The Insurance Industry in Rwanda, Key Trends and Opportunities to 2022
June 2018
106
About the Report
About the Report
The Insurance Industry in Rwanda, Key Trends and Opportunities to 2022
Summary
"The Insurance Industry in Rwanda, Key Trends and Opportunities to 2022", 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 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 Rwandan economy and demographics, provides detailed information on the competitive landscape 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 Rwandan insurance industry, including-
- The Rwandan insurance industry's growth prospects by segment and category
- A comprehensive overview of the Rwandan economy and demographics
- Details of the competitive landscape in the Rwandan insurance industry
- The various distribution channels in the Rwandan insurance industry
- Details of regulatory policy applicable to the Rwandan insurance industry
- Analysis of natural hazards in the Rwandan insurance industry.
Key Findings
- Microinsurance is playing an important role in increasing the uptake of insurance products among the low-income population of the country.
- Effective from January 2018, mandatory motor third party liability (MTPL) insurance premiums for both public and private vehicles increased up to 73%, to enable insurers to maintain financial stability.
- Radiant Insurance Company, which was licensed in 2013, introduced microinsurance products in association with Tigo, a Mobile Network Operator (MNO), which targeted the low and middle income population.
- The number of insurers operating in Rwanda increased from eight in 2013 to 14 in 2017 respectively.
- Rwanda's compulsory social health insurance provided by community-based health insurance schemes drove the growth of the personal accident and health category.
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 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Rwandan 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 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.
Products
Companies
Soras Assurances Generales Ltd (SORAS AG Ltd)
Sonarwa General Insurance Ltd
Saham Assurance Rwanda Ltd
RSSB - Medical Scheme (RSSB MEDICAL)
Radiant Insurance Company
Military medical insurance
Prime insurance Ltd
UAP insurance Rwanda Ltd
Britam insurance company Rwanda Ltd
Phoenix of Rwanda assurance company SA
Table of Contents
Table of Contents
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
5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Direct written premium
5.1.2 Penetration
5.1.3 Assets and investments
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Direct written premium
6.1.2 Penetration
6.1.3 Assets and investments
6.2 Property Insurance
6.2.1 Direct written premium
6.2.2 Penetration
6.3 Motor Insurance
6.3.1 Direct written premium
6.3.2 Penetration
6.4 Liability Insurance
6.4.1 Direct written premium
6.4.2 Penetration
6.5 Personal Accident and Health Insurance
6.5.1 Direct written premium
6.5.2 Penetration
6.6 Miscellaneous
6.6.1 Direct written premium
6.6.2 Penetration
7 Reinsurance Outlook
7.1 Premium Ceded
8 Distribution Channel Outlook
9 Natural and Man-Made Hazard
9.1 Flooding
9.2 Droughts
9.3 Landslides
9.4 Wild Storms
9.5 Earthquakes
9.6 Man-Made Hazards
9.7 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 Sonarwa General Insurance Ltd-company overview
10.1.2 Soras Assurances Generales Ltd-company overview
10.1.3 Saham Assurance Rwanda Ltd-company overview
10.1.4 RSSB-Medical Scheme (RSSB-MEDICAL)-company overview
10.1.5 Mayfair Insurance company Rwanda Ltd-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 Professional indemnity insurance for insurance brokers, agents and loss adjusters
11.4.2 Motor third-party liability insurance
11.4.3 Social health insurance
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 National Bank of Rwanda
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
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 Assets and investments
12.2.3 Property insurance
12.2.4 Property insurance by category
12.2.5 Motor insurance
12.2.6 Motor insurance by category
12.2.7 Liability insurance
12.2.8 Personal accident and health insurance
12.2.9 Miscellaneous
