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

Published: Jan, 2017 | Pages: 112 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary

Timetric’s 'The Insurance Industry in Mozambique, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Mozambican insurance industry, including:

• An overview of the Mozambican insurance industry

• The Mozambican insurance industry's growth prospects by segment and category

• A comprehensive overview of the Mozambican economy and demographics

• The detailed competitive landscape in the Mozambican insurance industry

• Details of regulatory policy applicable to the Mozambican insurance industry

• Analysis of natural hazards in the Mozambican insurance industry

Synopsis

Timetric’s 'The Insurance Industry in Mozambique, Key Trends and Opportunities to 2020' report provides a detailed analysis of the Mozambican 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 periods (2015–2020).

The report also gives a comprehensive overview of the Mozambican 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.

Scope

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

• It provides historical values for the Mozambican 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 Mozambican 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 Mozambique, and highlights recent developments.

• It covers the economic and demographic structure of Mozambique.

• It analyzes the impact of natural hazards in the Mozambican insurance industry.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Mozambican insurance industry, and each segment and category within it.

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

• Assess the competitive dynamics in the Mozambican insurance industry.

• Identify growth opportunities and market dynamics in key segments.

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

Key Highlights

• According to the Finscope Consumer Survey, in 2014 only 24.0% of adults in urban areas had access to formal financial services.

• The life segment accounted for 18.0% of the industry's gross written premium in 2015.

• The personal accident and health segment accounted for 10.3% of the industry's gross written premium in 2015.

• As of 2015, there were 18 operational insurance companies, of which four were composite, three were life and 11 were non-life insurers.

 Table of Content

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHY

4 INDUSTRY OUTLOOK
4.1 Regional Comparison
4.2 Industry Indicators
4.2.1 Gross written premium
4.2.2 Claims
4.2.3 Assets and investments

5 LIFE INSURANCE OUTLOOK
5.1 Life Insurance
5.1.1 Gross written premium

6 NON-LIFE INSURANCE OUTLOOK
6.1 Property Insurance
6.1.1 Gross written premium
6.1.2 Profitability
6.2 Motor Insurance
6.2.1 Gross written premium
6.2.2 Profitability
6.3 Liability Insurance
6.3.1 Gross written premium
6.3.2 Profitability
6.4 Marine, Aviation and Transit Insurance
6.4.1 Gross written premium
6.4.2 Profitability

7 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK
7.1 Personal Accident and Health Insurance
7.1.1 Gross written premium
7.1.2 Profitability

8 REINSURANCE OUTLOOK
8.1 Premium Ceded

9 DISTRIBUTION CHANNEL OUTLOOK

10 NATURAL HAZARDS
10.1 Flooding
10.2 Droughts
10.3 Man Made Hazards
10.4 Epidemics
10.5 Exposure

11 COMPETITIVE LANDSCAPE
11.1 Company Profiles
11.1.1 Global Alliance – Seguros, SA – company overview
11.1.2 Empresa Moçambicana de Seguros, SA (EMOSE) – company overview
11.1.3 Seguradora Internacional de Moçambique, SA (SIM) – company overview
11.1.4 Hollard Moçambique Companhia de Seguros SARL – company overview
11.1.5 Austral Seguros, SA – 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 Motor third-party liability insurance
12.4.2 Social security system
12.4.3 Professional indemnity insurance for insurance intermediaries
12.4.4 Aviation liability insurance
12.4.5 Liability insurance for ships with respect to oil pollution
12.4.6 Workmen's compensation insurance
12.5 Supervision and Control
12.5.1 International Association of Insurance Supervisors
12.5.2 African Insurance Organization
12.5.3 Instituto de Supervisão de Seguros de Moçambique
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
13.2 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 Liability insurance
13.2.8 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

