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The Insurance Industry in Eritrea, Key Trends and Opportunities to 2019

The Insurance Industry in Eritrea, Key Trends and Opportunities to 2019


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Executive Summary

Timetric's 'The Insurance Industry in Eritrea, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Eritrean 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 (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Eritrean 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 Eritrea, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Eritrean insurance industry, including:

The Eritrean insurance industry's growth prospects by segment and category

A comprehensive overview of Eritrean economy and demographics

The detailed competitive landscape in the Eritrean insurance industry

The various distribution channels in the Eritrean insurance industry

Detailed regulatory policies of the Eritrean insurance industry

Analysis of natural hazards in Eritrean insurance industry

Scope

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

It provides historical values for the Eritrean insurance industry for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

It offers a detailed analysis of the key segments in the Eritrean insurance industry, along with market forecasts until 2019.

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 Eritrea.

It profiles the top insurance companies in Eritrea 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 Eritrean insurance industry and each segment and category within it.

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

Assess the competitive dynamics in the Eritrean insurance industry.

Identify the growth opportunities and market dynamics in key segments.

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

Key Highlights

The industry was led by the non-life segment, with 83.7% of the gross written premium in 2014, followed by personal accident and health insurance with 15.2%, and life insurance with 1.1%.

With economic growth and rising consumer awareness, the Eritrean insurance industry is expected to record a forecast-period CAGR of 9.4%.

The motor insurance category contributed 55.4% of the industry's gross written premium in 2014.

The insurance industry in Eritrea consists of only one insurance company: NICE.

Insurance penetration stood at 0.38% in 2014, primarily supported by the non-life segment.

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Eritrean Insurance Industry Overview

4.1 Life Insurance

4.2 Non-Life Insurance

4.2.1 Property insurance

4.2.2 Motor insurance

4.2.3 Liability insurance

4.2.4 Marine, aviation and transit insurance

4.3 Personal Accident and Health Insurance

4.4 Reinsurance

5 Natural Hazards

5.1 Floods

5.2 Droughts

5.3 Volcanic eruption

5.4 Storms

5.5 Exposure

6 Competitive Landscape

6.1 Overview

6.2 National Insurance Corporation of Eritrea (NICE) - company overview

7 Definitions and Methodology

7.1 What is this Report About?

7.2 Definitions

7.3 Methodology

8 Appendix

8.1 Methodology

8.2 Contact Timetric

8.3 About Timetric

8.4 Timetric's Services

8.5 Disclaimer

Figure 1: Eritrean Real GDP (ERN Billion), 2010-2019

Figure 2: Eritrean Consumer Price Inflation, 2010-2019

Figure 3: Eritrean Current Account Balance (Percentage of GDP), 2010-2014

Figure 4: ERN-US$ Exchange Rate, 2010-2019

Figure 5: Eritrean Population by Age Group, 1991-2025

Figure 6: Eritrean Insurance - Gross Written Premium by Segment (ERN Million), 2010-2019

Figure 7: Eritrean Insurance - Gross Written Premium Market Dynamics by Segment, 2010-2019

Figure 8: Eritrean Life Insurance - Gross Written Premium (ERN Million), 2010-2014

Figure 9: Eritrean Life Insurance - Gross Written Premium (ERN Million), 2014-2019

Figure 10: Eritrean Life Insurance - Direct Written Premium (ERN Million), 2010-2014

Figure 11: Eritrean Life Insurance - Direct Written Premium (ERN Million), 2014-2019

Figure 12: Eritrean Life Insurance - Paid Claims (ERN Million), 2010-2014

Figure 13: Eritrean Life Insurance - Paid Claims (ERN Million), 2014-2019

Figure 14: Eritrean Life Insurance - Incurred Loss (ERN Million), 2010-2014

Figure 15: Eritrean Life Insurance - Incurred Loss (ERN Million), 2014-2019

Figure 16: Eritrean Life Insurance - Net Written Premium (Percentage of GWP), 2010-2014

Figure 17: Eritrean Life Insurance - Net Written Premium (Percentage of GWP), 2014-2019

Figure 18: Eritrean Life Insurance - Net Written Premium (ERN Million), 2010-2014

Figure 19: Eritrean Life Insurance - Net Written Premium (ERN Million), 2014-2019

Figure 20: Eritrean Life Insurance - Total Assets (ERN Million), 2010-2014

Figure 21: Eritrean Life Insurance - Total Assets (ERN Million), 2014-2019

Figure 22: Eritrean Life Insurance - Total Investment (ERN Million), 2010-2014

Figure 23: Eritrean Life Insurance - Total Investment Income (ERN Million), 2010-2014

