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The Insurance Industry in Rwanda, Key Trends and Opportunities to 2022

The Insurance Industry in Rwanda, Key Trends and Opportunities to 2022

Summary

The Insurance Industry in Rwanda, Key Trends and Opportunities to 2022, report provides detailed analysis of the market trends, drivers and challenges in the Rwandan 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 Rwandan economy and demographics, provides detailed information on the competitive landscape and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

This report provides in-depth market analysis, information and insights into the Rwandan insurance industry, including -

  • The Rwandan insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Rwandan economy and demographics
  • Details of the competitive landscape in the Rwandan insurance industry
  • The various distribution channels in the Rwandan insurance industry
  • Details of regulatory policy applicable to the Rwandan insurance industry
  • Analysis of natural hazards in the Rwandan insurance industry.
    • Key Findings
      • Microinsurance is playing an important role in increasing the uptake of insurance products among the low-income population of the country.
      • Effective from January 2018, mandatory motor third party liability (MTPL) insurance premiums for both public and private vehicles increased up to 73%, to enable insurers to maintain financial stability.
      • Radiant Insurance Company, which was licensed in 2013, introduced microinsurance products in association with Tigo, a Mobile Network Operator (MNO), which targeted the low and middle income population.
      • The number of insurers operating in Rwanda increased from eight in 2013 to 14 in 2017 respectively.
      • Rwanda’s compulsory social health insurance provided by community-based health insurance schemes drove the growth of the personal accident and health category.
        • 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 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
          • It offers a detailed analysis of the key segments in the Rwandan 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 Rwanda.
          • It profiles the top insurance companies in Rwanda, 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 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 the 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 Facts and Highlights
    • Table Rwandan Insurance Industry – Key Facts, 2017
    • Table Rwandan Insurance Industry – Leading Insurers, 2017
  • Executive Summary
  • Economy and Demographics
    • Table Figure 1: Rwandan Real GDP (RWF Trillion), 2013–2022
    • Table Rwandan Government Credit Ratings
    • Table Figure 2: Rwandan Exchange Rate (RWF per US$), 2013–2022
    • Table Figure 3: Rwandan Consumer Price Inflation (%), 2013–2022
    • Table Figure 4: Rwandan Current Account Balance as Percentage of GDP (%), 2013–2022
    • Table Figure 5: Rwandan Unemployment Rate, 2013–2022
    • Table Figure 6: Rwandan Population by Age Group, 2013–2022
  • Industry Outlook
    • Industry Indicators
      • Direct written premium
        • Table Rwandan Insurance Industry – Direct Written Premium (RWF Billion and US$ Million), 2013–2017
        • Table Rwandan Insurance Industry – Direct Written Premium (RWF Billion and US$ Million), 2017–2022
        • Table Figure 7: Rwandan Insurance Industry – Direct Written Premium (RWF Billion), 2013–2022
      • Insurance density
        • Table Rwandan Insurance Industry – Density (RWF), 2013–2017
        • Table Rwandan Insurance Industry – Density (RWF), 2017–2022
        • Table Figure 8: Rwandan Insurance Industry – Density (RWF), 2013–2022
  • Life Insurance Outlook
    • Segment Indicators
      • Direct written premium
        • Table Rwandan Life Insurance – Direct Written Premium (RWF Billion and US$ Million), 2013–2017
        • Table Rwandan Life Insurance – Direct Written Premium (RWF Billion and US$ Million), 2017–2022
        • Table Figure 9: Rwandan Life Insurance – Direct Written Premium (RWF Billion), 2013–2022
      • Penetration
        • Table Figure 10: Rwandan Life Insurance – Penetration (%), 2013–2017
        • Table Figure 11: Rwandan Life Insurance – Penetration (%), 2017–2022
      • Assets and investments
        • Table Rwandan Life Insurance – Total Investment Income (RWF Million and US$ Million), 2013–2017
        • Table Rwandan Life Insurance – Total Investment Income (RWF Million and US$ Million), 2017–2022
        • Table Figure 12: Rwandan Life Insurance – Total Investment Income (RWF Billion), 2013–2022
        • Table Rwandan Life Insurance – Investment Portfolio (RWF Billion), 2013–2017
        • Table Rwandan Life Insurance – Investment Portfolio (RWF Billion), 2017–2022
