The Insurance Industry in Rwanda, Key Trends and Opportunities to 2020

The Insurance Industry in Rwanda, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'The Insurance Industry in Rwanda, Key Trends and Opportunities to 2020' report provides a detailed analysis of the Rwandan 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 (2011-2015) and forecast (2015-2020) periods.

The report also gives a comprehensive overview of Rwanda's economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes analysis of the impact of natural hazards on the insurance industry.

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 Rwanda, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Rwandan insurance industry, including:

An overview of the Rwandan insurance industry

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

A comprehensive overview of the Rwandan economy and demographics

The detailed competitive landscape in the Rwandan insurance industry

Details of regulatory policy applicable to the Rwandan insurance industry

Analysis of natural hazards in the Rwandan insurance industry

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 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key segments in the Rwandan insurance industry, with market forecasts to 2020.

It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

It profiles the top insurance companies in Rwanda, and highlights recent developments.

It covers the economy and demographic structure of Rwanda.

It analyzes the impact of natural hazards in the Rwandan insurance industry.

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 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.

Key Highlights

The Rwandan insurance industry is attractive for new entrants, due to its low penetration and growing economy.

The relatively small elderly population limits awareness of retirement-related life products such as pension, annuity and superannuation insurance.

The unfavorable regulatory framework in Rwanda restricts demand for insurance. Rwanda applies 18.0% VAT to insurance premiums.

The non-life insurance segment accounted for 68.8% of the industry's gross written premium in 2015.

The Rwanda Revenue Authority has increased taxes to discourage used car imports and reduce carbon emissions.



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1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Regional Comparison

