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The Insurance Industry in Rwanda, Key Trends and Opportunities to 2020

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Date: 07-Feb-2017
No. of pages: 89
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Synopsis

Timetric's 'The Insurance Industry in Rwanda, Key Trends and Opportunities to 2020' report provides a detailed analysis of the Rwandan insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011-2015) and forecast (2015-2020) periods.

The report also gives a comprehensive overview of Rwanda's economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes analysis of the impact of natural hazards on the insurance industry.

The report brings together Timetric's 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.

Summary

Timetric's 'The Insurance Industry in Rwanda, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Rwandan insurance industry, including:

• An overview of the Rwandan insurance industry

• The Rwandan insurance industry's growth prospects by segment and category

• A comprehensive overview of the Rwandan economy and demographics

• The detailed competitive landscape in the Rwandan insurance industry

• Details of regulatory policy applicable to the Rwandan insurance industry

• Analysis of natural hazards in the Rwandan insurance industry

Scope

This report provides a comprehensive analysis of the insurance industry in Rwanda:

• It provides historical values for the Rwandan insurance industry for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

• It offers a detailed analysis of the key segments in the Rwandan insurance industry, with market forecasts to 2020.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• It profiles the top insurance companies in Rwanda, and highlights recent developments.

• It covers the economy and demographic structure of Rwanda.

• It analyzes the impact of natural hazards in the Rwandan insurance industry.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Rwandan insurance industry and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Rwandan insurance industry.

• Assess the competitive dynamics in the Rwandan insurance industry.

• Identify growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing the Rwandan insurance industry, and their impact on companies and the industry's future.

Key Highlights

• The Rwandan insurance industry is attractive for new entrants, due to its low penetration and growing economy.

• The relatively small elderly population limits awareness of retirement-related life products such as pension, annuity and superannuation insurance.

• The unfavorable regulatory framework in Rwanda restricts demand for insurance. Rwanda applies 18.0% VAT to insurance premiums.

• The non-life insurance segment accounted for 68.8% of the industry's gross written premium in 2015.

• The Rwanda Revenue Authority has increased taxes to discourage used car imports and reduce carbon emissions.

The Insurance Industry in Rwanda, Key Trends and Opportunities to 2020

Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Industry Outlook
4.1 Regional Comparison
4.2 Industry Indicators
4.2.1 Gross written premium
5 Life Insurance
6 Non-Life Insurance
6.1 Property Insurance
6.1.1 Penetration
6.2 Motor Insurance
6.2.1 Penetration
6.3 Liability Insurance
6.3.1 Penetration
6.4 Marine, Aviation and Transit Insurance
6.4.1 Penetration
7 Personal Accident and Health Insurance
8 Reinsurance
8.1 Premium Ceded
9 Distribution Channel Outlook
10 Natural and Man-Made Hazards
10.1 Flooding
10.2 Droughts
10.3 Landslides
10.4 Exposure
11 Competitive Landscape
11.1 Company Profiles
11.1.1 Sonarwa General Insurance Ltd - company overview
11.1.2 Soras Assurances Generales Ltd - company overview
11.1.3 Saham Assurance Rwanda Limited - company overview
11.1.4 Prime Insurance Ltd - company overview
11.1.5 Radiant Insurance Company - company overview
12 Governance, Risk and Compliance
12.1 Legislation Overview and Historical Evolution
12.2 Latest Changes in Regulation
12.3 Legislation and Market Practice by Type of Insurance
12.3.1 Life insurance
12.3.2 Property insurance
12.3.3 Motor insurance
12.3.4 Liability insurance
12.3.5 Marine, aviation and transit insurance
12.3.6 Personal accident and health insurance
12.4 Compulsory Insurance
12.4.1 Professional indemnity insurance for insurance brokers, agents and loss adjusters
12.4.2 Motor third-party liability insurance
12.4.3 Social health insurance
12.5 Supervision and Control
12.5.1 International Association of Insurance Supervisors
12.5.2 National Bank of Rwanda
12.6 Non-Admitted Insurance Regulations
12.6.1 Overview
12.6.2 Intermediaries
12.6.3 Market practices
12.6.4 Fines and Penalties
12.7 Company Registration and Operations
12.7.1 Type of insurance organization
12.7.2 Establishing a local company
12.7.3 Foreign ownership
12.7.4 Types of license
12.7.5 Capital requirements
12.7.6 Solvency margin
12.7.7 Reserve requirements
12.7.8 Investment regulations
12.7.9 Statutory return requirements
12.7.10 Fee structure
12.8 Taxation
12.8.1 Insurance premium or policy taxation
12.8.2 Withholding taxes on premium paid overseas
12.8.3 Corporate tax
12.8.4 VAT
12.8.5 Captives
12.9 Legal System
12.9.1 Introduction
12.9.2 Access to court
12.9.3 Alternative dispute resolution
13 Databook
13.1 Life Insurance
13.1.1 Policies and premium
13.1.2 Claims and expenses
13.1.3 Assets and investments
13.1.4 Linked vs. non-linked policies
13.2 Non-Life Insurance
13.2.1 Policies and premium
13.2.2 Claims and expenses
13.2.3 Assets and investments
13.2.4 Property insurance
13.2.5 Property insurance by product
13.2.6 Motor insurance
13.2.7 Motor insurance by product
13.2.8 Liability insurance
13.2.9 Marine, aviation and transit insurance
13.3 Personal Accident and Health Insurance
13.3.1 Policies and premium
13.3.2 Claims and expenses
13.3.3 Assets and investments
14 Definitions and Methodology
14.1 Definitions
14.2 Methodology
15 About Timetric
15.1 Contact Timetric
15.2 About Timetric
15.3 Timetric's Services
15.4 Disclaimer


