The Insurance Industry in Republic of the Congo, Key Trends and Opportunities to 2022

The Insurance Industry in Republic of the Congo, Key Trends and Opportunities to 2022


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Executive Summary

The Insurance Industry in Republic of the Congo, Key Trends and Opportunities to 2022

Summary

Timetric's "The Insurance Industry in Republic of the Congo, Key Trends and Opportunities to 2022", report provides detailed analysis of the market trends, drivers and challenges in the Congolese 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 Congolese 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.

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

- The Congolese insurance industry's growth prospects by segment and category

- A comprehensive overview of the Congolese economy and demographics

- Details of the competitive landscape in the Congolese insurance industry

- The various distribution channels in the Congolese insurance industry

- Details of regulatory policy applicable to the Congolese insurance industry

- Analysis of natural hazards in the Congolese insurance industry.

Key Highlights

- On September 20, 2017, World Bank signed an agreement with the government of the Republic of the Congo to fund XAF58.2 billion (USD 100.0 million) towards improving the productivity of local farmers and the overall agricultural market.

- As of May 2017, there were 24 registered brokers operating in the Congolese insurance industry.

- Until 2016, six insurance companies, two life insurers and four general insurers were operating in Congo.

Scope

This report provides a comprehensive analysis of the insurance industry in Republic of the Congo-

- It provides historical values for the Congolese 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 Congolese 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 Republic of the Congo.

- It profiles the top insurance companies in Republic of the Congo, 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 Congolese insurance industry and each segment and category within it.

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

- Assess the competitive dynamics in the Congolese insurance industry.

- Identify the growth opportunities and market dynamics in key segments.

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



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Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Industry Indicators