Figure 24: Eritrean Life Insurance - Total Investment Income (ERN Million), 2014-2019

Figure 25: Eritrean Life Insurance - Insurance Penetration (Ratio of Direct Premium to GDP), 2010-2014

Figure 26: Eritrean Life Insurance - Insurance Density (Direct Premium per Capita) (ERN), 2010-2014

Figure 27: Eritrean Non-Life Insurance - Gross Written Premium by Category (ERN Million), 2010-2019

Figure 28: Eritrean Non-Life Insurance - Gross Written Premium by Category (%), 2014 and 2019

Figure 29: Eritrean Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019

Figure 30: Eritrean Non-Life Insurance - Direct Written Premium by Category (ERN Million), 2010-2019

Figure 31: Eritrean Non-Life Insurance - Direct Written Premium by Category (%), 2014 and 2019

Figure 32: Eritrean Non-Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019

Figure 33: Eritrean Non-Life Insurance - Paid Claims (ERN Million), 2010-2014

Figure 34: Eritrean Non-Life Insurance - Paid Claims (ERN Million), 2014-2019

Figure 35: Eritrean Non-Life Insurance - Incurred Loss (ERN Million), 2010-2014

Figure 36: Eritrean Non-Life Insurance - Incurred Loss (ERN Million), 2014-2019

Figure 37: Eritrean Non-Life Insurance - Loss Ratio (%), 2010-2014

Figure 38: Eritrean Non-Life Insurance - Loss Ratio (%), 2014-2019

Figure 39: Eritrean Non-Life Insurance - Combined Ratio (%), 2010-2014

Figure 40: Eritrean Non-Life Insurance - Combined Ratio (%), 2014-2019

Figure 41: Eritrean Non-Life Insurance - Total Assets (ERN Million), 2010-2014

Figure 42: Eritrean Non-Life Insurance - Total Assets (ERN Million), 2014-2019

Figure 43: Eritrean Non-Life Insurance - Total Investment (ERN Million), 2010-2014

Figure 44: Eritrean Non-Life Insurance - Total Investment Income (ERN Million), 2010-2014

Figure 45: Eritrean Non-Life Insurance - Total Investment Income (ERN Million), 2014-2019

Figure 46: Eritrean Non-Life Insurance - Net Written Premium (ERN Million), 2010-2014

Figure 47: Eritrean Non-Life Insurance - Net Written Premium (ERN Million), 2014-2019

Figure 48: Eritrean Non-Life Insurance Penetration (Ratio of Direct Premium to GDP), 2010-2014

Figure 49: Eritrean Non-Life Insurance Density (Direct Premium per Capita) (ERN), 2010-2014

Figure 50: Eritrean Property Insurance - Gross Written Premium (ERN Million), 2010-2014

Figure 51: Eritrean Property Insurance - Gross Written Premium (ERN Million), 2014-2019

Figure 52: Eritrean Motor Insurance - Gross Written Premium (ERN Million), 2010-2014

Figure 53: Eritrean Motor Insurance - Gross Written Premium (ERN Million), 2014-2019

Figure 54: Eritrean Liability Insurance - Gross Written Premium (ERN Million), 2010-2014

Figure 55: Eritrean Liability Insurance - Gross Written Premium (ERN Million), 2014-2019

Figure 56: Eritrean Marine, Aviation and Transit Insurance - Gross Written Premium (ERN Million), 2010-2014

Figure 57: Eritrean Marine, Aviation and Transit Insurance - Gross Written Premium (ERN Million), 2014-2019

Figure 58: Eritrean Personal Accident and Health Insurance - Gross Written Premium (ERN Million), 2010-2014

Figure 59: Eritrean Personal Accident and Health Insurance - Gross Written Premium (ERN Million), 2014-2019

Figure 60: Eritrean Personal Accident and Health Insurance - Direct Written Premium (ERN Million), 2010-2014

Figure 61: Eritrean Personal Accident and Health Insurance - Direct Written Premium (ERN Million), 2014-2019

Figure 62: Eritrean Personal Accident and Health Insurance - Paid Claims by Category (ERN Million), 2010-2014

Figure 63: Eritrean Personal Accident and Health Insurance - Paid Claims (ERN Million), 2014-2019

Figure 64: Eritrean Personal Accident and Health Insurance - Incurred Loss (ERN Million), 2010-2014

Figure 65: Eritrean Personal Accident and Health Insurance - Incurred Loss (ERN Million), 2014-2019

