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The Insurance Industry in Zimbabwe: Key Trends and Opportunities to 2022

The Insurance Industry in Zimbabwe: Key Trends and Opportunities to 2022

Summary

GlobalData’s The Insurance Industry in Zimbabwe: Key Trends and Opportunities to 2022, report provides detailed analysis of the market trends, drivers and challenges in the Zimbabwean 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 Zimbabwean economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’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.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

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

  • The Zimbabwean insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Zimbabwean economy and demographics
  • Details of the competitive landscape in the Zimbabwean insurance industry
  • The various distribution channels in the Zimbabwean insurance industry
  • Details of regulatory policy applicable to the Zimbabwean insurance industry
  • Analysis of natural hazards in the Zimbabwean insurance industry
Key Highlights
  • In 2018, Insurance Council of Zimbabwe (ICZ) introduced a unit for the investigation and prevention of insurance fraud.
  • In 2017, IPEC introduced microinsurance regulations to facilitate and improve microinsurance product offerings in Zimbabwe.
  • In 2017, the government raised the minimum capital requirements for insurers operating in Zimbabwe.
  • On November 24, 2016 the government of Zimbabwe approved the establishment of National Health Insurance Scheme providing access to universal healthcare to the Zimbabweans.
Scope
  • This report provides a comprehensive analysis of the insurance industry in Zimbabwe.
  • It provides historical values for the Zimbabwean 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 Zimbabwean 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 Zimbabwe.
  • It profiles the top insurance companies in Zimbabwe, 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 Zimbabwean insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Zimbabwean insurance industry.
  • Assess the competitive dynamics in the Zimbabwean insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Zimbabwean insurance industry and their impact on companies and the industry's future.


