Market Research Logo

The Insurance Industry in Rwanda, Key Trends and Opportunities to 2021

The Insurance Industry in Rwanda, Key Trends and Opportunities to 2021

Synopsis

Timetric’s 'The Insurance Industry in Rwanda, Key Trends and Opportunities to 2021' 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, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Rwandan economy and demographics, and provides detailed information on the competitive landscape in the country.

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 2021' 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 Rwandan economy and demographics
  • The detailed competitive landscape in the Rwandan insurance industry
  • The various distribution channels in the Rwandan insurance industry
  • Detailed regulatory policies of the Rwandan insurance industry
  • Analysis of natural hazards in 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 2012–2016 review period, and projected figures for the 2016–2021 forecast period.
  • It offers a detailed analysis of the key segments in the Rwandan insurance industry, along with market forecasts until 2021.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
  • 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 Highlights
  • On March 20, 2017, the National Bank of Rwanda (BNR) issued a regulation which aims to establish administrative and pecuniary sanctions applicable to insurers for violations of the law governing the organization of insurance business and the implementation of regulations, directives and decisions of the BNR.
  • As of June 2016, the financial sector of Rwanda was well capitalized, with its assets growth increasing from 53.8% in June 2015 to 55.0% in June 2016. The country has 494 microfinance institutions, 88 foreign exchange bureaus, 63 pension schemes and 17 banks.
  • In 2016, the Rwanda Revenue Authority implemented a new tax policy. The raised tax rate will discourage used car imports and support cuts on carbon emissions. The policy mainly targets vehicles that are more than one year old.
  • The Rwandan insurance industry comprises 15 insurance providers, of which nine are non-life insurers, four are life insurance providers and two are public medical insurers.