13 Definitions and Methodology
13.1 Definitions
13.2 Methodology
14 About GlobalData
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData's Services
14.4 Disclaimer
List of Figure
List of Figures
Figure 1: Rwandan Real GDP (RWF Trillion), 2013-2022
Figure 2: Rwandan Exchange Rate (RWF per USD ), 2013-2022
Figure 3: Rwandan Consumer Price Inflation (%), 2013-2022
Figure 4: Rwandan Current Account Balance as Percentage of GDP (%), 2013-2022
Figure 5: Rwandan Unemployment Rate, 2013-2022
Figure 6: Rwandan Population by Age Group, 2013-2022
Figure 7: Rwandan Insurance Industry-Direct Written Premium (RWF Billion), 2013-2022
Figure 8: Rwandan Insurance Industry-Density (RWF), 2013-2022
Figure 9: Rwandan Life Insurance-Direct Written Premium (RWF Billion), 2013-2022
Figure 10: Rwandan Life Insurance-Penetration (%), 2013-2017
Figure 11: Rwandan Life Insurance-Penetration (%), 2017-2022
Figure 12: Rwandan Life Insurance-Total Investment Income (RWF Billion), 2013-2022
Figure 13: Rwandan Life Insurance-Investment Portfolio (RWF Billion), 2013-2022
Figure 14: Rwandan Life Insurance-Investment Portfolio Dynamics (RWF Billion), 2013-2022
Figure 15: Rwandan General Insurance-Direct Written Premium (RWF Billion), 2013-2022
Figure 16: Rwandan General Insurance-Penetration (%), 2013-2017
Figure 17: Rwandan General Insurance-Penetration (%), 2017-2022
Figure 18: Rwandan General Insurance-Total Investment Income (RWF Billion), 2013-2022
Figure 19: Rwandan General Insurance-Investment Portfolio (RWF Billion), 2013-2022
Figure 20: Rwandan General Insurance-Investment Portfolio Dynamics (RWF Billion), 2013-2022
Figure 21: Rwandan Property Insurance-Direct Written Premium (RWF Billion), 2013-2022
Figure 22: Rwandan Property Insurance-Penetration (%), 2013-2017
Figure 23: Rwandan Property Insurance-Penetration (%), 2017-2022
Figure 24: Rwandan Motor Insurance-Direct Written Premium (RWF Billion), 2013-2022
Figure 25: Rwandan Motor Insurance-Penetration (%), 2013-2017
Figure 26: Rwandan Motor Insurance-Penetration (%), 2017-2022
Figure 27: Rwandan Liability Insurance-Direct Written Premium (RWF Billion), 2013-2022
Figure 28: Rwandan Liability Insurance-Penetration (%), 2013-2017
Figure 29: Rwandan Liability Insurance-Penetration (%), 2017-2022
Figure 30: Rwandan Personal Accident and Health Insurance-Direct Written Premium (RWF Billion), 2013-2022
Figure 31: Rwandan Personal Accident and Health Insurance-Penetration (%), 2013-2017
Figure 32: Rwandan Personal Accident and Health Insurance-Penetration (%), 2017-2022
Figure 33: Rwandan Personal Accident and Health Insurance-Net Earned Premium (RWF Billion), 2013-2022
Figure 34: Rwandan Miscellaneous-Direct Written Premium (RWF Billion), 2013-2022
Figure 35: Rwandan Miscellaneous-Penetration (%), 2013-2017
Figure 36: Rwandan Miscellaneous-Penetration (%), 2017-2022
Figure 37: Rwandan Reinsurance-Premium Ceded by Insurance Segment (RWF Billion), 2013-2022
Figure 38: Rwanda-Insurance Supervision and Control at Various Levels
Figure 39: Rwanda-Insurance Regulatory Frameworks for Company Registration and Operation
List of Table
List of Tables
Table 1: Rwandan Insurance Industry-Key Facts, 2017
Table 2: Rwandan Insurance Industry-Leading Insurers, 2017
Table 3: Rwandan Government Credit Ratings
Table 4: Rwandan Insurance Industry-Direct Written Premium (RWF Billion and USD Million), 2013-2017
Table 5: Rwandan Insurance Industry-Direct Written Premium (RWF Billion and USD Million), 2017-2022
Table 6: Rwandan Insurance Industry-Density (RWF), 2013-2017
Table 7: Rwandan Insurance Industry-Density (RWF), 2017-2022
Table 8: Rwandan Life Insurance-Direct Written Premium (RWF Billion and USD Million), 2013-2017
Table 9: Rwandan Life Insurance-Direct Written Premium (RWF Billion and USD Million), 2017-2022
Table 10: Rwandan Life Insurance-Total Investment Income (RWF Million and USD Million), 2013-2017
Table 11: Rwandan Life Insurance-Total Investment Income (RWF Million and USD Million), 2017-2022
Table 12: Rwandan Life Insurance-Investment Portfolio (RWF Billion), 2013-2017
Table 13: Rwandan Life Insurance-Investment Portfolio (RWF Billion), 2017-2022
Table 14: Rwandan General Insurance-Direct Written Premium (RWF Billion and USD Million), 2013-2017
