Zimbabwe Insurance Report Q4 2016

Publisher Name :
Date: 14-Sep-2016
No. of pages: 51

BMI View: The outlook for Zimbabwe's insurance market is relatively mixed. In the short-term, both the life

and non-life sectors will struggle to achieve growth, hampered by the wider economic stagnation in the

country. Over the medium term, however, there are positive market trends in play which indicate scope for

the insurance sector to develop rapidly from a low base. In particular we see a gradual improvement in

income rates in conjunction with stronger GDP growth stimulating demand for various life and non-life

products from 2017 through to 2020 and beyond. While foreign investors may remain hesitant to commit to

a market where operational risks are considerable, there is scope for new entrants which could take

advantage of the consolidation among the smaller domestic firms to establish a presence in the

Zimbabwean insurance sector.

Key Updates And Forecasts

? Zimbabwe continues to take steps to improve the regulatory environment. New minimum capitalisation

requirements have been introduced effective 31 December 2015 and the government is also reportedly

developing a regulatory framework to support the nascent micro-insurance segment.

? Following slow growth in 2016 of just 0.2%, Zimbabwe's non-life sector is expected to gather pace over

the remainder of the forecast period with total premiums written expected to reach USD320mn by 2020

(up from USD215mn in 2016). Basic motor and property lines will continue to dominate for some time to

come.

? Similarly, the life insurance sector will see limited growth of 1.1% in 2016 followed by more robust

growth between 2017 and 2020, leading to total premiums of USD561mn by the end of the forecast

period (up from USD336mn in 2016). The life market will remain reliant upon group business for the

majority of premiums written.

Zimbabwe Insurance Report Q4 2016

Table of Contents

BMI Industry View 5
Table: Headline Insurance Forecasts (Zimbabwe 2013-2020) 5
SWOT 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Zimbabwe 2013-2020) 11
Table: Life Insurance Claims (Zimbabwe 2009-2015) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Zimbabwe 2013-2020) 16
Table: Non-Life Insurance Claims (Zimbabwe 2010-2015) 16
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (Zimbabwe 2013-2020) 26
Insurance Risk/Reward Index 27
Sub-Saharan Africa Risk/Reward Index 27
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q416 27
Market Overview 29
Life Market Overview 29
The Product Offering 29
The Competitive Landscape 29
Table: Life Market Shares (USDmn), 2011-2015 31
Non-life Market Overview 33
The Product Offering 33
The Competitive Landscape 33
Table: Non-Life Market Shares, USDmn, 2011-2015 35
Company Profile 37
Alliance 37
NICOZ 39
Nyaradzo 41
Old Mutual 43
Methodology 45
Industry Forecast Methodology 45
Risk/Reward Index Methodology 48
Table: Indicators 50
Table: Weighting of Indicators 51

List of Tables

Table: Headline Insurance Forecasts (Zimbabwe 2013-2020)
Table: Life Premiums (Zimbabwe 2013-2020)
Table: Life Insurance Claims (Zimbabwe 2009-2015)
Table: Non-Life Premiums (Zimbabwe 2013-2020)
Table: Non-Life Insurance Claims (Zimbabwe 2010-2015)
Table: Non-Life Insurance Premiums by Product Line (Zimbabwe 2013-2020)
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q416
Table: Life Market Shares (USDmn), 2011-2015
Table: Non-Life Market Shares, USDmn, 2011-2015
Table: Indicators
Table: Weighting of Indicators
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