  • Key Facts and Highlights
    • Table Zimbabwean Insurance Industry – Key Facts, 2017
    • Table Zimbabwean Insurance Industry –Leading Insurers, 2017
  • Executive Summary
  • Economy and Demographics
    • Table Figure 1: Zimbabwean Real GDP (US$ Billion), 2013–2017
    • Table Figure 2: Zimbabwean Consumer Price Inflation (%), 2013–2022
    • Table Figure 3: Zimbabwean Current Account Balance as Percentage of GDP (%), 2013–2016
  • Industry Outlook
    • Industry Indicators
      • Gross written premium
        • Table Zimbabwean Insurance Industry – Gross Written Premium (US$ Billion and US$ Billion), 2013–2017
        • Table Zimbabwean Insurance Industry – Gross Written Premium (US$ Billion and US$ Billion), 2017–2022
        • Table Figure 4: Zimbabwean Insurance Industry – Gross Written Premium (US$ Billion), 2013–2022
      • Insurance density
        • Table Zimbabwean Insurance Industry – Density (US$), 2013–2017
        • Table Zimbabwean Insurance Industry – Density (US$), 2017–2022
        • Table Figure 5: Zimbabwean Insurance Industry – Density (US$), 2013–2022
      • Paid claims
        • Table Zimbabwean Insurance Industry – Paid Claims (US$ Million), 2013–2017
        • Table Zimbabwean Insurance Industry – Paid Claims (US$ Billion), 2017–2022
        • Table Figure 6: Zimbabwean Insurance Industry – Paid Claims (US$ Million), 2013–2022
  • Life Insurance Outlook
    • Segment Indicators
      • Gross written premium
        • Table Zimbabwean Life Insurance – Gross Written Premium (US$ Million), 2013–2017
        • Table Zimbabwean Life Insurance – Gross Written Premium (US$ Million), 2017–2022
        • Table Figure 7: Zimbabwean Life Insurance – Gross Written Premium (US$ Million), 2013–2022
      • Paid claims
        • Table Zimbabwean Life Insurance – Paid Claims (US$ Million), 2013–2017
        • Table Zimbabwean Life Insurance – Paid Claims (US$ Million), 2017–2022
        • Table Figure 8: Zimbabwean Life Insurance – Paid Claims (US$ Million), 2013–2022
      • Penetration
        • Table Figure 9: Zimbabwean Life Insurance – Penetration (%), 2013–2017
        • Table Figure 10: Zimbabwean Life Insurance – Penetration (%), 2017–2022
      • Assets and investments
        • Table Zimbabwean Life Insurance – Total Assets (US$ Billion and US$ Billion), 2013–2017
        • Table Zimbabwean Life Insurance – Total Assets (US$ Billion and US$ Billion), 2017–2022
        • Table Figure 11: Zimbabwean Life Insurance – Total Assets (US$ Billion), 2013–2022
        • Table Zimbabwean Life Insurance –Investment Portfolio (US$ Billion), 2013–2017
        • Table Zimbabwean Life Insurance –Investment Portfolio (US$ Billion), 2017–2022
        • Table Figure 12: Zimbabwean Life Insurance –Investment Portfolio (US$ Billion), 2013–2022
        • Table Figure 13: Zimbabwean Life Insurance –Investment Portfolio Dynamics (US$ Billion), 2013–2022
    • Pension Insurance
      • Gross written premium
        • Table Zimbabwean Pension– Gross Written Premium (US$ Million), 2013–2017
        • Table Zimbabwean Pension– Gross Written Premium (US$ Million), 2017–2022
        • Table Figure 14: Zimbabwean Pension– Gross Written Premium (US$ Million), 2013–2022
      • Penetration
        • Table Figure 15: Zimbabwean Pension– Penetration (%), 2013–2017
        • Table Figure 16: Zimbabwean Pension – Penetration (%), 2017–2022
  • General Insurance Outlook
    • Segment Indicators
      • Gross written premium
        • Table Zimbabwean General Insurance – Gross Written Premium (US$ Million), 2013–2017
        • Table Zimbabwean General Insurance – Gross Written Premium (US$ Million), 2017–2022
        • Table Figure 17: Zimbabwean General Insurance – Gross Written Premium (US$ Million), 2013–2022
      • Penetration
        • Table Figure 18: Zimbabwean General Insurance – Penetration (%), 2013–2017
        • Table Figure 19: Zimbabwean General Insurance – Penetration (%), 2017–2022
      • Loss ratio
        • Table Figure 20: Zimbabwean General Insurance – Loss Ratio (%), 2013–2017
        • Table Figure 21: Zimbabwean General Insurance – Loss Ratio (%), 2017–2022
      • Assets and investments
        • Table Zimbabwean General Insurance – Total Assets (US$ Million), 2013–2017
        • Table Zimbabwean General Insurance – Total Assets (US$ Million), 2017–2022
        • Table Figure 22: Zimbabwean General Insurance – Total Assets (US$ Million), 2013–2022
        • Table Zimbabwean General Insurance – Total Investment Income (US$ Million), 2013–2017
        • Table Zimbabwean General Insurance – Total Investment Income (US$ Million), 2017–2022
        • Table Figure 23: Zimbabwean General Insurance – Total Investment Income (US$ Million), 2013–2022
        • Table Zimbabwean General Insurance – Investment Portfolio (US$ Million), 2013–2017
        • Table Zimbabwean General Insurance – Investment Portfolio (US$ Million), 2017–2022