List of Tables
Table 1: Rwandan Insurance Industry - Key Facts, 2015
Table 2: Rwandan Government Credit Ratings
Table 3: Rwandan Insurance Industry - Gross Written Premium by Segment (RWF Billion), 2011-2015
Table 4: Rwandan Insurance Industry - Gross Written Premium by Segment (RWF Billion), 2015-2020
Table 5: Rwandan Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (RWF), 2011-2015
Table 6: Rwandan Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (RWF), 2015-2020
Table 7: Rwandan Life Insurance - Gross Written Premium (RWF Billion and US$ Million), 2011-2015
Table 8: Rwandan Life Insurance - Gross Written Premium (RWF Billion and US$ Million), 2015-2020
Table 9: Rwandan Non-life Insurance - Gross Written Premium (RWF Billion and US$ Million), 2011-2015
Table 10: Rwandan Non-life Insurance - Gross Written Premium (RWF Billion and US$ Million), 2015-2020
Table 11: Rwandan Personal Accident and Health Insurance - Gross Written Premium (RWF Billion and US$ Million), 2011-2015
Table 12: Rwandan Personal Accident and Health Insurance - Gross Written Premium (RWF Billion and US$ Million), 2015-2020
Table 13: Rwandan Reinsurance - Premium Ceded by Life Insurance Segment (RWF Million), 2011-2015
Table 14: Rwandan Reinsurance - Premium Ceded by Life Insurance Segment (RWF Million), 2015-2020
Table 15: Rwandan Average Annual Loss by Hazard (US$ Million), 1990-2014
Table 16: Rwandan Private Insurance Companies 2015
Table 17: Sonarwa General Insurance Limited - Key Facts
Table 18: Soras Assurances Generales Ltd - Key Facts
Table 19: Saham Assurance Rwanda Limited - Key Facts
Table 20: Prime Insurance Ltd - Key Facts
Table 21: Radiant Insurance Company - Key Facts
Table 22: Rwanda - Insurance Regulatory Framework Key Features
Table 23: Rwanda - Life Insurance Regulatory Framework
Table 24: Rwanda - Property Insurance Regulatory Framework
Table 25: Rwanda - Motor Insurance Regulatory Framework
Table 26: Rwanda - Liability Insurance Regulatory Framework
Table 27: Rwanda - Investment Limits
Table 28: Rwanda - Fee Structure
Table 29: Rwanda - Corporate Tax Rates for the Financial Year 2017
Table 30: Rwandan Life Insurance - Policies and Premium, 2011-2015
Table 31: Rwandan Life Insurance - Policies and Premium, 2015-2020
Table 32: Rwandan Life Insurance - Claims and Expenses, 2011-2015
Table 33: Rwandan Life Insurance - Claims and Expenses, 2015-2020
Table 34: Rwandan Life Insurance - Assets and Investments, 2011-2015
Table 35: Rwandan Life Insurance - Assets and Investments, 2015-2020
Table 36: Rwandan Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 37: Rwandan Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 38: Rwandan Non-Life Insurance - Policies and Premium, 2011-2015
Table 39: Rwandan Non-Life Insurance - Policies and Premium, 2015-2020
Table 40: Rwandan Non-Life Insurance - Claims and Expenses, 2011-2015
Table 41: Rwandan Non-Life Insurance - Claims and Expenses, 2015-2020
Table 42: Rwandan Non-Life Insurance - Assets and Investments, 2011-2015
Table 43: Rwandan Non-Life Insurance - Assets and Investments, 2015-2020
Table 44: Rwandan Non-Life Insurance - Property Insurance, 2011-2015
Table 45: Rwandan Non-Life Insurance - Property Insurance, 2015-2020
Table 46: Rwandan Non-Life Insurance - Property Insurance by Product, 2011-2015
Table 47: Rwandan Non-Life Insurance - Property Insurance by Product, 2015-2020
Table 48: Rwandan Non-Life Insurance - Motor Insurance, 2011-2015
Table 49: Rwandan Non-Life Insurance - Motor Insurance, 2015-2020
Table 50: Rwandan Non-Life Insurance - Motor Insurance by Product, 2011-2015
Table 51: Rwandan Non-Life Insurance - Motor Insurance by Product, 2015-2020
Table 52: Rwandan Non-Life Insurance - Liability Insurance, 2011-2015
Table 53: Rwandan Non-Life Insurance - Liability Insurance, 2015-2020
Table 54: Rwandan Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
Table 55: Rwandan Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
Table 56: Rwandan Personal Accident and Health Insurance - Policies and Premium, 2011-2015
Table 57: Rwandan Personal Accident and Health Insurance - Policies and Premium, 2015-2020
Table 58: Rwandan Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
Table 59: Rwandan Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
Table 60: Rwandan Personal Accident and Health Insurance - Assets and Investments, 2011-2015
Table 61: Rwandan Personal Accident and Health Insurance - Assets and Investments, 2015-2020
Table 62: Insurance Industry Definitions