Figure 66: Eritrean Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014

Figure 67: Eritrean Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019

Figure 68: Eritrean Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014

Figure 69: Eritrean Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019

Figure 70: Eritrean Personal Accident and Health Insurance - Total Assets (ERN Million), 2010-2014

Figure 71: Eritrean Personal Accident and Health Insurance - Total Assets (ERN Million), 2014-2019

Figure 72: Eritrean Personal Accident and Health Insurance - Total Investment (ERN Million), 2010-2014

Figure 73: Eritrean Personal Accident and Health Insurance - Total Investment Income (ERN Million), 2010-2014

Figure 74: Eritrean Personal Accident and Health Insurance - Total Investment Income (ERN Million), 2014-2019

Figure 75: Eritrean Personal Accident and Health Insurance - Net Written Premium (ERN Million), 2010-2014

Figure 76: Eritrean Personal Accident and Health Insurance - Net Written Premium (ERN Million), 2014-2019

Figure 77: Eritrean Personal Accident and Health Insurance - Penetration (%), 2010-2014

Figure 78: Eritrean Personal Accident and Health Insurance - Direct Premium per Capita (ERN), 2010-2014

Figure 79: Eritrean Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (ERN Million), 2010-2019

Figure 80: Eritrean Reinsurance - Dynamics by Insurance Segment, 2010-2019

Figure 81: Eritrean Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014

Figure 82: Eritrean Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019

Figure 83: Eritrean Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014

Figure 84: Eritrean Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019

Figure 85: Eritrean Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014

Figure 86: Eritrean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2014-2019

Figure 87: Eritrean Frequency of Hazards by Type, 1990-2014

Figure 88: National Insurance Corporation of Eritrea (NICE) - Gross Written Premium (ERN Million), 1992-2014

Table 1: Eritrean Insurance Industry - Key Facts

Table 2: Eritrean Insurance - Gross Written Premium by Segment (ERN Million), 2010-2014

Table 3: Eritrean Insurance - Gross Written Premium by Segment (US$ Million), 2010-2014

Table 4: Eritrean Insurance - Gross Written Premium by Segment (ERN Million), 2014-2019

Table 5: Eritrean Insurance - Gross Written Premium by Segment (US$ Million), 2014-2019

Table 6: Eritrean Insurance - Segmentation by Gross Written Premium (% Share), 2010-2019

Table 7: Eritrean Life Insurance - Gross Written Premium (ERN Million), 2010-2014

Table 8: Eritrean Life Insurance - Gross Written Premium (ERN Million), 2014-2019

Table 9: Eritrean Life Insurance - Direct Written Premium (ERN Million), 2010-2014

Table 10: Eritrean Life Insurance - Direct Written Premium (ERN Million), 2014-2019

Table 11: Eritrean Life Insurance - Paid Claims (ERN Million), 2010-2014

Table 12: Eritrean Life Insurance - Paid Claims (ERN Million), 2014-2019

Table 13: Eritrean Life Insurance - Incurred Loss (ERN Million), 2010-2014

Table 14: Eritrean Life Insurance - Incurred Loss (ERN Million), 2014-2019

Table 15: Eritrean Life Insurance - Net Written Premium (Percentage of GWP), 2010-2014

Table 16: Eritrean Life Insurance - Net Written Premium (Percentage of GWP), 2014-2019

Table 17: Eritrean Life Insurance - Net Written Premium (ERN Million), 2010-2014

Table 18: Eritrean Life Insurance - Net Written Premium (ERN Million), 2014-2019

Table 19: Eritrean Life Insurance - Total Assets (ERN Million), 2010-2014

Table 20: Eritrean Life Insurance - Total Assets (ERN Million), 2014-2019

Table 21: Eritrean Life Insurance - Total Investment Income (ERN Million), 2010-2014

Table 22: Eritrean Life Insurance - Total Investment Income (ERN Million), 2014-2019

Table 23: Eritrean Non-Life Insurance - Gross Written Premium by Category (ERN Million), 2010-2014

Table 24: Eritrean Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014

Table 25: Eritrean Non-Life Insurance - Gross Written Premium by Category (ERN Million), 2014-2019

Table 26: Eritrean Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019

Table 27: Eritrean Non-Life Insurance - Direct Written Premium by Category (ERN Million), 2010-2014

Table 28: Eritrean Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014

Table 29: Eritrean Non-Life Insurance - Direct Written Premium by Category (ERN Million), 2014-2019