        • Table Figure 24: Zimbabwean General Insurance – Investment Portfolio (US$ Million), 2013–2022
        • Table Figure 25: Zimbabwean General Insurance – Investment Portfolio Dynamics (US$ Million), 2013–2022
    • Property Insurance
      • Gross written premium
        • Table Zimbabwean Property Insurance – Gross Written Premium (US$ Million), 2013–2017
        • Table Zimbabwean Property Insurance – Gross Written Premium (US$ Million), 2017–2022
        • Table Figure 26: Zimbabwean Property Insurance – Gross Written Premium (US$ Million), 2013–2022
      • Penetration
        • Table Figure 27: Zimbabwean Property Insurance – Penetration (%), 2013–2017
        • Table Figure 28: Zimbabwean Property Insurance – Penetration (%), 2017–2022
    • Motor Insurance
      • Gross written premium
        • Table Zimbabwean Motor Insurance – Gross Written Premium (US$ Million), 2013–2017
        • Table Zimbabwean Motor Insurance – Gross Written Premium (US$ Million), 2017–2022
        • Table Figure 29: Zimbabwean Motor Insurance – Gross Written Premium (US$ Million), 2013–2022
      • Penetration
        • Table Figure 30: Zimbabwean Motor Insurance – Penetration (%), 2013–2017
        • Table Figure 31: Zimbabwean Motor Insurance – Penetration (%), 2017–2022
    • Liability Insurance
      • Gross written premium
        • Table Zimbabwean Liability Insurance – Gross Written Premium (US$ Million), 2013–2017
        • Table Zimbabwean Liability Insurance – Gross Written Premium (US$ Million), 2017–2022
        • Table Figure 32: Zimbabwean Liability Insurance – Gross Written Premium (US$ Million), 2013–2022
      • Penetration
        • Table Figure 33: Zimbabwean Liability Insurance – Penetration (%), 2013–2017
        • Table Figure 34: Zimbabwean Liability Insurance – Penetration (%), 2017–2022
    • Financial Lines Insurance
      • Gross written premium
        • Table Zimbabwean Financial Lines Insurance – Gross Written Premium (US$ Million), 2013–2017
        • Table Zimbabwean Financial Lines Insurance – Gross Written Premium (US$ Million), 2017–2022
        • Table Figure 35: Zimbabwean Financial Lines Insurance – Gross Written Premium (US$ Million), 2013–2022
      • Penetration
        • Table Figure 36: Zimbabwean Financial Lines Insurance – Penetration (%), 2013–2017
        • Table Figure 37: Zimbabwean Financial Lines Insurance – Penetration (%), 2017–2022
    • Marine, Aviation and Transit Insurance
      • Gross written premium
        • Table Zimbabwean Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Million), 2013–2017
        • Table Zimbabwean Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Million), 2017–2022
        • Table Figure 38: Zimbabwean Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Million), 2013–2022
      • Penetration
        • Table Figure 39: Zimbabwean Marine, Aviation and Transit Insurance – Penetration (%), 2013–2017
        • Table Figure 40: Zimbabwean Marine, Aviation and Transit Insurance – Penetration (%), 2017–2022
    • Personal Accident and Health Insurance
      • Gross written premium
        • Table Zimbabwean Personal Accident and Health Insurance – Gross Written Premium (US$ Million), 2013–2017
        • Table Zimbabwean Personal Accident and Health Insurance – Gross Written Premium (US$ Million), 2017–2022
        • Table Figure 41: Zimbabwean Personal Accident and Health Insurance – Gross Written Premium (US$ Million), 2013–2022
      • Penetration
        • Table Figure 42: Zimbabwean Personal Accident and Health Insurance – Penetration (%), 2013–2017
        • Table Figure 43: Zimbabwean Personal Accident and Health Insurance – Penetration (%), 2017–2022
  • Reinsurance Outlook
    • Reinsurance Accepted
      • Table Zimbabwean Reinsurance – Premium Accepted (US$ Million) by Reinsurance Type, 2013–2017
      • Table Zimbabwean Reinsurance – Premium Accepted (US$ Million) by Reinsurance Type, 2017–2022
      • Table Figure 44: Zimbabwean Reinsurance – Premium Accepted (US$ Million) by Reinsurance Type, 2013–2022
    • Premium Ceded
      • Table Zimbabwean Reinsurance – Premium Ceded by Insurance Segment (US$ Million), 2013–2017
      • Table Zimbabwean Reinsurance – Premium Ceded by Insurance Segment (US$ Million), 2017–2022
      • Table Figure 45: Zimbabwean Reinsurance – Premium Ceded by Insurance Segment (US$ Million), 2013–2022
      • Table Figure 46: Zimbabwean Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2022
      • Table Figure 47: Zimbabwean General Insurance – Percentage of Reinsurance Ceded (%), 2013–2022
  • Distribution Channel Outlook
  • Natural and Man-Made Hazards
    • Flooding
    • Droughts
    • Earthquakes
    • Wildfires
    • Epidemics
    • Exposure
  • Competitive Landscape
    • Table Zimbabwean Insurance Industry –Leading Insurers, 2017
    • Company Profiles
      • Alliance Insurance Company (Pvt) Ltd – Company Overview
        • Table Alliance Insurance Company (Pvt) Ltd – Key Facts
      • NicozDiamond Insurance Ltd – Company Overview
