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

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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.

READ MORE

Table Of Content

Scope

Table of Contents

1 KEY FACTS AND HIGHLIGHTS 2

2 EXECUTIVE SUMMARY 3

3 ECONOMY AND DEMOGRAPHICS 11

4 INDUSTRY OUTLOOK 15

4.1 Industry Indicators 17

4.1.1 Gross written premium 17

4.1.2 Insurance density 18

4.1.3 Paid claims 19

5 LIFE INSURANCE OUTLOOK 20

5.1 Segment Indicators 21

5.1.1 Gross written premium 21

5.1.2 Paid claims 22

5.1.3 Penetration 23

5.1.4 Assets and investments 24

5.2 Pension Insurance 27

5.2.1 Gross written premium 27

5.2.2 Penetration 28

6 GENERAL INSURANCE OUTLOOK 29

6.1 Segment Indicators 30

6.1.1 Gross written premium 30

6.1.2 Penetration 31

6.1.3 Loss ratio 32

6.1.4 Assets and investments 33

6.2 Property Insurance 37

6.2.1 Gross written premium 37

6.2.2 Penetration 38

6.3 Motor Insurance 39

6.3.1 Gross written premium 39

6.3.2 Penetration 40

6.4 Liability Insurance 41

6.4.1 Gross written premium 41

6.4.2 Penetration 42

6.5 Financial Lines Insurance 43

6.5.1 Gross written premium 43

6.5.2 Penetration 44

6.6 Marine, Aviation and Transit Insurance 45

6.6.1 Gross written premium 45

6.6.2 Penetration 46

6.7 Personal Accident and Health Insurance 47

6.7.1 Gross written premium 47

6.7.2 Penetration 48

7 REINSURANCE OUTLOOK 49

7.1 Reinsurance Accepted 50

7.2 Premium Ceded 51

8 DISTRIBUTION CHANNEL OUTLOOK 53

9 NATURAL AND MAN-MADE HAZARDS 54

9.1 Flooding 54

9.2 Droughts 54

9.3 Earthquakes 54

9.4 Wildfires 54

9.5 Epidemics 55

9.6 Exposure 55

10 COMPETITIVE LANDSCAPE 56

10.1 Company Profiles 58

10.1.1 Alliance Insurance Company (Pvt) Ltd-Company Overview 58

10.1.2 NicozDiamond Insurance Ltd-Company Overview 58

10.1.3 Cell Insurance Company (Pvt) Ltd-Company Overview 59

10.1.4 Zimnat Lion Insurance Company Ltd-Company Overview 59

10.1.5 Old Mutual Insurance Company-Company Overview 60

11 GOVERNANCE, RISK AND COMPLIANCE 61

11.1 Legislation Overview and Historical Evolution 62

11.2 Latest Changes in Regulation 63

11.3 Legislation and Market Practice by Type of Insurance 68

11.3.1 Life insurance 69

11.3.2 Property insurance 70

11.3.3 Motor insurance 71

11.3.4 Liability insurance 72

11.3.5 Marine, aviation and transit insurance 72

11.3.6 Personal accident and health insurance 72

11.4 Compulsory Insurance 74

11.4.1 Motor third-party liability insurance 74

11.4.2 Workmen's compensation 75

11.4.3 Professional indemnity insurance for insurance brokers 75

11.5 Supervision and Control 76

11.5.1 African Insurance Organization (AIO) 76

11.5.2 Insurance and Pensions Commission (IPEC) 76

11.6 Non-Admitted Insurance Regulation 78

11.6.1 Overview 78

11.6.2 Intermediaries 78

11.6.3 Market practices 79

11.6.4 Fines and Penalties 79

11.7 Company Registration and Operations 80

11.7.1 Type of insurance organization 81

11.7.2 Establishing a local company 81

11.7.3 Foreign ownership 82

11.7.4 Types of license 82

11.7.5 Capital requirements 82

11.7.6 Solvency margins 83

11.7.7 Reserve requirements 84

11.7.8 Investment regulations 84

11.7.9 Statutory return requirements 85

11.7.10 Fee structure 85

11.8 Taxation 86

11.8.1 Insurance premium or policy taxation 86

11.8.2 Withholding taxes on premium paid overseas 86

11.8.3 Corporate tax 86

11.8.4 VAT 87

11.8.5 Captives 87

11.9 Legal System 88

11.9.1 Introduction 88

11.9.2 Access to court 88

11.9.3 Alternative dispute resolution 89

12 DATABOOK 91

12.1 Life Insurance 91

12.1.1 Policies and premium 91

12.1.2 Claims and expenses 92

12.1.3 Assets and investments 93

12.2 General Insurance 94

12.2.1 Policies and premium 94

12.2.2 Claims and expenses 95

12.2.3 Assets and investments 96

12.2.4 Property insurance 96

12.2.5 Property insurance by category 97

12.2.6 Motor insurance 98

12.2.7 Liability insurance 98