List of Tables

Table 1: Mozambican Insurance Industry – Key Facts, 2015
Table 2: Mozambican Insurance Industry – Leading Insurers, 2015
Table 3: Mozambican Government Credit Ratings
Table 4: Mozambican Insurance Industry – Gross Written Premium by Segment (MZN Billion), 2011–2015
Table 5: Mozambican Insurance Industry – Gross Written Premium by Segment (MZN Billion), 2015–2020
Table 6: Mozambican Insurance Industry – Paid Claims by Segment (MZN Million), 2011–2015
Table 7: Mozambican Insurance Industry – Paid Claims by Segment (MZN Million), 2015–2020
Table 8: Mozambican Insurance Industry – Total Assets by Segment (MZN Billion), 2011–2015
Table 9: Mozambican Insurance Industry – Total Assets by Segment (MZN Billion), 2015–2020
Table 10: Mozambican Insurance Industry – Total Investment Income by Segment (MZN Million), 2011–2015
Table 11: Mozambican Insurance Industry – Total Investment Income by Segment (MZN Million), 2015–2020
Table 12: Mozambican Life Insurance – Gross Written Premium (MZN Billion and US$ Million), 2011–2015
Table 13: Mozambican Life Insurance – Gross Written Premium (MZN Billion and US$ Million), 2015–2020
Table 14: Mozambican Property Insurance – Gross Written Premium (MZN Billion and US$ Million), 2011–2015
Table 15: Mozambican Property Insurance – Gross Written Premium (MZN Billion and US$ Million), 2015–2020
Table 16: Mozambican Property Insurance – Loss Ratio (%), 2011–2015
Table 17: Mozambican Property Insurance – Loss Ratio (%), 2015–2020
Table 18: Mozambican Motor Insurance – Gross Written Premium (MZN Billion and US$ Million), 2011–2015
Table 19: Mozambican Motor Insurance – Gross Written Premium (MZN Billion and US$ Million), 2015–2020
Table 20: Mozambican Motor Insurance – Loss Ratio (%), 2011–2015
Table 21: Mozambican Motor Insurance – Loss Ratio (%), 2015–2020
Table 22: Mozambican Liability Insurance – Gross Written Premium (MZN Billion and US$ Million), 2011–2015
Table 23: Mozambican Liability Insurance – Gross Written Premium (MZN Billion and US$ Million), 2015–2020
Table 24: Mozambican Liability Insurance – Loss Ratio (%), 2011–2015
Table 25: Mozambican Liability Insurance – Loss Ratio (%), 2015–2020
Table 26: Mozambican Marine, Aviation and Transit Insurance – Gross Written Premium (MZN Million and US$ Million), 2011–2015
Table 27: Mozambican Marine, Aviation and Transit Insurance – Gross Written Premium (MZN Million and US$ Million), 2015–2020
Table 28: Mozambican Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015
Table 29: Mozambican Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020
Table 30: Mozambican Personal Accident and Health Insurance – Gross Written Premium (MZN Billion and US$ Million), 2011–2015
Table 31: Mozambican Personal Accident Insurance – Gross Written Premium (MZN Billion and US$ Million), 2015–2020
Table 32: Mozambican Personal Accident and Health Insurance – Loss Ratio (%), 2011–2015
Table 33: Mozambican Personal Accident and Health Insurance – Loss Ratio (%), 2015–2020
Table 34: Mozambican Reinsurance – Premium Ceded by Insurance Segment (MZN Billion), 2011–2015
Table 35: Mozambican Reinsurance – Premium Ceded by Insurance Segment (MZN Billion), 2015–2020
Table 36: Mozambican Insurance Industry – Segment Shares (%) of Leading Life Insurers, 2015
Table 37: Mozambican Insurance Industry – Segment Shares (%) of Leading Non-Life Insurers, 2015
Table 38: Global Alliance – Seguros, SA – Key Facts
Table 39: Empresa Moçambicana de Seguros, SA (EMOSE) – Key Facts
Table 40: Seguradora Internacional de Moçambique, SA (SIM) – Key Facts
Table 41: Hollard Moçambique Companhia de Seguros SARL – Key Facts
Table 42: Austral Seguros, SA – Key Facts
Table 43: Mozambique – Insurance Regulatory Framework Key Features
Table 44: Mozambique– Life Insurance Regulatory Framework
Table 45: Mozambique – Property Insurance Regulatory Framework
Table 46: Mozambique– Motor Insurance Regulatory Framework
Table 47: Mozambique – Liability Insurance Regulatory Framework
Table 48: Mozambique – Spread of Assets Representing Technical Reserves
Table 49: Mozambique – Corporate Tax Rates for the Financial Year 2016
Table 50: Mozambican Life Insurance – Policies and Premium, 2011–2015
Table 51: Mozambican Life Insurance – Policies and Premium, 2015–2020
Table 52: Mozambican Life Insurance – Claims and Expenses, 2011–2015
Table 53: Mozambican Life Insurance – Claims and Expenses, 2015–2020
Table 54: Mozambican Life Insurance – Assets and Investments, 2011–2015
Table 55: Mozambican Life Insurance – Assets and Investments, 2015–2020
Table 56: Mozambican Non-Life Insurance – Policies and Premium, 2011–2015
Table 57: Mozambican Non-Life Insurance – Policies and Premium, 2015–2020
Table 58: Mozambican Non-Life Insurance – Claims and Expenses, 2011–2015
Table 59: Mozambican Non-Life Insurance – Claims and Expenses, 2015–2020
Table 60: Mozambican Non-Life Insurance – Assets and Investments, 2011–2015
Table 61: Mozambican Non-Life Insurance – Assets and Investments, 2015–2020
Table 62: Mozambican Non-Life Insurance – Property Insurance, 2011–2015
Table 63: Mozambican Non-Life Insurance – Property Insurance, 2015–2020
Table 64: Mozambican Non-Life Insurance – Property Insurance by Product, 2011–2015
Table 65: Mozambican Non-Life Insurance – Property Insurance by Product, 2015–2020
Table 66: Mozambican Non-Life Insurance – Motor Insurance, 2011–2015
Table 67: Mozambican Non-Life Insurance – Motor Insurance, 2015–2020
Table 68: Mozambican Non-Life Insurance – Liability Insurance, 2011–2015
Table 69: Mozambican Non-Life Insurance – Liability Insurance, 2015–2020
Table 70: Mozambican Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015
Table 71: Mozambican Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020
Table 72: Mozambican Personal Accident and Health Insurance – Policies and Premium, 2011–2015
Table 73: Mozambican Personal Accident and Health Insurance – Policies and Premium, 2015–2020
Table 74: Mozambican Personal Accident and Health Insurance – Claims and Expenses, 2011–2015
Table 75: Mozambican Personal Accident and Health Insurance – Claims and Expenses, 2015–2020
Table 76: Mozambican Personal Accident and Health Insurance – Assets and Investments, 2011–2015
Table 77: Mozambican Personal Accident and Health Insurance – Assets and Investments, 2015–2020
Table 78: Insurance Industry Definitions