4.2 Industry Indicators

4.2.1 Gross written premium

5 Life Insurance

6 Non-Life Insurance

6.1 Property Insurance

6.1.1 Penetration

6.2 Motor Insurance

6.2.1 Penetration

6.3 Liability Insurance

6.3.1 Penetration

6.4 Marine, Aviation and Transit Insurance

6.4.1 Penetration

7 Personal Accident and Health Insurance

8 Reinsurance

8.1 Premium Ceded

9 Distribution Channel Outlook

10 Natural and Man-Made Hazards

10.1 Flooding

10.2 Droughts

10.3 Landslides

10.4 Exposure

11 Competitive Landscape

11.1 Company Profiles

11.1.1 Sonarwa General Insurance Ltd-company overview

11.1.2 Soras Assurances Generales Ltd-company overview

11.1.3 Saham Assurance Rwanda Limited-company overview

11.1.4 Prime Insurance Ltd-company overview

11.1.5 Radiant Insurance Company-company overview

12 Governance, Risk and Compliance

12.1 Legislation Overview and Historical Evolution

12.2 Latest Changes in Regulation

12.3 Legislation and Market Practice by Type of Insurance

12.3.1 Life insurance

12.3.2 Property insurance

12.3.3 Motor insurance

12.3.4 Liability insurance

12.3.5 Marine, aviation and transit insurance

12.3.6 Personal accident and health insurance

12.4 Compulsory Insurance

12.4.1 Professional indemnity insurance for insurance brokers, agents and loss adjusters

12.4.2 Motor third-party liability insurance

12.4.3 Social health insurance

12.5 Supervision and Control

12.5.1 International Association of Insurance Supervisors

12.5.2 National Bank of Rwanda

12.6 Non-Admitted Insurance Regulations

12.6.1 Overview

12.6.2 Intermediaries

12.6.3 Market practices

12.6.4 Fines and Penalties

12.7 Company Registration and Operations

12.7.1 Type of insurance organization

12.7.2 Establishing a local company

12.7.3 Foreign ownership

12.7.4 Types of license

12.7.5 Capital requirements

12.7.6 Solvency margin

12.7.7 Reserve requirements

12.7.8 Investment regulations

12.7.9 Statutory return requirements

12.7.10 Fee structure

12.8 Taxation

12.8.1 Insurance premium or policy taxation

12.8.2 Withholding taxes on premium paid overseas

12.8.3 Corporate tax

12.8.4 VAT

12.8.5 Captives

12.9 Legal System

12.9.1 Introduction

12.9.2 Access to court

12.9.3 Alternative dispute resolution

13 Databook

13.1 Life Insurance

13.1.1 Policies and premium

13.1.2 Claims and expenses

13.1.3 Assets and investments

13.1.4 Linked vs. non-linked policies

13.2 Non-Life Insurance

13.2.1 Policies and premium

13.2.2 Claims and expenses

13.2.3 Assets and investments

13.2.4 Property insurance

13.2.5 Property insurance by product

13.2.6 Motor insurance

13.2.7 Motor insurance by product

13.2.8 Liability insurance

13.2.9 Marine, aviation and transit insurance

13.3 Personal Accident and Health Insurance

13.3.1 Policies and premium

13.3.2 Claims and expenses

13.3.3 Assets and investments

14 Definitions and Methodology

14.1 Definitions

14.2 Methodology

15 About Timetric

15.1 Contact Timetric

15.2 About Timetric

15.3 Timetric's Services

15.4 Disclaimer

Figure 1: Rwandan Real GDP (RWF Trillion), 2011-2020

Figure 2: Rwandan Consumer Price Inflation (%), 2011-2020

Figure 3: Rwandan Current Account Balance as Percentage of GDP (%), 2011-2015

Figure 4: Rwandan Population by Age Group, 1991-2025

Figure 5: Rwandan Life Insurance Penetration-Regional Comparison (%), 2015

Figure 6: Rwandan Non-Life Insurance Penetration-Regional Comparison (%), 2015

Figure 7: Rwandan Personal Accident and Health Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Rwandan Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: Rwandan Insurance Industry-Gross Written Premium by Segment, 2011-2020

Figure 10: Rwandan Life Insurance-Gross Written Premium (RWF Billion), 2011-2020

Figure 11: Rwandan Non-life Insurance-Gross Written Premium (RWF Billion), 2011-2020

Figure 12: Rwandan Property Insurance-Penetration (%), 2011-2015

Figure 13: Rwandan Property Insurance-Penetration (%), 2015-2020

Figure 14: Rwandan Motor Insurance-Penetration (%), 2011-2015

Figure 15: Rwandan Motor Insurance-Penetration (%), 2015-2020

Figure 16: Rwandan Liability Insurance-Penetration (%), 2011-2015

Figure 17: Rwandan Liability Insurance-Penetration (%), 2015-2020

Figure 18: Rwandan Marine, Aviation and Transit Insurance-Penetration (%), 2011-2015

Figure 19: Rwandan Marine, Aviation and Transit Insurance-Penetration (%), 2015-2020

Figure 20: Rwandan Personal Accident and Health Insurance-Gross Written Premium (RWF Billion), 2011-2020

Figure 21: Rwandan Reinsurance-Premium Ceded by Life Insurance Segment (RWF Million), 2011-2020

Figure 22: Rwandan Life Insurance-Percentage of Reinsurance Ceded (%), 2011-2020

Figure 23: Rwandan-Frequency of Hazards by Type, 1990-2014

Figure 24: Rwandan Mortality by Hazards Type, 1990-2014

Figure 25: Rwanda-Insurance Supervision and Control at Various Levels

Figure 26: Rwanda-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Rwandan Insurance Industry-Key Facts, 2015

Table 2: Rwandan Government Credit Ratings

Table 3: Rwandan Insurance Industry-Gross Written Premium by Segment (RWF Billion), 2011-2015

Table 4: Rwandan Insurance Industry-Gross Written Premium by Segment (RWF Billion), 2015-2020

Table 5: Rwandan Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (RWF), 2011-2015

Table 6: Rwandan Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (RWF), 2015-2020

Table 7: Rwandan Life Insurance-Gross Written Premium (RWF Billion and US$ Million), 2011-2015

Table 8: Rwandan Life Insurance-Gross Written Premium (RWF Billion and US$ Million), 2015-2020

Table 9: Rwandan Non-life Insurance-Gross Written Premium (RWF Billion and US$ Million), 2011-2015

Table 10: Rwandan Non-life Insurance-Gross Written Premium (RWF Billion and US$ Million), 2015-2020

Table 11: Rwandan Personal Accident and Health Insurance-Gross Written Premium (RWF Billion and US$ Million), 2011-2015