12.2.8 Financial lines insurance 99

12.2.9 Marine, aviation and transit insurance 99

12.2.10 Marine aviation and transit insurance by category 100

12.2.11 Personal accident and health insurance 101

12.2.12 Personal accident and health insurance by category 101

13 DEFINITIONS AND METHODOLOGY 102

13.1 Definitions 102

13.2 Methodology 104

14 ABOUT GLOBALDATA 106

14.1 Contact GlobalData 106

14.2 About GlobalData 106

14.3 GlobalData's Services 107

14.4 Disclaimer 108


List Of Figure

List of Figures

Figure 1: Zimbabwean Real GDP (USD Billion), 2013-2017 12

Figure 2: Zimbabwean Consumer Price Inflation (%), 2013-2022 13

Figure 3: Zimbabwean Current Account Balance as Percentage of GDP (%), 2013-2016 14

Figure 4: Zimbabwean Insurance Industry-Gross Written Premium (USD Billion), 2013-2022 17

Figure 5: Zimbabwean Insurance Industry-Density (USD ), 2013-2022 18

Figure 6: Zimbabwean Insurance Industry-Paid Claims (USD Million), 2013-2022 19

Figure 7: Zimbabwean Life Insurance-Gross Written Premium (USD Million), 2013-2022 21

Figure 8: Zimbabwean Life Insurance-Paid Claims (USD Million), 2013-2022 22

Figure 9: Zimbabwean Life Insurance-Penetration (%), 2013-2017 23

Figure 10: Zimbabwean Life Insurance-Penetration (%), 2017-2022 23

Figure 11: Zimbabwean Life Insurance-Total Assets (USD Billion), 2013-2022 24

Figure 12: Zimbabwean Life Insurance -Investment Portfolio (USD Billion), 2013-2022 25

Figure 13: Zimbabwean Life Insurance -Investment Portfolio Dynamics (USD Billion), 2013-2022 26

Figure 14: Zimbabwean Pension- Gross Written Premium (USD Million), 2013-2022 27

Figure 15: Zimbabwean Pension- Penetration (%), 2013-2017 28

Figure 16: Zimbabwean Pension-Penetration (%), 2017-2022 28

Figure 17: Zimbabwean General Insurance-Gross Written Premium (USD Million), 2013-2022 30

Figure 18: Zimbabwean General Insurance-Penetration (%), 2013-2017 31

Figure 19: Zimbabwean General Insurance-Penetration (%), 2017-2022 31

Figure 20: Zimbabwean General Insurance-Loss Ratio (%), 2013-2017 32

Figure 21: Zimbabwean General Insurance-Loss Ratio (%), 2017-2022 32

Figure 22: Zimbabwean General Insurance-Total Assets (USD Million), 2013-2022 33

Figure 23: Zimbabwean General Insurance-Total Investment Income (USD Million), 2013-2022 34

Figure 24: Zimbabwean General Insurance-Investment Portfolio (USD Million), 2013-2022 35

Figure 25: Zimbabwean General Insurance-Investment Portfolio Dynamics (USD Million), 2013-2022 36

Figure 26: Zimbabwean Property Insurance-Gross Written Premium (USD Million), 2013-2022 37

Figure 27: Zimbabwean Property Insurance-Penetration (%), 2013-2017 38

Figure 28: Zimbabwean Property Insurance-Penetration (%), 2017-2022 38

Figure 29: Zimbabwean Motor Insurance-Gross Written Premium (USD Million), 2013-2022 39

Figure 30: Zimbabwean Motor Insurance-Penetration (%), 2013-2017 40

Figure 31: Zimbabwean Motor Insurance-Penetration (%), 2017-2022 40

Figure 32: Zimbabwean Liability Insurance-Gross Written Premium (USD Million), 2013-2022 41

Figure 33: Zimbabwean Liability Insurance-Penetration (%), 2013-2017 42

Figure 34: Zimbabwean Liability Insurance-Penetration (%), 2017-2022 42

Figure 35: Zimbabwean Financial Lines Insurance-Gross Written Premium (USD Million), 2013-2022 43

Figure 36: Zimbabwean Financial Lines Insurance-Penetration (%), 2013-2017 44

Figure 37: Zimbabwean Financial Lines Insurance-Penetration (%), 2017-2022 44

Figure 38: Zimbabwean Marine, Aviation and Transit Insurance-Gross Written Premium (USD Million), 2013-2022 45

Figure 39: Zimbabwean Marine, Aviation and Transit Insurance-Penetration (%), 2013-2017 46

Figure 40: Zimbabwean Marine, Aviation and Transit Insurance-Penetration (%), 2017-2022 46

Figure 41: Zimbabwean Personal Accident and Health Insurance-Gross Written Premium (USD Million), 2013-2022 47

Figure 42: Zimbabwean Personal Accident and Health Insurance-Penetration (%), 2013-2017 48

