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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
? 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.