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The Insurance Industry in Rwanda, Key Trends and Opportunities to 2022

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The Insurance Industry in Rwanda, Key Trends and Opportunities to 2022

Summary

This 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, 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.

GlobalData's 'The Insurance Industry in Rwanda, Key Trends and Opportunities to 2022' 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 Highlights

- 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.

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Table Of Content

Scope

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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Products and Companies

Products

Rwandan 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

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