Table 12: Rwandan Personal Accident and Health Insurance-Gross Written Premium (RWF Billion and US$ Million), 2015-2020

Table 13: Rwandan Reinsurance-Premium Ceded by Life Insurance Segment (RWF Million), 2011-2015

Table 14: Rwandan Reinsurance-Premium Ceded by Life Insurance Segment (RWF Million), 2015-2020

Table 15: Rwandan Average Annual Loss by Hazard (US$ Million), 1990-2014

Table 16: Rwandan Private Insurance Companies 2015

Table 17: Sonarwa General Insurance Limited-Key Facts

Table 18: Soras Assurances Generales Ltd-Key Facts

Table 19: Saham Assurance Rwanda Limited-Key Facts

Table 20: Prime Insurance Ltd-Key Facts

Table 21: Radiant Insurance Company-Key Facts

Table 22: Rwanda-Insurance Regulatory Framework Key Features

Table 23: Rwanda-Life Insurance Regulatory Framework

Table 24: Rwanda-Property Insurance Regulatory Framework

Table 25: Rwanda-Motor Insurance Regulatory Framework

Table 26: Rwanda-Liability Insurance Regulatory Framework

Table 27: Rwanda-Investment Limits

Table 28: Rwanda-Fee Structure

Table 29: Rwanda-Corporate Tax Rates for the Financial Year 2017

Table 30: Rwandan Life Insurance-Policies and Premium, 2011-2015

Table 31: Rwandan Life Insurance-Policies and Premium, 2015-2020

Table 32: Rwandan Life Insurance-Claims and Expenses, 2011-2015

Table 33: Rwandan Life Insurance-Claims and Expenses, 2015-2020

Table 34: Rwandan Life Insurance-Assets and Investments, 2011-2015

Table 35: Rwandan Life Insurance-Assets and Investments, 2015-2020

Table 36: Rwandan Life Insurance-Linked vs. Non-Linked Policies, 2011-2015

Table 37: Rwandan Life Insurance-Linked vs. Non-Linked Policies, 2015-2020

Table 38: Rwandan Non-Life Insurance-Policies and Premium, 2011-2015

Table 39: Rwandan Non-Life Insurance-Policies and Premium, 2015-2020

Table 40: Rwandan Non-Life Insurance-Claims and Expenses, 2011-2015

Table 41: Rwandan Non-Life Insurance-Claims and Expenses, 2015-2020

Table 42: Rwandan Non-Life Insurance-Assets and Investments, 2011-2015

Table 43: Rwandan Non-Life Insurance-Assets and Investments, 2015-2020

Table 44: Rwandan Non-Life Insurance-Property Insurance, 2011-2015

Table 45: Rwandan Non-Life Insurance-Property Insurance, 2015-2020

Table 46: Rwandan Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 47: Rwandan Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 48: Rwandan Non-Life Insurance-Motor Insurance, 2011-2015

Table 49: Rwandan Non-Life Insurance-Motor Insurance, 2015-2020

Table 50: Rwandan Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 51: Rwandan Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 52: Rwandan Non-Life Insurance-Liability Insurance, 2011-2015

Table 53: Rwandan Non-Life Insurance-Liability Insurance, 2015-2020

Table 54: Rwandan Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 55: Rwandan Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 56: Rwandan Personal Accident and Health Insurance-Policies and Premium, 2011-2015

Table 57: Rwandan Personal Accident and Health Insurance-Policies and Premium, 2015-2020

Table 58: Rwandan Personal Accident and Health Insurance-Claims and Expenses, 2011-2015

Table 59: Rwandan Personal Accident and Health Insurance-Claims and Expenses, 2015-2020

Table 60: Rwandan Personal Accident and Health Insurance-Assets and Investments, 2011-2015

Table 61: Rwandan Personal Accident and Health Insurance-Assets and Investments, 2015-2020

Table 62: Insurance Industry Definitions

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Sonarwa General Insurance Ltd, Soras Assurances Generales Ltd , Saham Assurance Rwanda Ltd, Prime Insurance Ltd, Radiant Insurance Company, , , , ,

Rwandan insurance industry, Life insurance, Non-life insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Personal accident insurance, Health insurance, Reinsurance

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