4.1.1 Direct written premium

4.1.2 Insurance density

4.1.3 Paid claims

5 Life Insurance Outlook

5.1 Segment Indicators

5.1.1 Direct written premium

5.1.2 Paid claims

5.1.3 Penetration

5.1.4 Assets and investments

6 General Insurance Outlook

6.1 Segment Indicators

6.1.1 Direct written premium

6.1.2 Paid claims

6.1.3 Penetration

6.1.4 Loss ratio

6.1.5 Assets and investments

6.2 Property Insurance

6.2.1 Direct written premium

6.2.2 Penetration

6.2.3 Profitability

6.3 Motor Insurance

6.3.1 Direct written premium

6.3.2 Penetration

6.3.3 Profitability

6.4 Liability Insurance

6.4.1 Direct written premium

6.4.2 Penetration

6.4.3 Profitability

6.5 Marine, Aviation and Transit Insurance

6.5.1 Direct written premium

6.5.2 Penetration

6.5.3 Profitability

6.6 Personal Accident and Health Insurance

6.6.1 Direct written premium

6.6.2 Penetration

6.6.3 Profitability

6.7 Miscellaneous

6.7.1 Direct written premium

6.7.2 Penetration

6.7.3 Profitability

7 Reinsurance Outlook

7.1 Premium Ceded

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards

9.1 Flooding

9.2 Epidemics

9.3 Exposure

10 Competitive Landscape

10.1 Company Profiles

10.1.1 Assurances et Reassurances du Congo-company overview

10.1.2 Assurances Generales du Congo-company overview

10.1.3 Nouvelle Societe Interafricaine d'Assurances-company overview

10.1.4 Allianz Congo Assurances-company overview

10.1.5 Assurances Generales du Congo-Vie (AGC-Vie)-company overview

11 Governance, Risk and Compliance

11.1 Legislation Overview and Historical Evolution

11.2 Latest Changes in Regulation

11.3 Legislation and Market Practice by Type of Insurance

11.3.1 Life Insurance

11.3.2 Property Insurance

11.3.3 Motor Insurance

11.3.4 Liability insurance

11.3.5 Marine, aviation and transit insurance

11.3.6 Personal accident and health insurance

11.4 Compulsory Insurance

11.4.1 Motor third-party liability insurance

11.4.2 Professional indemnity insurance for insurance intermediaries

11.5 Supervision and Control

11.5.1 International Association of Insurance Supervisors

11.5.2 Commission Regional des Assurances

11.5.3 Direction Nationales des Assurances

11.6 Non-Admitted Insurance Regulations

11.6.1 Overview

11.6.2 Intermediaries

11.6.3 Market practices

11.6.4 Fines and Penalties

11.7 Company Registration and Operations

11.7.1 Type of insurance organization

11.7.2 Establishing a local company

11.7.3 Foreign ownership

11.7.4 Types of license

11.7.5 Capital requirements

11.7.6 Solvency margin

11.7.7 Reserve requirements

11.7.8 Investment regulations

11.7.9 Statutory return requirements

11.7.10 Fee structure

11.8 Taxation

11.8.1 Insurance premium or policy taxation

11.8.2 Withholding taxes on premium paid overseas

11.8.3 Corporate tax

11.8.4 VAT

11.8.5 Captives

11.9 Legal System

11.9.1 Introduction

11.9.2 Access to court

11.9.3 Alternative dispute resolution (ADR)

12 Databook

12.1 Life Insurance

12.1.1 Policies and premium

12.1.2 Claims and expenses

12.1.3 Assets and investments

12.2 General Insurance

12.2.1 Policies and premium

12.2.2 Claims and expenses

12.2.3 Assets and investments

12.2.4 Property insurance

12.2.5 Property insurance by category

12.2.6 Motor insurance

12.2.7 Motor insurance by category

12.2.8 Liability insurance

12.2.9 Marine, aviation and transit insurance

12.2.10 Marine, aviation and transit insurance by category

12.2.11 Personal accident and health insurance

12.2.12 Miscellaneous

13 Definitions and Methodology

13.1 Definitions

13.2 Methodology

14 About Timetric

14.1 Contact Timetric

14.2 About Timetric

14.3 Timetric's Services

14.4 Disclaimer

List of Tables

Figure 1: Congolese Real GDP (XAF Trillion), 2013-2022

Figure 2: Congolese Exchange Rate (XAF per USD ), 2013-2022

Figure 3: Congolese Consumer Price Inflation (%), 2013-2022

Figure 4: Congolese Current Account Balance (% of GDP), 2013-2022

Figure 5: Congolese Unemployment Rate, 2013-2022

Figure 6: Congolese Population by Age Group, 1991-2025

Figure 7: Congolese Insurance Industry-Direct Written Premium (XAF Billion), 2013-2022

Figure 8: Congolese Insurance Industry-Density (XAF), 2013-2022

Figure 9: Congolese Insurance Industry-Paid Claims (XAF Billion), 2013-2022

Figure 10: Congolese Life Insurance-Direct Written Premium (XAF Billion), 2013-2022

Figure 11: Congolese Life Insurance-Paid Claims (XAF Billion), 2013-2022

Figure 12: Congolese Life Insurance-Penetration (%), 2013-2017

Figure 13: Congolese Life Insurance-Penetration (%), 2017-2022

Figure 14: Congolese Life Insurance-Total Investment Income (XAF Million), 2013-2022

Figure 15: Congolese Life Insurance-Investment Portfolio (XAF Billion), 2013-2022

Figure 16: Congolese Life Insurance-Investment Portfolio Dynamics (XAF Billion), 2013-2022

Figure 17: Congolese General Insurance-Direct Written Premium (XAF Billion), 2013-2022

Figure 18: Congolese General Insurance-Paid Claims (XAF Billion), 2013-2022

Figure 19: Congolese General Insurance-Penetration (%), 2013-2017

Figure 20: Congolese General Insurance-Penetration (%), 2017-2022

Figure 21: Congolese General Insurance-Loss Ratio (%), 2013-2017

Figure 22: Congolese General Insurance-Loss Ratio (%), 2017-2022

Figure 23: Congolese General Insurance-Total Investment Income (XAF Million), 2013-2022