Figure 43: Zimbabwean Personal Accident and Health Insurance-Penetration (%), 2017-2022 48

Figure 44: Zimbabwean Reinsurance-Premium Accepted (USD Million) by Reinsurance Type, 2013-2022 50

Figure 45: Zimbabwean Reinsurance-Premium Ceded by Insurance Segment (USD Million), 2013-2022 51

Figure 46: Zimbabwean Life Insurance-Percentage of Reinsurance Ceded (%), 2013-2022 52

Figure 47: Zimbabwean General Insurance-Percentage of Reinsurance Ceded (%), 2013-2022 52

Figure 48: Zimbabwe-Insurance Supervision and Control at Various Levels 76

Figure 49: Zimbabwe-Insurance Regulatory Frameworks for Company Registration and Operation 80


List Of Table

List of Tables

Table 1: Zimbabwean Insurance Industry-Key Facts, 2017 2

Table 2: Zimbabwean Insurance Industry -Leading Insurers, 2017 2

Table 3: Zimbabwean Insurance Industry-Gross Written Premium (USD Billion and USD Billion), 2013-2017 17

Table 4: Zimbabwean Insurance Industry-Gross Written Premium (USD Billion and USD Billion), 2017-2022 17

Table 5: Zimbabwean Insurance Industry-Density (USD ), 2013-2017 18

Table 6: Zimbabwean Insurance Industry-Density (USD ), 2017-2022 18

Table 7: Zimbabwean Insurance Industry-Paid Claims (USD Million), 2013-2017 19

Table 8: Zimbabwean Insurance Industry-Paid Claims (USD Billion), 2017-2022 19

Table 9: Zimbabwean Life Insurance-Gross Written Premium (USD Million), 2013-2017 21

Table 10: Zimbabwean Life Insurance-Gross Written Premium (USD Million), 2017-2022 21

Table 11: Zimbabwean Life Insurance-Paid Claims (USD Million), 2013-2017 22

Table 12: Zimbabwean Life Insurance-Paid Claims (USD Million), 2017-2022 22

Table 13: Zimbabwean Life Insurance-Total Assets (USD Billion and USD Billion), 2013-2017 24

Table 14: Zimbabwean Life Insurance-Total Assets (USD Billion and USD Billion), 2017-2022 24

Table 15: Zimbabwean Life Insurance -Investment Portfolio (USD Billion), 2013-2017 25

Table 16: Zimbabwean Life Insurance -Investment Portfolio (USD Billion), 2017-2022 25

Table 17: Zimbabwean Pension- Gross Written Premium (USD Million), 2013-2017 27

Table 18: Zimbabwean Pension- Gross Written Premium (USD Million), 2017-2022 27

Table 19: Zimbabwean General Insurance-Gross Written Premium (USD Million), 2013-2017 30

Table 20: Zimbabwean General Insurance-Gross Written Premium (USD Million), 2017-2022 30

Table 21: Zimbabwean General Insurance-Total Assets (USD Million), 2013-2017 33

Table 22: Zimbabwean General Insurance-Total Assets (USD Million), 2017-2022 33

Table 23: Zimbabwean General Insurance-Total Investment Income (USD Million), 2013-2017 34

Table 24: Zimbabwean General Insurance-Total Investment Income (USD Million), 2017-2022 34

Table 25: Zimbabwean General Insurance-Investment Portfolio (USD Million), 2013-2017 35

Table 26: Zimbabwean General Insurance-Investment Portfolio (USD Million), 2017-2022 35

Table 27: Zimbabwean Property Insurance-Gross Written Premium (USD Million), 2013-2017 37

Table 28: Zimbabwean Property Insurance-Gross Written Premium (USD Million), 2017-2022 37

Table 29: Zimbabwean Motor Insurance-Gross Written Premium (USD Million), 2013-2017 39

Table 30: Zimbabwean Motor Insurance-Gross Written Premium (USD Million), 2017-2022 39

Table 31: Zimbabwean Liability Insurance-Gross Written Premium (USD Million), 2013-2017 41

Table 32: Zimbabwean Liability Insurance-Gross Written Premium (USD Million), 2017-2022 41

Table 33: Zimbabwean Financial Lines Insurance-Gross Written Premium (USD Million), 2013-2017 43

Table 34: Zimbabwean Financial Lines Insurance-Gross Written Premium (USD Million), 2017-2022 43

Table 35: Zimbabwean Marine, Aviation and Transit Insurance-Gross Written Premium (USD Million), 2013-2017 45

Table 36: Zimbabwean Marine, Aviation and Transit Insurance-Gross Written Premium (USD Million), 2017-2022 45

Table 37: Zimbabwean Personal Accident and Health Insurance-Gross Written Premium (USD Million), 2013-2017 47

Table 38: Zimbabwean Personal Accident and Health Insurance-Gross Written Premium (USD Million), 2017-2022 47