Table 15: Rwandan General Insurance-Direct Written Premium (RWF Billion and USD Million), 2017-2022
Table 16: Rwandan General Insurance-Total Investment Income (RWF Billion and USD Million), 2013-2017
Table 17: Rwandan General Insurance-Total Investment Income (RWF Billion and USD Million), 2017-2022
Table 18: Rwandan General Insurance-Investment Portfolio (RWF Billion), 2013-2017
Table 19: Rwandan General Insurance-Investment Portfolio (RWF Billion), 2017-2022
Table 20: Rwandan Property Insurance-Direct Written Premium (RWF Billion and USD Million), 2013-2017
Table 21: Rwandan Property Insurance-Direct Written Premium (RWF Billion and USD Billion), 2017-2022
Table 22: Rwandan Motor Insurance-Direct Written Premium (RWF Billion and USD Million), 2013-2017
Table 23: Rwandan Motor Insurance-Direct Written Premium (RWF Billion and USD Million), 2017-2022
Table 24: Rwandan Liability Insurance-Direct Written Premium (RWF Million and USD Thousand), 2013-2017
Table 25: Rwandan Liability Insurance-Direct Written Premium (RWF Million and USD Thousand), 2017-2022
Table 26: Rwandan Personal Accident and Health Insurance-Direct Written Premium (RWF Billion and USD Million), 2013-2017
Table 27: Rwandan Personal Accident and Health Insurance-Direct Written Premium (RWF Billion and USD Million), 2017-2022
Table 28: Rwandan Miscellaneous-Direct Written Premium (RWF Billion and USD Million), 2013-2017
Table 29: Rwandan Miscellaneous-Direct Written Premium (RWF Billion and USD Million), 2017-2022
Table 30: Rwandan Reinsurance-Premium Ceded by Insurance Segment (RWF Billion), 2013-2017
Table 31: Rwandan Reinsurance-Premium Ceded by Insurance Segment (RWF Billion), 2017-2022
Table 32: Rwandan Insurance Companies, 2017
Table 33: Sonarwa General Insurance Limited-Key Facts
Table 34: Soras Assurances Generales Ltd-Key Facts
Table 35: Saham Assurance Rwanda Limited-Key Facts
Table 36: RSSB-Medical Scheme (RSSB-MEDICAL-Key Facts
Table 37: Mayfair Insurance company Rwanda ltd-Key Facts
Table 38: Rwanda-Insurance Regulatory Framework Key Features
Table 39: Rwanda-Pecuniary Sanctions
Table 40: Rwanda-Pecuniary Sanctions
Table 41: Rwanda-Life Insurance Regulatory Framework
Table 42: Rwanda-Property Insurance Regulatory Framework
Table 43: Rwanda-Motor Insurance Regulatory Framework
Table 44: Rwanda-Liability Insurance Regulatory Framework
Table 45: Rwanda-Investment Limits
Table 46: Rwanda-Fee Structure
Table 47: Rwanda-Corporate Tax Rates for the Financial Year 2017
Table 48: Rwandan Life Insurance-Policies and Premium, 2013-2017
Table 49: Rwandan Life Insurance-Policies and Premium, 2017-2022
Table 50: Rwandan Life Insurance-Claims and Expenses, 2013-2017
Table 51: Rwandan Life Insurance-Claims and Expenses, 2017-2022
Table 52: Rwandan Life Insurance-Assets and Investments, 2013-2017
Table 53: Rwandan Life Insurance-Assets and Investments, 2017-2022
Table 54: Rwandan General Insurance-Policies and Premium, 2013-2017
Table 55: Rwandan General Insurance-Policies and Premium, 2017-2022
Table 56: Rwandan General Insurance-Assets and Investments, 2013-2017
Table 57: Rwandan General Insurance-Assets and Investments, 2017-2022
Table 58: Rwandan General Insurance-Property Insurance, 2013-2017
Table 59: Rwandan General Insurance-Property Insurance, 2017-2022
Table 60: Rwandan General Insurance-Property Insurance by Category, 2013-2017
Table 61: Rwandan General Insurance-Property Insurance by Category, 2017-2022
Table 62: Rwandan General Insurance-Motor Insurance, 2013-2017
Table 63: Rwandan General Insurance-Motor Insurance, 2017-2022
Table 64: Rwandan General Insurance-Motor Insurance by Category, 2013-2017
Table 65: Rwandan General Insurance-Motor Insurance by Category, 2017-2022
Table 66: Rwandan General Insurance-Liability Insurance, 2013-2017
Table 67: Rwandan General Insurance-Liability Insurance, 2017-2022
Table 68: Rwandan General Insurance-Personal Accident and Health Insurance, 2013-2017
Table 69: Rwandan General Insurance-Personal Accident and Health Insurance, 2017-2022
Table 70: Rwandan General Insurance-Miscellaneous, 2013-2017
Table 71: Rwandan General Insurance-Miscellaneous, 2017-2022
Table 72: Insurance Industry Definitions
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