Figure 24: Congolese General Insurance-Investment Portfolio (XAF Billion), 2013-2022

Figure 25: Congolese General Insurance-Investment Portfolio Dynamics (XAF Billion), 2013-2022

Figure 26: Congolese Property Insurance-Direct Written Premium (XAF Billion), 2013-2022

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

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

Figure 29: Congolese Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (XAF Billion and %), 2013-2022

Figure 30: Congolese Motor Insurance-Direct Written Premium (XAF Billion), 2013-2022

Figure 31: Congolese Motor Insurance-Penetration (%), 2013-2017

Figure 32: Congolese Motor Insurance-Penetration (%), 2017-2022

Figure 33: Congolese Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (XAF Billion and %), 2013-2022

Figure 34: Congolese Liability Insurance-Direct Written Premium (XAF Billion), 2013-2022

Figure 35: Congolese Liability Insurance-Penetration (%), 2013-2017

Figure 36: Congolese Liability Insurance-Penetration (%), 2017-2022

Figure 37: Congolese Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (XAF Billion and %), 2013-2022

Figure 38: Congolese Marine, Aviation and Transit Insurance-Direct Written Premium (XAF Billion), 2013-2022

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

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

Figure 41: Congolese Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (XAF Billion and %), 2013-2022

Figure 42: Congolese Personal Accident and Health Insurance-Direct Written Premium (XAF Billion), 2013-2022

Figure 43: Congolese Personal Accident and Health Insurance-Penetration (%), 2013-2017

Figure 44: Congolese Personal Accident and Health Insurance-Penetration (%), 2017-2022

Figure 45: Congolese Personal Accident and Health Insurance-Earned Premium, Incurred Loss and Loss Ratio (XAF Billion and %), 2013-2022

Figure 46: Congolese Miscellaneous-Direct Written Premium (XAF Billion), 2013-2022

Figure 47: Congolese Miscellaneous-Penetration (%), 2013-2017

Figure 48: Congolese Miscellaneous-Penetration (%), 2017-2022

Figure 49: Congolese Miscellaneous-Earned Premium, Incurred Loss and Loss Ratio (XAF Billion and %), 2013-2022

Figure 50: Congolese Reinsurance-Premium Ceded by Insurance Segment (XAF Billion), 2013-2022

Figure 51: Congolese Insurance Industry-Market Shares of Leading Insurers (%), 2016

Figure 52: Congolese Insurance Industry-Market Shares of Leading Life Insurers (%), 2016

Figure 53: Congolese Insurance Industry-Market Shares of Leading General Insurers (%), 2016

Figure 54: Congo-Insurance Supervision and Control at Various Levels

Figure 55: Congo-Insurance Regulatory Frameworks for Company Registration and Operation

List of Tables

Table 1: Congolese Insurance Industry-Key Facts, 2017

Table 2: Congolese Insurance Industry-Industry Shares of the Top Insurers, 2016

Table 3: Congolese Government Credit Ratings

Table 4: Congolese Insurance Industry-Direct Written Premium (XAF Billion and USD Million), 2013-2017

Table 5: Congolese Insurance Industry-Direct Written Premium (XAF Billion and USD Million), 2017-2022

Table 6: Congolese Insurance Industry-Density (XAF and USD ), 2013-2017

Table 7: Congolese Insurance Industry-Density (XAF and USD ), 2017-2022

Table 8: Congolese Insurance Industry-Paid Claims (XAF Billion and USD Million), 2013-2017

Table 9: Congolese Insurance Industry-Paid Claims (XAF Billion and USD Million), 2017-2022

Table 10: Congolese Life Insurance-Direct Written Premium (XAF Billion and USD Million), 2013-2017

Table 11: Congolese Life Insurance-Direct Written Premium (XAF Billion and USD Million), 2017-2022

Table 12: Congolese Life Insurance-Paid Claims (XAF Billion and USD Million), 2013-2017

