbabwean Life Insurance - Policies and Premium, 2017-2022 91
Table 58: Zimbabwean Life Insurance - Claims and Expenses, 2013-2017 92
Table 59: Zimbabwean Life Insurance - Claims and Expenses, 2017-2022 92
Table 60: Zimbabwean Life Insurance - Assets and Investments, 2013-2017 93
Table 61: Zimbabwean Life Insurance - Assets and Investments, 2017-2022 93
Table 62: Zimbabwean General Insurance - Policies and Premium, 2013-2017 94
Table 63: Zimbabwean General Insurance - Policies and Premium, 2017-2022 94
Table 64: Zimbabwean General Insurance - Claims and Expenses, 2013-2017 95
Table 65: Zimbabwean General Insurance - Claims and Expenses, 2017-2022 95
Table 66: Zimbabwean General Insurance - Assets and Investments, 2013-2017 96
Table 67: Zimbabwean General Insurance - Assets and Investments, 2017-2022 96
Table 68: Zimbabwean General Insurance - Property Insurance, 2013-2017 96
Table 69: Zimbabwean General Insurance - Property Insurance, 2017-2022 96
Table 70: Zimbabwean General Insurance - Property Insurance by Category, 2013-2017 97
Table 71: Zimbabwean General Insurance - Property Insurance by Category, 2017-2022 97
Table 72: Zimbabwean General Insurance - Motor Insurance, 2013-2017 98
Table 73: Zimbabwean General Insurance - Motor Insurance, 2017-2022 98
Table 74: Zimbabwean General Insurance - Liability Insurance, 2013-2017 98
Table 75: Zimbabwean General Insurance - Liability Insurance, 2017-2022 98
Table 76: Zimbabwean General Insurance - Financial Lines Insurance, 2013-2017 99
Table 77: Zimbabwean General Insurance - Financial Lines Insurance, 2017-2022 99
Table 78: Zimbabwean General Insurance - Marine, Aviation and Transit Insurance, 2013-2017 99
Table 79: Zimbabwean General Insurance - Marine, Aviation and Transit Insurance, 2017-2022 99
Table 80: Zimbabwean General Insurance - Marine Aviation and Transit Insurance by Category, 2013-2017 100
Table 81: Zimbabwean General Insurance - Marine Aviation and Transit Insurance by Category, 2017-2022 100
Table 82: Zimbabwean General Insurance - Personal Accident and Health Insurance, 2013-2017 101
Table 83: Zimbabwean General Insurance - Personal Accident and Health Insurance, 2017-2022 101
Table 84: Zimbabwean General Insurance - Personal Accident and Health Insurance by Category, 2013-2017 101
Table 85: Zimbabwean General Insurance - Personal Accident and Health Insurance by Category, 2017-2022 101
Table 86: Insurance Industry Definitions 102

List Of Figures


Figure 1: Zimbabwean Real GDP (US$ Billion), 2013-2017 12
Figure 2: Zimbabwean Consumer Price Inflation (%), 2013-2022 13
Figure 3: Zimbabwean Current Account Balance as Percentage of GDP (%), 2013-2016 14
Figure 4: Zimbabwean Insurance Industry - Gross Written Premium (US$ Billion), 2013-2022 17
Figure 5: Zimbabwean Insurance Industry - Density (US$), 2013-2022 18
Figure 6: Zimbabwean Insurance Industry - Paid Claims (US$ Million), 2013-2022 19
Figure 7: Zimbabwean Life Insurance - Gross Written Premium (US$ Million), 2013-2022 21
Figure 8: Zimbabwean Life Insurance - Paid Claims (US$ Million), 2013-2022 22
Figure 9: Zimbabwean Life Insurance - Penetration (%), 2013-2017 23
Figure 10: Zimbabwean Life Insurance - Penetration (%), 2017-2022 23
Figure 11: Zimbabwean Life Insurance - Total Assets (US$ Billion), 2013-2022 24
Figure 12: Zimbabwean Life Insurance -Investment Portfolio (US$ Billion), 2013-2022 25
Figure 13: Zimbabwean Life Insurance -Investment Portfolio Dynamics (US$ Billion), 2013-2022 26
Figure 14: Zimbabwean Pension- Gross Written Premium (US$ Million), 2013-2022 27
Figure 15: Zimbabwean Pension- Penetration (%), 2013-2017 28
Figure 16: Zimbabwean Pension - Penetration (%), 2017-2022 28
Figure 17: Zimbabwean General Insurance - Gross Written Premium (US$ Million), 2013-2022 30
Figure 18: Zimbabwean General Insurance - Penetration (%), 2013-2017 31
Figure 19: Zimbabwean General Insurance - Penetration (%), 2017-2022 31
Figure 20: Zimbabwean General Insurance - Loss Ratio (%), 2013-2017 32
Figure 21: Zimbabwean General Insurance - Loss Ratio (%), 2017-2022 32
Figure 22: Zimbabwean General Insurance - Total Assets (US$ Million), 2013-2022 33
Figure 23: Zimbabwean General Insurance - Total Investment Income (US$ Million), 2013-2022 34
Figure 24: Zimbabwean General Insurance - Investment Portfolio (US$ Million), 2013-2022 35
Figure 25: Zimbabwean General Insurance - Investment Portfolio Dynamics (US$ Million), 2013-2022 36
Figure 26: Zimbabwean Property Insurance - Gross Written Premium (US$ Million), 2013-2022 37
Figure 27: Zimbabwean Property Insurance - Penetration (%), 2013-2017 38
Figure 28: Zimbabwean Property Insurance - Penetration (%), 2017-2022 38
Figure 29: Zimbabwean Motor Insurance - Gross Written Premium (US$ Million), 2013-2022 39
Figure 30: Zimbabwean Motor Insurance - Penetration (%), 2013-2017 40
Figure 31: Zimbabwean Motor Insurance - Penetration (%), 2017-2022 40
Figure 32: Zimbabwean Liability Insurance - Gross Written Premium (US$ Million), 2013-2022 41
Figure 33: Zimbabwean Liability Insurance - Penetration (%), 2013-2017 42
Figure 34: Zimbabwean Liability Insurance - Penetration (%), 2017-2022 42
Figure 35: Zimbabwean Financial Lines Insurance - Gross Written Premium (US$ Million), 2013-2022 43
Figure 36: Zimbabwean Financial Lines Insurance - Penetration (%), 2013-2017 44
Figure 37: Zimbabwean Financial Lines Insurance - Penetration (%), 2017-2022 44
Figure 38: Zimbabwean Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2013-2022 45
Figure 39: Zimbabwean Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017 46
Figure 40: Zimbabwean Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022 46
Figure 41: Zimbabwean Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2013-2022 47
Figure 42: Zimbabwean Personal Accident and Health Insurance - Penetration (%), 2013-2017 48
Figure 43: Zimbabwean Personal Accident and Health Insurance - Penetration (%), 2017-2022 48
Figure 44: Zimbabwean Reinsurance - Premium Accepted (US$ Million) by Reinsurance Type, 2013-2022 50
Figure 45: Zimbabwean Reinsurance - Premium Ceded by Insurance Segment (US$ Million), 2013-2022 51
Figure 46: Zimbabwean Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2022 52
Figure 47: Zimbabwean General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022 52
Figure 48: Zimbabwe - Insurance Supervision and Control at Various Levels 76
Figure 49: Zimbabwe - Insurance Regulatory Frameworks for Company Registration and Operation 80

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