        • Table Figure 13: Rwandan Life Insurance – Investment Portfolio (RWF Billion), 2013–2022
        • Table Figure 14: Rwandan Life Insurance – Investment Portfolio Dynamics (RWF Billion), 2013– 2022
  • General Insurance Outlook
    • Segment Indicators
      • Direct written premium
        • Table Rwandan General Insurance – Direct Written Premium (RWF Billion and US$ Million), 2013–2017
        • Table Rwandan General Insurance – Direct Written Premium (RWF Billion and US$ Million), 2017–2022
        • Table Figure 15: Rwandan General Insurance – Direct Written Premium (RWF Billion), 2013–2022
      • Penetration
        • Table Figure 16: Rwandan General Insurance – Penetration (%), 2013–2017
        • Table Figure 17: Rwandan General Insurance – Penetration (%), 2017–2022
      • Assets and investments
        • Table Rwandan General Insurance – Total Investment Income (RWF Billion and US$ Million), 2013–2017
        • Table Rwandan General Insurance – Total Investment Income (RWF Billion and US$ Million), 2017–2022
        • Table Figure 18: Rwandan General Insurance – Total Investment Income (RWF Billion), 2013–2022
        • Table Rwandan General Insurance – Investment Portfolio (RWF Billion), 2013–2017
        • Table Rwandan General Insurance – Investment Portfolio (RWF Billion), 2017–2022
        • Table Figure 19: Rwandan General Insurance – Investment Portfolio (RWF Billion), 2013–2022
        • Table Figure 20: Rwandan General Insurance – Investment Portfolio Dynamics (RWF Billion), 2013– 2022
    • Property Insurance
      • Direct written premium
        • Table Rwandan Property Insurance – Direct Written Premium (RWF Billion and US$ Million), 2013–2017
        • Table Rwandan Property Insurance – Direct Written Premium (RWF Billion and US$ Billion), 2017–2022
        • Table Figure 21: Rwandan Property Insurance – Direct Written Premium (RWF Billion), 2013–2022
      • Penetration
        • Table Figure 22: Rwandan Property Insurance – Penetration (%), 2013–2017
        • Table Figure 23: Rwandan Property Insurance – Penetration (%), 2017–2022
    • Motor Insurance
      • Direct written premium
        • Table Rwandan Motor Insurance – Direct Written Premium (RWF Billion and US$ Million), 2013–2017
        • Table Rwandan Motor Insurance – Direct Written Premium (RWF Billion and US$ Million), 2017–2022
        • Table Figure 24: Rwandan Motor Insurance – Direct Written Premium (RWF Billion), 2013–2022
      • Penetration
        • Table Figure 25: Rwandan Motor Insurance – Penetration (%), 2013–2017
        • Table Figure 26: Rwandan Motor Insurance – Penetration (%), 2017–2022
    • Liability Insurance
      • Direct written premium
        • Table Rwandan Liability Insurance – Direct Written Premium (RWF Million and US$ Thousand), 2013–2017
        • Table Rwandan Liability Insurance – Direct Written Premium (RWF Million and US$ Thousand), 2017–2022
        • Table Figure 27: Rwandan Liability Insurance – Direct Written Premium (RWF Billion), 2013–2022
      • Penetration
        • Table Figure 28: Rwandan Liability Insurance – Penetration (%), 2013–2017
        • Table Figure 29: Rwandan Liability Insurance – Penetration (%), 2017–2022
    • Personal Accident and Health Insurance
      • Direct written premium
        • Table Rwandan Personal Accident and Health Insurance – Direct Written Premium (RWF Billion and US$ Million), 2013–2017
        • Table Rwandan Personal Accident and Health Insurance – Direct Written Premium (RWF Billion and US$ Million), 2017–2022
        • Table Figure 30: Rwandan Personal Accident and Health Insurance – Direct Written Premium (RWF Billion), 2013–2022
      • Penetration
        • Table Figure 31: Rwandan Personal Accident and Health Insurance – Penetration (%), 2013–2017
        • Table Figure 32: Rwandan Personal Accident and Health Insurance – Penetration (%), 2017–2022
        • Table Figure 33: Rwandan Personal Accident and Health Insurance – Net Earned Premium (RWF Billion), 2013–2022
    • Miscellaneous
      • Direct written premium
        • Table Rwandan Miscellaneous – Direct Written Premium (RWF Billion and US$ Million), 2013–2017
        • Table Rwandan Miscellaneous – Direct Written Premium (RWF Billion and US$ Million), 2017–2022
        • Table Figure 34: Rwandan Miscellaneous – Direct Written Premium (RWF Billion), 2013–2022
      • Penetration
        • Table Figure 35: Rwandan Miscellaneous – Penetration (%), 2013–2017
        • Table Figure 36: Rwandan Miscellaneous – Penetration (%), 2017–2022
  • Reinsurance Outlook
    • Premium Ceded
      • Table Rwandan Reinsurance – Premium Ceded by Insurance Segment (RWF Billion), 2013–2017
      • Table Rwandan Reinsurance – Premium Ceded by Insurance Segment (RWF Billion), 2017–2022