Table 30: Eritrean Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019

Table 31: Eritrean Non-Life Insurance - Paid Claims (ERN Million), 2010-2014

Table 32: Eritrean Non-Life Insurance - Paid Claims (ERN Million), 2014-2019

Table 33: Eritrean Non-Life Insurance - Incurred Loss (ERN Million), 2010-2014

Table 34: Eritrean Non-Life Insurance - Incurred Loss (ERN Million), 2014-2019

Table 35: Eritrean Non-Life Insurance - Loss Ratio (%), 2010-2014

Table 36: Eritrean Non-Life Insurance - Loss Ratio (%), 2014-2019

Table 37: Eritrean Non-Life Insurance - Combined Ratio (%), 2010-2014

Table 38: Eritrean Non-Life Insurance - Combined Ratio (%), 2014-2019

Table 39: Eritrean Non-Life Insurance - Total Assets (ERN Million), 2010-2014

Table 40: Eritrean Non-Life Insurance - Total Assets (ERN Million), 2014-2019

Table 41: Eritrean Non-Life Insurance - Total Investment Income (ERN Million), 2010-2014

Table 42: Eritrean Non-Life Insurance - Total Investment Income (ERN Million), 2014-2019

Table 43: Eritrean Non-Life Insurance - Net Written Premium (ERN Million), 2010-2014

Table 44: Eritrean Non-Life Insurance - Net Written Premium (ERN Million), 2014-2019

Table 45: Eritrean Property Insurance - Gross Written Premium (ERN Million), 2010-2014

Table 46: Eritrean Property Insurance - Gross Written Premium (ERN Million), 2014-2019

Table 47: Eritrean Motor Insurance - Gross Written Premium (ERN Million), 2010-2014

Table 48: Eritrean Motor Insurance - Gross Written Premium (ERN Million), 2014-2019

Table 49: Eritrean Liability Insurance - Gross Written Premium (ERN Million), 2010-2014

Table 50: Eritrean Liability Insurance - Gross Written Premium (ERN Million), 2014-2019

Table 51: Eritrean Marine, Aviation and Transit Insurance - Gross Written Premium (ERN Million), 2010-2014

Table 52: Eritrean Marine, Aviation and Transit Insurance - Gross Written Premium (ERN Million), 2014-2019

Table 53: Eritrean Personal Accident and Health Insurance - Gross Written Premium (ERN Million), 2010-2014

Table 54: Eritrean Personal Accident and Health Insurance - Gross Written Premium (ERN Million, 2014-2019

Table 55: Eritrean Personal Accident and Health Insurance - Direct Written Premium (ERN Million), 2010-2014

Table 56: Eritrean Personal Accident and Health Insurance - Direct Written Premium (ERN Million, 2014-2019

Table 57: Eritrean Personal Accident and Health Insurance - Paid Claims (ERN Million), 2010-2014

Table 58: Eritrean Personal Accident and Health Insurance - Paid Claims (ERN Million), 2014-2019

Table 59: Eritrean Personal Accident and Health Insurance - Incurred Loss (ERN Million), 2010-2014

Table 60: Eritrean Personal Accident and Health Insurance - Incurred Loss (ERN Million), 2014-2019

Table 61: Eritrean Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014

Table 62: Eritrean Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019

Table 63: Eritrean Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014

Table 64: Eritrean Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019

Table 65: Eritrean Personal Accident and Health Insurance - Total Assets (ERN Million), 2010-2014

Table 66: Eritrean Personal Accident and Health Insurance - Total Assets (ERN Million), 2014-2019

Table 67: Eritrean Personal Accident and Health Insurance - Total Investment Income (ERN Million), 2010-2014

Table 68: Eritrean Personal Accident and Health Insurance - Total Investment Income (ERN Million), 2014-2019

Table 69: Eritrean Personal Accident and Health Insurance - Net Written Premium (ERN Million), 2010-2014

Table 70: Eritrean Personal Accident and Health Insurance - Net Written Premium (ERN Million), 2014-2019

Table 71: Eritrean Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (ERN Million), 2010-2014

Table 72: Eritrean Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2014

Table 73: Eritrean Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (ERN Million), 2014-2019

Table 74: Eritrean Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014-2019

Table 75: Eritrean Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014

Table 76: Eritrean Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019

Table 77: Eritrean Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014

Table 78: Eritrean Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019

Table 79: Eritrean Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014

Table 80: Eritrean Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019

Table 81: National Insurance Corporation of Eritrea (NICE) - Key Facts

Table 82: Insurance Industry Definitions

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The National Insurance Corporation of Eritrea (NICE)

Eritrean insurance industry

Life insurance

Non-life insurance

Motor insurance

Property insurance

Liability insurance

Marine insurance

Personal accident and health insurance

Reinsurance


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