Table 13: Congolese Life Insurance-Paid Claims (XAF Billion and USD Million), 2017-2022

Table 14: Congolese Life Insurance-Total Investment Income (XAF Million and USD Million), 2013-2017

Table 15: Congolese Life Insurance-Total Investment Income (XAF Million and USD Million), 2017-2022

Table 16: Congolese Life Insurance-Investment Portfolio (XAF Billion), 2013-2017

Table 17: Congolese Life Insurance-Investment Portfolio (XAF Billion), 2017-2022

Table 18: Congolese General Insurance-Direct Written Premium (XAF Billion and USD Million), 2013-2017

Table 19: Congolese General Insurance-Direct Written Premium (XAF Billion and USD Million), 2017-2022

Table 20: Congolese General Insurance-Paid Claims (XAF Billion and USD Million), 2013-2017

Table 21: Congolese General Insurance-Paid Claims (XAF Billion and USD Million), 2017-2022

Table 22: Congolese General Insurance-Total Investment Income (XAF Billion and USD Million), 2013-2017

Table 23: Congolese General Insurance-Total Investment Income (XAF Billion and USD Million), 2017-2022

Table 24: Congolese General Insurance-Investment Portfolio (XAF Billion), 2013-2017

Table 25: Congolese General Insurance-Investment Portfolio (XAF Billion), 2017-2022

Table 26: Congolese Property Insurance-Direct Written Premium (XAF Billion and USD Million), 2013-2017

Table 27: Congolese Property Insurance-Direct Written Premium (XAF Billion and USD Million), 2017-2022

Table 28: Congolese Property Insurance-Loss Ratio (%), 2013-2017

Table 29: Congolese Property Insurance-Loss Ratio (%), 2017-2022

Table 30: Congolese Motor Insurance-Direct Written Premium (XAF Billion and USD Million), 2013-2017

Table 31: Congolese Motor Insurance-Direct Written Premium (XAF Billion and USD Million), 2017-2022

Table 32: Congolese Motor Insurance-Loss Ratio (%), 2013-2017

Table 33: Congolese Motor Insurance-Loss Ratio (%), 2017-2022

Table 34: Congolese Liability Insurance-Direct Written Premium (XAF Billion and USD Million), 2013-2017

Table 35: Congolese Liability Insurance-Direct Written Premium (XAF Billion and USD Million), 2017-2022

Table 36: Congolese Liability Insurance-Loss Ratio (%), 2013-2017

Table 37: Congolese Liability Insurance-Loss Ratio (%), 2017-2022

Table 38: Congolese Marine, Aviation and Transit Insurance-Direct Written Premium (XAF Billion and USD Million), 2013-2017

Table 39: Congolese Marine, Aviation and Transit Insurance-Direct Written Premium (XAF Billion and USD Million), 2017-2022

Table 40: Congolese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2013-2017

Table 41: Congolese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2017-2022

Table 42: Congolese Personal Accident and Health Insurance-Direct Written Premium (XAF Billion and USD Million), 2013-2017

Table 43: Congolese Personal Accident and Health Insurance-Direct Written Premium (XAF Billion and USD Million), 2017-2022

Table 44: Congolese Personal Accident and Health Insurance-Loss Ratio (%), 2013-2017

Table 45: Congolese Personal Accident and Health Insurance-Loss Ratio (%), 2017-2022

Table 46: Congolese Miscellaneous-Direct Written Premium (XAF Billion and USD Million), 2013-2017

Table 47: Congolese Miscellaneous-Direct Written Premium (XAF Billion and USD Million), 2017-2022

Table 48: Congolese Miscellaneous-Loss Ratio (%), 2013-2017

Table 49: Congolese Miscellaneous-Loss Ratio (%), 2017-2022

Table 50: Congolese Reinsurance-Premium Ceded by Insurance Segment (XAF Billion), 2013-2017

Table 51: Congolese Reinsurance-Premium Ceded by Insurance Segment (XAF Billion), 2017-2022

