Ethiopia Insurance Report Q4 2016

Publisher Name :
Date: 21-Sep-2016
No. of pages: 36

BMI View: The insurance market in Ethiopia is underdeveloped on both a regional and global basis. With

foreign investors barred from the investment sector, development in the market has been reliant upon

domestic providers, which frequently lack the capital and/or expertise to expand. Distribution channels are

also narrow while products ranges remain heavily reliant upon basic lines. That being said, the market

does offer substantial growth potential. Ethiopia is a highly populous country that is experiencing rapid

urbanisation and economic growth, as well as gradual improvements to life expectancy, and these factors

will all support expansion of the life and non-life insurance sectors over the longer term

Key Updates and Forecasts

? The Ethiopian insurance market continues to develop as the economy expands and diversifies. The

government is reportedly considering setting up a deposit insurance scheme that would provide protection

for depositors (by charging banks a flat-rate fee), which could increase trust in formal banking

systems, and in turn lead to developments in the credit market.

? Ethiopia plans to join the African Trade Insurance Agency. A government bill was passed earlier in 2016

to ratify a loan agreement with the African Development Fund to support membership, and this will give

Ethiopia access to a regional body that provides political risk and trade credit risk insurance products.

? The life insurance market in Ethiopia is in the very earliest stages of development. Premiums will grow

by 10.6% in US dollar terms in 2016 to reach USD24mn - one of the smallest markets in the region and

accounting for around 10.7% of total insurance premiums written in the market.

? The larger non-life market will also see positive growth, with premiums rising by 7.7% in 2016 to reach

USD198mn. Motor insurance, the key basic compulsory line, will take the largest share of non-life

premiums, followed by transport insurance and property insurance.

Ethiopia Insurance Report Q4 2016

Table of Contents

BMI Industry View 5
Table: Headline Insurance Forecasts (Ethiopia 2013-2020) 5
SWOT 6
Industry Forecast 7
Life Premiums Forecast 7
Table: Life Premiums (Ethiopia 2013-2020) 10
Table: Life Insurance Claims (Ethiopia 2008-2012) 10
Non-Life Premiums Forecast 11
Table: Non-Life Premiums (Ethiopia 2013-2020) 14
Table: Non-Life Insurance Claims (Ethiopia 2009-2012) 14
Non-Life Sub-Sector Forecast 15
Table: Non-Life Insurance Premiums by Product Line (Ethiopia 2013-2020) 20
Industry Risk Reward Ratings 21
Sub-Saharan Africa Risk/Reward Index 21
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q416 21
Market Overview 23
Life Market Overview 23
The Product Offering 23
The Competitive Landscape 23
Non-Life Market Overview 24
The Product Offering 24
The Competitive Landscape 25
Company Profile 26
Nyala Insurance Company 26
NIB Insurance 28
Methodology 30
Industry Forecast Methodology 30
Risk/Reward Index Methodology 33
Table: Indicators 35
Table: Weighting of Indicators 36

List of Tables

Table: Headline Insurance Forecasts (Ethiopia 2013-2020)
Table: Life Premiums (Ethiopia 2013-2020)
Table: Life Insurance Claims (Ethiopia 2008-2012)
Table: Non-Life Premiums (Ethiopia 2013-2020)
Table: Non-Life Insurance Claims (Ethiopia 2009-2012)
Table: Non-Life Insurance Premiums by Product Line (Ethiopia 2013-2020)
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q416
Table: Indicators
Table: Weighting of Indicators
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