Table 39: Zimbabwean Reinsurance-Premium Accepted (USD Million) by Reinsurance Type, 2013-2017 50

Table 40: Zimbabwean Reinsurance-Premium Accepted (USD Million) by Reinsurance Type, 2017-2022 50

Table 41: Zimbabwean Reinsurance-Premium Ceded by Insurance Segment (USD Million), 2013-2017 51

Table 42: Zimbabwean Reinsurance-Premium Ceded by Insurance Segment (USD Million), 2017-2022 51

Table 43: Zimbabwean Insurance Industry -Leading Insurers, 2017 57

Table 44: Alliance Insurance Company (Pvt) Ltd-Key Facts 58

Table 45: NicozDiamond Insurance Ltd-Key Facts 58

Table 46: Cell Insurance Company (Pvt) Ltd-Key Facts 59

Table 47: Zimnat Lion Insurance Company Ltd-Key Facts 59

Table 48: Old Mutual Insurance Company-Key Facts 60

Table 49: Zimbabwe-Insurance Regulatory Framework Key Features 61

Table 50: Zimbabwe-Intermediary remuneration 68

Table 51: Zimbabwe-Life Insurance Regulatory Framework 69

Table 52: Zimbabwe-Property Insurance Regulatory Framework 70

Table 53: Zimbabwe-Motor Insurance Regulatory Framework 71

Table 54: Zimbabwe-Liability Insurance Regulatory Framework 72

Table 55: Zimbabwe-Corporate Tax Rates for the Financial Year 2018 86

Table 56: Zimbabwean Life Insurance-Policies and Premium, 2013-2017 91

Table 57: Zimbabwean Life Insurance-Policies and Premium, 2017-2022 91

Table 58: Zimbabwean Life Insurance-Claims and Expenses, 2013-2017 92

Table 59: Zimbabwean Life Insurance-Claims and Expenses, 2017-2022 92

Table 60: Zimbabwean Life Insurance-Assets and Investments, 2013-2017 93

Table 61: Zimbabwean Life Insurance-Assets and Investments, 2017-2022 93

Table 62: Zimbabwean General Insurance-Policies and Premium, 2013-2017 94

Table 63: Zimbabwean General Insurance-Policies and Premium, 2017-2022 94

Table 64: Zimbabwean General Insurance-Claims and Expenses, 2013-2017 95

Table 65: Zimbabwean General Insurance-Claims and Expenses, 2017-2022 95

Table 66: Zimbabwean General Insurance-Assets and Investments, 2013-2017 96

Table 67: Zimbabwean General Insurance-Assets and Investments, 2017-2022 96

Table 68: Zimbabwean General Insurance-Property Insurance, 2013-2017 96

Table 69: Zimbabwean General Insurance-Property Insurance, 2017-2022 96

Table 70: Zimbabwean General Insurance-Property Insurance by Category, 2013-2017 97

Table 71: Zimbabwean General Insurance-Property Insurance by Category, 2017-2022 97

Table 72: Zimbabwean General Insurance-Motor Insurance, 2013-2017 98

Table 73: Zimbabwean General Insurance-Motor Insurance, 2017-2022 98

Table 74: Zimbabwean General Insurance-Liability Insurance, 2013-2017 98

Table 75: Zimbabwean General Insurance-Liability Insurance, 2017-2022 98

Table 76: Zimbabwean General Insurance-Financial Lines Insurance, 2013-2017 99

Table 77: Zimbabwean General Insurance-Financial Lines Insurance, 2017-2022 99

Table 78: Zimbabwean General Insurance-Marine, Aviation and Transit Insurance, 2013-2017 99

Table 79: Zimbabwean General Insurance-Marine, Aviation and Transit Insurance, 2017-2022 99

Table 80: Zimbabwean General Insurance-Marine Aviation and Transit Insurance by Category, 2013-2017 100

Table 81: Zimbabwean General Insurance-Marine Aviation and Transit Insurance by Category, 2017-2022 100

Table 82: Zimbabwean General Insurance-Personal Accident and Health Insurance, 2013-2017 101

Table 83: Zimbabwean General Insurance-Personal Accident and Health Insurance, 2017-2022 101

Table 84: Zimbabwean General Insurance-Personal Accident and Health Insurance by Category, 2013-2017 101

Table 85: Zimbabwean General Insurance-Personal Accident and Health Insurance by Category, 2017-2022 101

Table 86: Insurance Industry Definitions 102

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Products and Companies

Products

Zimbabwean insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance


Companies

Alliance Insurance Company (Pvt) Ltd

NicozDiamond Insurance Ltd

Cell insurance Company (Pvt) Ltd

Zimnat Lion Insurance Company Ltd

Old Mutual Insurance Company

CBZ Life Limited

Heritage Life Assurance Company

Eagle Insurance Company

Clarion Insurance Company

Evolution Insurnace Company

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.