List of Figures

Figure 1: Mozambican Real GDP (MZN Billion), 2011–2020
Figure 2: Mozambican Consumer Price Inflation (%), 2011–2020
Figure 3: Mozambican Current Account Balance as Percentage of GDP (%), 2011–2020
Figure 4: Mozambican (MNZ-US$) Exchange  Rate, 2011–2020
Figure 5: Mozambican Unemployment Rate, 2011–2020
Figure 6: Mozambican Population by Age Group, 1990–2025
Figure 7: Mozambican Life Insurance Penetration – Regional Comparison (%), 2015
Figure 8: Mozambican Non-Life Insurance Penetration – Regional Comparison (%), 2015
Figure 9: Mozambican Non-Life Insurance Penetration – Regional Comparison (%), 2015
Figure 10: Mozambican Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 11: Mozambican Insurance Industry – Gross Written Premium by Segment, 2011–2020
Figure 12: Mozambican Insurance Industry – Paid Claims by Segment (MZN Million), 2011–2020
Figure 13: Mozambican Insurance Industry – Total Assets by Segment (MZN Billion), 2011–2020
Figure 14: Mozambican Insurance Industry – Total Investment Income by Segment (MZN Million), 2011–2020
Figure 15: Mozambican Individual Life Insurance – Gross Written Premium (MZN Billion), 2011–2020
Figure 16: Mozambican Property Insurance – Gross Written Premium (MZN Billion), 2011–2020
Figure 17: Mozambican Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (MZN Million and %), 2011–2020
Figure 18: Mozambican Motor Insurance – Gross Written Premium (MZN Billion), 2011–2020
Figure 19: Mozambican Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (MZN Billion and %), 2011–2020
Figure 20: Mozambican Liability Insurance – Gross Written Premium (MZN Billion), 2011–2020
Figure 21: Mozambican Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (MZN Million and %), 2011–2020
Figure 22: Mozambican Marine, Aviation and Transit Insurance – Gross Written Premium (MZN Million), 2011–2020
Figure 23: Mozambican Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (MZN Million and %), 2011–2020
Figure 24: Mozambican Personal Accident Insurance – Gross Written Premium (MZN Million), 2011–2020
Figure 25: Mozambican Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (MZN Million and %), 2011–2020
Figure 26: Mozambican Reinsurance – Premium Ceded by Insurance Segment (MZN Billion), 2011–2020
Figure 27: Mozambican Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2020
Figure 28: Mozambican Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2020
Figure 29: Mozambican Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2020
Figure 30: Mozambican – Frequency of Hazards by Type, 1990–2014
Figure 31: Mozambican Mortality by Hazards Type, 1990–2014
Figure 32: Mozambican Economic Loss by Hazards Type, 1990–2014
Figure 33: Mozambican Insurance Industry – Segment Shares (%) of Leading Life Insurers, 2015
Figure 34: Mozambican Insurance Industry – Segment Shares (%) of Leading Non-Life Insurers, 2015
Figure 35: Mozambique – Insurance Supervision and Control at Various Levels
Figure 36: Mozambique – Insurance Regulatory Frameworks for Company Registration and Operation