Table 52: Congolese Insurance Industry-Market Shares of Leading Insurers (%), 2016

Table 53: Congolese Insurance Industry-Market Shares of Leading Life Insurers (%), 2016

Table 54: Congolese Insurance Industry-Market Shares of Leading General Insurers (%), 2016

Table 55: Assurances et Reassurances du Congo-Key Facts

Table 56: Assurances Generales du Congo-Key Facts

Table 57: Nouvelle Societe Interafricaine d'Assurances-Key Facts

Table 58: Allianz Congo Assurances-Key Facts

Table 59: Assurances Generales du Congo-Vie (AGC-Vie)-Key Facts

Table 60: Congo-Insurance Regulatory Framework Key Features

Table 61: Congo-Intermediary Remuneration Rates

Table 62: Congo-Life Insurance Regulatory Framework

Table 63: Congo-Property Insurance Regulatory Framework

Table 64: Congo-Motor Insurance Regulatory Framework

Table 65: Congo-Liability Insurance Regulatory Framework

Table 66: Congo-Insurance Premium Tax Rates

Table 67: Congo-Corporate Tax Rates for the Financial Year 2017

Table 68: Congolese Life Insurance-Policies and Premium, 2013-2017

Table 69: Congolese Life Insurance-Policies and Premium, 2017-2022

Table 70: Congolese Life Insurance-Claims and Expenses, 2013-2017

Table 71: Congolese Life Insurance-Claims and Expenses, 2017-2022

Table 72: Congolese Life Insurance-Assets and Investments, 2013-2017

Table 73: Congolese Life Insurance-Assets and Investments, 2017-2022

Table 74: Congolese General Insurance-Policies and Premium, 2013-2017

Table 75: Congolese General Insurance-Policies and Premium, 2017-2022

Table 76: Congolese General Insurance-Claims and Expenses, 2013-2017

Table 77: Congolese General Insurance-Claims and Expenses, 2017-2022

Table 78: Congolese General Insurance-Assets and Investments, 2013-2017

Table 79: Congolese General Insurance-Assets and Investments, 2017-2022

Table 80: Congolese General Insurance-Property Insurance, 2013-2017

Table 81: Congolese General Insurance-Property Insurance, 2017-2022

Table 82: Congolese General Insurance-Property Insurance by Category, 2013-2017

Table 83: Congolese General Insurance-Property Insurance by Category, 2017-2022

Table 84: Congolese General Insurance-Motor Insurance, 2013-2017

Table 85: Congolese General Insurance-Motor Insurance, 2017-2022

Table 86: Congolese General Insurance-Motor Insurance by Category, 2013-2017

Table 87: Congolese General Insurance-Motor Insurance by Category, 2017-2022

Table 88: Congolese General Insurance-Liability Insurance, 2013-2017

Table 89: Congolese General Insurance-Liability Insurance, 2017-2022

Table 90: Congolese General Insurance-Marine, Aviation and Transit Insurance, 2013-2017

Table 91: Congolese General Insurance-Marine, Aviation and Transit Insurance, 2017-2022

Table 92: Congolese General Insurance-Marine, Aviation and Transit Insurance by Category, 2013-2017

Table 93: Congolese General Insurance-Marine, Aviation and Transit Insurance by Category, 2017-2022

Table 94: Congolese General Insurance-Personal Accident and Health Insurance, 2013-2017

Table 95: Congolese General Insurance-Personal Accident and Health Insurance, 2017-2022

Table 96: Congolese General Insurance-Miscellaneous, 2013-2017

Table 97: Congolese General Insurance-Miscellaneous, 2017-2022

Table 98: Insurance Industry Definitions

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Assurances et Reassurances du Congo

Assurances Generales du Congo

Nouvelle Societe Interafricaine d'Assurances

Allianz Congo Assurances

Assurances Generales du Congo-Vie (AGC-Vie)

Nouvelle Societe Interafricaine d'Assurances Vie Congo

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

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