READ MORE

Scope

Table of Contents

1 KEY FACTS AND HIGHLIGHTS 2

2 EXECUTIVE SUMMARY 3

3 ECONOMY AND DEMOGRAPHICS 11

4 INDUSTRY OUTLOOK 15

4.1 Industry Indicators 17

4.1.1 Gross written premium 17

4.1.2 Insurance density 18

4.1.3 Paid claims 19

5 LIFE INSURANCE OUTLOOK 20

5.1 Segment Indicators 21

5.1.1 Gross written premium 21

5.1.2 Paid claims 22

5.1.3 Penetration 23

5.1.4 Assets and investments 24

5.2 Pension Insurance 27

5.2.1 Gross written premium 27

5.2.2 Penetration 28

6 GENERAL INSURANCE OUTLOOK 29

6.1 Segment Indicators 30

6.1.1 Gross written premium 30

6.1.2 Penetration 31

6.1.3 Loss ratio 32

6.1.4 Assets and investments 33

6.2 Property Insurance 37

6.2.1 Gross written premium 37

6.2.2 Penetration 38

6.3 Motor Insurance 39

6.3.1 Gross written premium 39

6.3.2 Penetration 40

6.4 Liability Insurance 41

6.4.1 Gross written premium 41

6.4.2 Penetration 42

6.5 Financial Lines Insurance 43

6.5.1 Gross written premium 43

6.5.2 Penetration 44

6.6 Marine, Aviation and Transit Insurance 45

6.6.1 Gross written premium 45

6.6.2 Penetration 46

6.7 Personal Accident and Health Insurance 47

6.7.1 Gross written premium 47

6.7.2 Penetration 48

7 REINSURANCE OUTLOOK 49

7.1 Reinsurance Accepted 50

7.2 Premium Ceded 51

8 DISTRIBUTION CHANNEL OUTLOOK 53

9 NATURAL AND MAN-MADE HAZARDS 54

9.1 Flooding 54

9.2 Droughts 54

9.3 Earthquakes 54

9.4 Wildfires 54

9.5 Epidemics 55

9.6 Exposure 55

10 COMPETITIVE LANDSCAPE 56

10.1 Company Profiles 58

10.1.1 Alliance Insurance Company (Pvt) Ltd-Company Overview 58

10.1.2 NicozDiamond Insurance Ltd-Company Overview 58

10.1.3 Cell Insurance Company (Pvt) Ltd-Company Overview 59

10.1.4 Zimnat Lion Insurance Company Ltd-Company Overview 59

10.1.5 Old Mutual Insurance Company-Company Overview 60

11 GOVERNANCE, RISK AND COMPLIANCE 61

11.1 Legislation Overview and Historical Evolution 62

11.2 Latest Changes in Regulation 63

11.3 Legislation and Market Practice by Type of Insurance 68

11.3.1 Life insurance 69

11.3.2 Property insurance 70

11.3.3 Motor insurance 71

11.3.4 Liability insurance 72

11.3.5 Marine, aviation and transit insurance 72

11.3.6 Personal accident and health insurance 72

11.4 Compulsory Insurance 74

11.4.1 Motor third-party liability insurance 74

11.4.2 Workmen's compensation 75

11.4.3 Professional indemnity insurance for insurance brokers 75

11.5 Supervision and Control 76

11.5.1 African Insurance Organization (AIO) 76

11.5.2 Insurance and Pensions Commission (IPEC) 76

11.6 Non-Admitted Insurance Regulation 78

11.6.1 Overview 78

11.6.2 Intermediaries 78

11.6.3 Market practices 79

11.6.4 Fines and Penalties 79

11.7 Company Registration and Operations 80

11.7.1 Type of insurance organization 81

11.7.2 Establishing a local company 81

11.7.3 Foreign ownership 82

11.7.4 Types of license 82

11.7.5 Capital requirements 82

11.7.6 Solvency margins 83

11.7.7 Reserve requirements 84

11.7.8 Investment regulations 84

11.7.9 Statutory return requirements 85

11.7.10 Fee structure 85

11.8 Taxation 86

11.8.1 Insurance premium or policy taxation 86

11.8.2 Withholding taxes on premium paid overseas 86

11.8.3 Corporate tax 86

11.8.4 VAT 87

11.8.5 Captives 87

11.9 Legal System 88

11.9.1 Introduction 88

11.9.2 Access to court 88

11.9.3 Alternative dispute resolution 89

12 DATABOOK 91

12.1 Life Insurance 91

12.1.1 Policies and premium 91

12.1.2 Claims and expenses 92

12.1.3 Assets and investments 93

12.2 General Insurance 94

12.2.1 Policies and premium 94

12.2.2 Claims and expenses 95

12.2.3 Assets and investments 96

12.2.4 Property insurance 96

12.2.5 Property insurance by category 97

12.2.6 Motor insurance 98

12.2.7 Liability insurance 98

12.2.8 Financial lines insurance 99

12.2.9 Marine, aviation and transit insurance 99