      • Table Figure 37: Rwandan Reinsurance – Premium Ceded by Insurance Segment (RWF Billion), 2013–2022
  • Distribution Channel Outlook
  • Natural and Man-Made Hazard
    • Flooding
    • Droughts
    • Landslides
    • Wild Storms
    • Earthquakes
    • Man-Made Hazards
    • Exposure
  • Competitive Landscape
    • Table Rwandan Insurance Companies, 2017
    • Company Profiles
      • Sonarwa General Insurance Ltd – company overview
        • Table Sonarwa General Insurance Limited – Key Facts
      • Soras Assurances Generales Ltd – company overview
        • Table Soras Assurances Generales Ltd – Key Facts
      • Saham Assurance Rwanda Ltd – company overview
        • Table Saham Assurance Rwanda Limited – Key Facts
      • RSSB – Medical Scheme (RSSB - MEDICAL) – company overview
        • Table RSSB – Medical Scheme (RSSB - MEDICAL – Key Facts
      • Mayfair Insurance company Rwanda Ltd – company overview
        • Table Mayfair Insurance company Rwanda ltd – Key Facts
  • Governance, Risk and Compliance
    • Table Rwanda – Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
      • Table Rwanda – Pecuniary
      • Table Rwanda – Pecuniary Sanctions
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Rwanda – Life Insurance Regulatory Framework
      • Property insurance
        • Table Rwanda – Property Insurance Regulatory Framework
      • Motor insurance
        • Table Rwanda – Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Rwanda – Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Professional indemnity insurance for insurance brokers, agents and loss adjusters
      • Motor third-party liability insurance
      • Social health insurance
    • Supervision and Control
      • Table Figure 38: Rwanda – Insurance Supervision and Control at Various Levels
      • International Association of Insurance Supervisors
      • National Bank of Rwanda
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Table Figure 39: Rwanda – Insurance Regulatory Frameworks for Company Registration and Operation
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
        • Table Rwanda – Investment Limits
      • Statutory return requirements
      • Fee structure
        • Table Rwanda – Fee Structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Rwanda – Corporate Tax Rates for the Financial Year 2017
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Life Insurance
      • Policies and premium
        • Table Rwandan Life Insurance – Policies and Premium, 2013–2017
        • Table Rwandan Life Insurance – Policies and Premium, 2017–2022
      • Claims and expenses
        • Table Rwandan Life Insurance – Claims and Expenses, 2013–2017
        • Table Rwandan Life Insurance – Claims and Expenses, 2017–2022
      • Assets and investments
        • Table Rwandan Life Insurance – Assets and Investments, 2013–2017
        • Table Rwandan Life Insurance – Assets and Investments, 2017–2022
    • General Insurance
      • Policies and premium
        • Table Rwandan General Insurance – Policies and Premium, 2013–2017
        • Table Rwandan General Insurance – Policies and Premium, 2017–2022
      • Assets and investments
        • Table Rwandan General Insurance – Assets and Investments, 2013–2017
        • Table Rwandan General Insurance – Assets and Investments, 2017–2022
      • Property insurance
        • Table Rwandan General Insurance – Property Insurance, 2013–2017
        • Table Rwandan General Insurance – Property Insurance, 2017–2022
      • Property insurance by category
        • Table Rwandan General Insurance – Property Insurance by Category, 2013–2017
        • Table Rwandan General Insurance – Property Insurance by Category, 2017–2022
      • Motor insurance
        • Table Rwandan General Insurance – Motor Insurance, 2013–2017
        • Table Rwandan General Insurance – Motor Insurance, 2017–2022
      • Motor insurance by category
        • Table Rwandan General Insurance – Motor Insurance by Category, 2013–2017
        • Table Rwandan General Insurance – Motor Insurance by Category, 2017–2022
      • Liability insurance
        • Table Rwandan General Insurance – Liability Insurance, 2013–2017
        • Table Rwandan General Insurance – Liability Insurance, 2017–2022
      • Personal accident and health insurance
        • Table Rwandan General Insurance – Personal Accident and Health Insurance, 2013–2017
        • Table Rwandan General Insurance – Personal Accident and Health Insurance, 2017–2022
      • Miscellaneous
        • Table Rwandan General Insurance – Miscellaneous, 2013–2017
        • Table Rwandan General Insurance – Miscellaneous, 2017–2022
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
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    • GlobalData's Services
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