        • Table NicozDiamond Insurance Ltd – Key Facts
      • Cell Insurance Company (Pvt) Ltd – Company Overview
        • Table Cell Insurance Company (Pvt) Ltd – Key Facts
      • Zimnat Lion Insurance Company Ltd – Company Overview
        • Table Zimnat Lion Insurance Company Ltd – Key Facts
      • Old Mutual Insurance Company – Company Overview
        • Table Old Mutual Insurance Company – Key Facts
  • Governance, Risk and Compliance
    • Table Zimbabwe – Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Table Zimbabwe – Intermediary remuneration
      • Life insurance
        • Table Zimbabwe – Life Insurance Regulatory Framework
      • Property insurance
        • Table Zimbabwe – Property Insurance Regulatory Framework
      • Motor insurance
        • Table Zimbabwe – Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Zimbabwe – Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Workmen's compensation
      • Professional indemnity insurance for insurance brokers
    • Supervision and Control
      • Table Figure 48: Zimbabwe – Insurance Supervision and Control at Various Levels
      • African Insurance Organization (AIO)
      • Insurance and Pensions Commission (IPEC)
    • Non-Admitted Insurance Regulation
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Table Figure 49: Zimbabwe – Insurance Regulatory Frameworks for Company Registration and Operation
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Zimbabwe – Corporate Tax Rates for the Financial Year 2018
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Life Insurance
      • Policies and premium
        • Table Zimbabwean Life Insurance – Policies and Premium, 2013–2017
        • Table Zimbabwean Life Insurance – Policies and Premium, 2017–2022
      • Claims and expenses
        • Table Zimbabwean Life Insurance – Claims and Expenses, 2013–2017
        • Table Zimbabwean Life Insurance – Claims and Expenses, 2017–2022
      • Assets and investments
        • Table Zimbabwean Life Insurance – Assets and Investments, 2013–2017
        • Table Zimbabwean Life Insurance – Assets and Investments, 2017–2022
    • General Insurance
      • Policies and premium
        • Table Zimbabwean General Insurance – Policies and Premium, 2013–2017
        • Table Zimbabwean General Insurance – Policies and Premium, 2017–2022
      • Claims and expenses
        • Table Zimbabwean General Insurance – Claims and Expenses, 2013–2017
        • Table Zimbabwean General Insurance – Claims and Expenses, 2017–2022
      • Assets and investments
        • Table Zimbabwean General Insurance – Assets and Investments, 2013–2017
        • Table Zimbabwean General Insurance – Assets and Investments, 2017–2022
      • Property insurance
        • Table Zimbabwean General Insurance – Property Insurance, 2013–2017
        • Table Zimbabwean General Insurance – Property Insurance, 2017–2022
      • Property insurance by category
        • Table Zimbabwean General Insurance – Property Insurance by Category, 2013–2017
        • Table Zimbabwean General Insurance – Property Insurance by Category, 2017–2022
      • Motor insurance
        • Table Zimbabwean General Insurance – Motor Insurance, 2013–2017
        • Table Zimbabwean General Insurance – Motor Insurance, 2017–2022
      • Liability insurance
        • Table Zimbabwean General Insurance – Liability Insurance, 2013–2017
        • Table Zimbabwean General Insurance – Liability Insurance, 2017–2022
      • Financial lines insurance
        • Table Zimbabwean General Insurance – Financial Lines Insurance, 2013–2017
        • Table Zimbabwean General Insurance – Financial Lines Insurance, 2017–2022
      • Marine, aviation and transit insurance
        • Table Zimbabwean General Insurance – Marine, Aviation and Transit Insurance, 2013–2017
        • Table Zimbabwean General Insurance – Marine, Aviation and Transit Insurance, 2017–2022
      • Marine aviation and transit insurance by category
        • Table Zimbabwean General Insurance – Marine Aviation and Transit Insurance by Category, 2013–2017
        • Table Zimbabwean General Insurance – Marine Aviation and Transit Insurance by Category, 2017–2022
      • Personal accident and health insurance
        • Table Zimbabwean General Insurance – Personal Accident and Health Insurance, 2013–2017
        • Table Zimbabwean General Insurance – Personal Accident and Health Insurance, 2017–2022
      • Personal accident and health insurance by category
        • Table Zimbabwean General Insurance – Personal Accident and Health Insurance by Category, 2013–2017
        • Table Zimbabwean General Insurance – Personal Accident and Health Insurance by Category, 2017–2022
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Appendix
    • Contact GlobalData
    • About GlobalData
      • Table Figure 50: About GlobalData
    • GlobalData's Services
    • Disclaimer

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