12.2.10 Marine aviation and transit insurance by category 100

12.2.11 Personal accident and health insurance 101

12.2.12 Personal accident and health insurance by category 101

13 DEFINITIONS AND METHODOLOGY 102

13.1 Definitions 102

13.2 Methodology 104

14 ABOUT GLOBALDATA 106

14.1 Contact GlobalData 106

14.2 About GlobalData 106

14.3 GlobalData's Services 107

14.4 Disclaimer 108


List Of Figure

List of Figures

Figure 1: Zimbabwean Real GDP (USD Billion), 2013-2017 12

Figure 2: Zimbabwean Consumer Price Inflation (%), 2013-2022 13

Figure 3: Zimbabwean Current Account Balance as Percentage of GDP (%), 2013-2016 14

Figure 4: Zimbabwean Insurance Industry-Gross Written Premium (USD Billion), 2013-2022 17

Figure 5: Zimbabwean Insurance Industry-Density (USD ), 2013-2022 18

Figure 6: Zimbabwean Insurance Industry-Paid Claims (USD Million), 2013-2022 19

Figure 7: Zimbabwean Life Insurance-Gross Written Premium (USD Million), 2013-2022 21

Figure 8: Zimbabwean Life Insurance-Paid Claims (USD Million), 2013-2022 22

Figure 9: Zimbabwean Life Insurance-Penetration (%), 2013-2017 23

Figure 10: Zimbabwean Life Insurance-Penetration (%), 2017-2022 23

Figure 11: Zimbabwean Life Insurance-Total Assets (USD Billion), 2013-2022 24

Figure 12: Zimbabwean Life Insurance -Investment Portfolio (USD Billion), 2013-2022 25

Figure 13: Zimbabwean Life Insurance -Investment Portfolio Dynamics (USD Billion), 2013-2022 26

Figure 14: Zimbabwean Pension- Gross Written Premium (USD Million), 2013-2022 27

Figure 15: Zimbabwean Pension- Penetration (%), 2013-2017 28

Figure 16: Zimbabwean Pension-Penetration (%), 2017-2022 28

Figure 17: Zimbabwean General Insurance-Gross Written Premium (USD Million), 2013-2022 30

Figure 18: Zimbabwean General Insurance-Penetration (%), 2013-2017 31

Figure 19: Zimbabwean General Insurance-Penetration (%), 2017-2022 31

Figure 20: Zimbabwean General Insurance-Loss Ratio (%), 2013-2017 32

Figure 21: Zimbabwean General Insurance-Loss Ratio (%), 2017-2022 32

Figure 22: Zimbabwean General Insurance-Total Assets (USD Million), 2013-2022 33

Figure 23: Zimbabwean General Insurance-Total Investment Income (USD Million), 2013-2022 34

Figure 24: Zimbabwean General Insurance-Investment Portfolio (USD Million), 2013-2022 35

Figure 25: Zimbabwean General Insurance-Investment Portfolio Dynamics (USD Million), 2013-2022 36

Figure 26: Zimbabwean Property Insurance-Gross Written Premium (USD Million), 2013-2022 37

Figure 27: Zimbabwean Property Insurance-Penetration (%), 2013-2017 38

Figure 28: Zimbabwean Property Insurance-Penetration (%), 2017-2022 38

Figure 29: Zimbabwean Motor Insurance-Gross Written Premium (USD Million), 2013-2022 39

Figure 30: Zimbabwean Motor Insurance-Penetration (%), 2013-2017 40

Figure 31: Zimbabwean Motor Insurance-Penetration (%), 2017-2022 40

Figure 32: Zimbabwean Liability Insurance-Gross Written Premium (USD Million), 2013-2022 41

Figure 33: Zimbabwean Liability Insurance-Penetration (%), 2013-2017 42

Figure 34: Zimbabwean Liability Insurance-Penetration (%), 2017-2022 42

Figure 35: Zimbabwean Financial Lines Insurance-Gross Written Premium (USD Million), 2013-2022 43

Figure 36: Zimbabwean Financial Lines Insurance-Penetration (%), 2013-2017 44

Figure 37: Zimbabwean Financial Lines Insurance-Penetration (%), 2017-2022 44

Figure 38: Zimbabwean Marine, Aviation and Transit Insurance-Gross Written Premium (USD Million), 2013-2022 45

Figure 39: Zimbabwean Marine, Aviation and Transit Insurance-Penetration (%), 2013-2017 46

Figure 40: Zimbabwean Marine, Aviation and Transit Insurance-Penetration (%), 2017-2022 46

Figure 41: Zimbabwean Personal Accident and Health Insurance-Gross Written Premium (USD Million), 2013-2022 47

Figure 42: Zimbabwean Personal Accident and Health Insurance-Penetration (%), 2013-2017 48