List of Figures
Figure 1: Rwandan Real GDP (RWF Trillion), 2011-2020
Figure 2: Rwandan Consumer Price Inflation (%), 2011-2020
Figure 3: Rwandan Current Account Balance as Percentage of GDP (%), 2011-2015
Figure 4: Rwandan Population by Age Group, 1991-2025
Figure 5: Rwandan Life Insurance Penetration - Regional Comparison (%), 2015
Figure 6: Rwandan Non-Life Insurance Penetration - Regional Comparison (%), 2015
Figure 7: Rwandan Personal Accident and Health Insurance Penetration - Regional Comparison (%), 2015
Figure 8: Rwandan Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 9: Rwandan Insurance Industry - Gross Written Premium by Segment, 2011-2020
Figure 10: Rwandan Life Insurance - Gross Written Premium (RWF Billion), 2011-2020
Figure 11: Rwandan Non-life Insurance - Gross Written Premium (RWF Billion), 2011-2020
Figure 12: Rwandan Property Insurance - Penetration (%), 2011-2015
Figure 13: Rwandan Property Insurance - Penetration (%), 2015-2020
Figure 14: Rwandan Motor Insurance - Penetration (%), 2011-2015
Figure 15: Rwandan Motor Insurance - Penetration (%), 2015-2020
Figure 16: Rwandan Liability Insurance - Penetration (%), 2011-2015
Figure 17: Rwandan Liability Insurance - Penetration (%), 2015-2020
Figure 18: Rwandan Marine, Aviation and Transit Insurance - Penetration (%), 2011-2015
Figure 19: Rwandan Marine, Aviation and Transit Insurance - Penetration (%), 2015-2020
Figure 20: Rwandan Personal Accident and Health Insurance - Gross Written Premium (RWF Billion), 2011-2020
Figure 21: Rwandan Reinsurance - Premium Ceded by Life Insurance Segment (RWF Million), 2011-2020
Figure 22: Rwandan Life Insurance - Percentage of Reinsurance Ceded (%), 2011-2020
Figure 23: Rwandan - Frequency of Hazards by Type, 1990-2014
Figure 24: Rwandan Mortality by Hazards Type, 1990-2014
Figure 25: Rwanda - Insurance Supervision and Control at Various Levels
Figure 26: Rwanda - Insurance Regulatory Frameworks for Company Registration and Operation
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