  • Key Facts and Highlights
    • Table Rwanda Insurance Industry - Key Facts, 2016
    • Table Rwanda Insurance Industry - Leading Insurers, 2016
  • Executive Summary
  • Economy and Demographics
    • Table Rwandan Government Credit Ratings
  • Industry Outlook
    • Regional Comparison
    • Industry Indicators
      • Gross written premium
        • Table Rwandan Insurance Industry - Gross Written Premium by Segment (RWF Billion), 2012-2016
        • Table Rwandan Insurance Industry - Gross Written Premium by Segment (RWF Billion), 2016-2021
      • Insurance density
        • Table Rwandan Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (RWF), 2012-2016
        • Table Rwandan Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (RWF), 2016-2021
      • Assets and investments
        • Table Rwandan Insurance Industry - Total Investment Income by Segment (RWF Billion), 2012-2016
        • Table Rwandan Insurance Industry - Total Investment Income by Segment (RWF Billion), 2016-2021
  • Life Insurance
    • Table Rwanda Life Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
    • Table Rwanda Life Insurance - Gross Written Premium (RWF Billion and US$ Million), 2016-2021
  • Non-Life Insurance
    • Table Rwanda Non-Life Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
    • Table Rwanda Non-Life Insurance - Gross Written Premium (RWF Billion and US$ Million), 2016-2021
    • Property Insurance
      • Gross written premium
        • Table Rwandan Property Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
        • Table Rwandan Property Insurance - Gross Written Premium (RWF Billion and US$ Million), 2016-2021
      • Penetration
    • Motor Insurance
      • Gross written premium
        • Table Rwandan Motor Insurance - Gross Written Premium (RWF Billion and US$ Million) 2012-2016
        • Table Rwandan Motor Insurance - Gross Written Premium (RWF Billion and US$ Million), 2016-2021
      • Penetration
    • Liability Insurance
      • Gross written premium
        • Table Rwandan Liability Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
        • Table Rwandan Liability Insurance - Gross Written Premium (RWF Billion and US$ million), 2016-2021
      • Penetration
    • Marine, Aviation and Transit Insurance
      • Gross written premium
        • Table Rwandan Marine, Aviation and Transit Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
        • Table Rwandan Marine, Aviation and Transit Insurance - Gross Written Premium (RWF Billion and US$ Million), 2016-2021
      • Penetration
  • Personal Accident and Health Insurance
    • Table Rwandan Personal Accident and Health Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
    • Table Rwandan Personal Accident and Health Insurance - Gross Written Premium (RWF Billion and US$ Million), 2016-2021
  • Reinsurance
    • Premium Ceded
      • Table Rwandan Reinsurance - Premium Ceded by Insurance Segment (RWF Million), 2012-2016
      • Table Rwandan Reinsurance - Premium Ceded by Insurance Segment (RWF Million), 2016-2021
  • Distribution Channel Outlook
  • Natural and Man-Made Hazards
    • Table Rwandan Average Annual Loss by Hazard (US$ Million), 1990-2014
    • Flooding
    • Droughts
    • Landslides
    • Windstorms
    • Earthquakes
    • Exposure
  • Competitive Landscape
    • Table Rwanda - Leading Insurance Companies, 2016
    • 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
      • Prime Insurance Ltd - company overview
        • Table Prime Insurance Ltd - Key Facts
      • Radiant Insurance Company - company overview
        • Table Radiant Insurance Company - 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 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
      • International Association of Insurance Supervisors
      • National Bank of Rwanda
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • 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, 2012-2016
        • Table Rwandan Life Insurance - Policies and Premium, 2016-2021
      • Assets and investments
        • Table Rwandan Life Insurance - Assets and Investments, 2012-2016
        • Table Rwandan Life Insurance - Assets and Investments, 2016-2021
    • Non-Life Insurance
      • Policies and premium
        • Table Rwandan Non-Life Insurance - Policies and Premium, 2012-2016
        • Table Rwandan Non-Life Insurance - Policies and Premium, 2016-2021
      • Claims and expenses
        • Table Rwandan Non-Life Insurance - Claims and Expenses, 2012-2016
        • Table Rwandan Non-Life Insurance - Claims and Expenses, 2016-2021
      • Assets and investments
        • Table Rwandan Non-Life Insurance - Assets and Investments, 2012-2016
        • Table Rwandan Non-Life Insurance - Assets and Investments, 2016-2021
      • Property insurance
        • Table Rwandan Non-Life Insurance - Property Insurance, 2012-2016
        • Table Rwandan Non-Life Insurance - Property Insurance, 2016-2021
      • Property insurance by category
        • Table Rwandan Non-Life Insurance - Property Insurance by Category, 2012-2016
        • Table Rwandan Non-Life Insurance - Property Insurance by Category, 2016-2021
      • Motor insurance
        • Table Rwandan Non-Life Insurance - Motor Insurance, 2012-2016
        • Table Rwandan Non-Life Insurance - Motor Insurance, 2016-2021
      • Motor insurance by product
        • Table Rwandan Non-Life Insurance - Motor Insurance by Category, 2012-2016
        • Table Rwandan Non-Life Insurance - Motor Insurance by Category, 2016-2021
      • Liability insurance
        • Table Rwandan Non-Life Insurance - Liability Insurance, 2012-2016
        • Table Rwandan Non-Life Insurance - Liability Insurance, 2016-2021
      • Marine, aviation and transit insurance
        • Table Rwandan Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016
        • Table Rwandan Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021
    • Personal Accident and Health Insurance
      • Policies and premium
        • Table Rwandan Personal Accident and Health Insurance - Policies and Premium, 2012-2016
        • Table Rwandan Personal Accident and Health Insurance - Policies and Premium, 2016-2021
      • Claims and expenses
        • Table Rwandan Personal Accident and Health Insurance - Claims and Expenses, 2012-2016
        • Table Rwandan Personal Accident and Health Insurance - Claims and Expenses, 2016-2021
      • Assets and investments
        • Table Rwandan Personal Accident and Health Insurance - Assets and Investments, 2012-2016
        • Table Rwandan Personal Accident and Health Insurance - Assets and Investments, 2016-2021
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report