Figure 43: Zimbabwean Personal Accident and Health Insurance-Penetration (%), 2017-2022 48

Figure 44: Zimbabwean Reinsurance-Premium Accepted (USD Million) by Reinsurance Type, 2013-2022 50

Figure 45: Zimbabwean Reinsurance-Premium Ceded by Insurance Segment (USD Million), 2013-2022 51

Figure 46: Zimbabwean Life Insurance-Percentage of Reinsurance Ceded (%), 2013-2022 52

Figure 47: Zimbabwean General Insurance-Percentage of Reinsurance Ceded (%), 2013-2022 52

Figure 48: Zimbabwe-Insurance Supervision and Control at Various Levels 76

Figure 49: Zimbabwe-Insurance Regulatory Frameworks for Company Registration and Operation 80


List Of Table

List of Tables

Table 1: Zimbabwean Insurance Industry-Key Facts, 2017 2

Table 2: Zimbabwean Insurance Industry -Leading Insurers, 2017 2

Table 3: Zimbabwean Insurance Industry-Gross Written Premium (USD Billion and USD Billion), 2013-2017 17

Table 4: Zimbabwean Insurance Industry-Gross Written Premium (USD Billion and USD Billion), 2017-2022 17

Table 5: Zimbabwean Insurance Industry-Density (USD ), 2013-2017 18

Table 6: Zimbabwean Insurance Industry-Density (USD ), 2017-2022 18

Table 7: Zimbabwean Insurance Industry-Paid Claims (USD Million), 2013-2017 19

Table 8: Zimbabwean Insurance Industry-Paid Claims (USD Billion), 2017-2022 19

Table 9: Zimbabwean Life Insurance-Gross Written Premium (USD Million), 2013-2017 21

Table 10: Zimbabwean Life Insurance-Gross Written Premium (USD Million), 2017-2022 21

Table 11: Zimbabwean Life Insurance-Paid Claims (USD Million), 2013-2017 22

Table 12: Zimbabwean Life Insurance-Paid Claims (USD Million), 2017-2022 22

Table 13: Zimbabwean Life Insurance-Total Assets (USD Billion and USD Billion), 2013-2017 24

Table 14: Zimbabwean Life Insurance-Total Assets (USD Billion and USD Billion), 2017-2022 24

Table 15: Zimbabwean Life Insurance -Investment Portfolio (USD Billion), 2013-2017 25

Table 16: Zimbabwean Life Insurance -Investment Portfolio (USD Billion), 2017-2022 25

Table 17: Zimbabwean Pension- Gross Written Premium (USD Million), 2013-2017 27

Table 18: Zimbabwean Pension- Gross Written Premium (USD Million), 2017-2022 27

Table 19: Zimbabwean General Insurance-Gross Written Premium (USD Million), 2013-2017 30

Table 20: Zimbabwean General Insurance-Gross Written Premium (USD Million), 2017-2022 30

Table 21: Zimbabwean General Insurance-Total Assets (USD Million), 2013-2017 33

Table 22: Zimbabwean General Insurance-Total Assets (USD Million), 2017-2022 33

Table 23: Zimbabwean General Insurance-Total Investment Income (USD Million), 2013-2017 34

Table 24: Zimbabwean General Insurance-Total Investment Income (USD Million), 2017-2022 34

Table 25: Zimbabwean General Insurance-Investment Portfolio (USD Million), 2013-2017 35

Table 26: Zimbabwean General Insurance-Investment Portfolio (USD Million), 2017-2022 35

Table 27: Zimbabwean Property Insurance-Gross Written Premium (USD Million), 2013-2017 37

Table 28: Zimbabwean Property Insurance-Gross Written Premium (USD Million), 2017-2022 37

Table 29: Zimbabwean Motor Insurance-Gross Written Premium (USD Million), 2013-2017 39

Table 30: Zimbabwean Motor Insurance-Gross Written Premium (USD Million), 2017-2022 39

Table 31: Zimbabwean Liability Insurance-Gross Written Premium (USD Million), 2013-2017 41

Table 32: Zimbabwean Liability Insurance-Gross Written Premium (USD Million), 2017-2022 41

Table 33: Zimbabwean Financial Lines Insurance-Gross Written Premium (USD Million), 2013-2017 43

Table 34: Zimbabwean Financial Lines Insurance-Gross Written Premium (USD Million), 2017-2022 43

Table 35: Zimbabwean Marine, Aviation and Transit Insurance-Gross Written Premium (USD Million), 2013-2017 45

Table 36: Zimbabwean Marine, Aviation and Transit Insurance-Gross Written Premium (USD Million), 2017-2022 45

Table 37: Zimbabwean Personal Accident and Health Insurance-Gross Written Premium (USD Million), 2013-2017 47

Table 38: Zimbabwean Personal Accident and Health Insurance-Gross Written Premium (USD Million), 2017-2022 47

Table 39: Zimbabwean Reinsurance-Premium Accepted (USD Million) by Reinsurance Type, 2013-2017 50

Table 40: Zimbabwean Reinsurance-Premium Accepted (USD Million) by Reinsurance Type, 2017-2022 50

Table 41: Zimbabwean Reinsurance-Premium Ceded by Insurance Segment (USD Million), 2013-2017 51

Table 42: Zimbabwean Reinsurance-Premium Ceded by Insurance Segment (USD Million), 2017-2022 51

Table 43: Zimbabwean Insurance Industry -Leading Insurers, 2017 57

Table 44: Alliance Insurance Company (Pvt) Ltd-Key Facts 58

Table 45: NicozDiamond Insurance Ltd-Key Facts 58

Table 46: Cell Insurance Company (Pvt) Ltd-Key Facts 59

Table 47: Zimnat Lion Insurance Company Ltd-Key Facts 59

Table 48: Old Mutual Insurance Company-Key Facts 60

Table 49: Zimbabwe-Insurance Regulatory Framework Key Features 61

Table 50: Zimbabwe-Intermediary remuneration 68

Table 51: Zimbabwe-Life Insurance Regulatory Framework 69

Table 52: Zimbabwe-Property Insurance Regulatory Framework 70

Table 53: Zimbabwe-Motor Insurance Regulatory Framework 71

Table 54: Zimbabwe-Liability Insurance Regulatory Framework 72

Table 55: Zimbabwe-Corporate Tax Rates for the Financial Year 2018 86

Table 56: Zimbabwean Life Insurance-Policies and Premium, 2013-2017 91

Table 57: Zimbabwean Life Insurance-Policies and Premium, 2017-2022 91

Table 58: Zimbabwean Life Insurance-Claims and Expenses, 2013-2017 92

Table 59: Zimbabwean Life Insurance-Claims and Expenses, 2017-2022 92

Table 60: Zimbabwean Life Insurance-Assets and Investments, 2013-2017 93

Table 61: Zimbabwean Life Insurance-Assets and Investments, 2017-2022 93

Table 62: Zimbabwean General Insurance-Policies and Premium, 2013-2017 94

Table 63: Zimbabwean General Insurance-Policies and Premium, 2017-2022 94

Table 64: Zimbabwean General Insurance-Claims and Expenses, 2013-2017 95

Table 65: Zimbabwean General Insurance-Claims and Expenses, 2017-2022 95

Table 66: Zimbabwean General Insurance-Assets and Investments, 2013-2017 96

Table 67: Zimbabwean General Insurance-Assets and Investments, 2017-2022 96

Table 68: Zimbabwean General Insurance-Property Insurance, 2013-2017 96

Table 69: Zimbabwean General Insurance-Property Insurance, 2017-2022 96

Table 70: Zimbabwean General Insurance-Property Insurance by Category, 2013-2017 97

Table 71: Zimbabwean General Insurance-Property Insurance by Category, 2017-2022 97

Table 72: Zimbabwean General Insurance-Motor Insurance, 2013-2017 98

Table 73: Zimbabwean General Insurance-Motor Insurance, 2017-2022 98

Table 74: Zimbabwean General Insurance-Liability Insurance, 2013-2017 98

Table 75: Zimbabwean General Insurance-Liability Insurance, 2017-2022 98

Table 76: Zimbabwean General Insurance-Financial Lines Insurance, 2013-2017 99

Table 77: Zimbabwean General Insurance-Financial Lines Insurance, 2017-2022 99

Table 78: Zimbabwean General Insurance-Marine, Aviation and Transit Insurance, 2013-2017 99

Table 79: Zimbabwean General Insurance-Marine, Aviation and Transit Insurance, 2017-2022 99

Table 80: Zimbabwean General Insurance-Marine Aviation and Transit Insurance by Category, 2013-2017 100

Table 81: Zimbabwean General Insurance-Marine Aviation and Transit Insurance by Category, 2017-2022 100

Table 82: Zimbabwean General Insurance-Personal Accident and Health Insurance, 2013-2017 101

Table 83: Zimbabwean General Insurance-Personal Accident and Health Insurance, 2017-2022 101

Table 84: Zimbabwean General Insurance-Personal Accident and Health Insurance by Category, 2013-2017 101

Table 85: Zimbabwean General Insurance-Personal Accident and Health Insurance by Category, 2017-2022 101

Table 86: Insurance Industry Definitions 102

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Products

Zimbabwean insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance


Companies

Alliance Insurance Company (Pvt) Ltd

NicozDiamond Insurance Ltd

Cell insurance Company (Pvt) Ltd

Zimnat Lion Insurance Company Ltd

Old Mutual Insurance Company

CBZ Life Limited

Heritage Life Assurance Company

Eagle Insurance Company

Clarion Insurance Company

Evolution Insurnace Company