The Insurance Industry in Rwanda, Key Trends and Opportunities to 2021

Published: Oct, 2017 | Pages: 103 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'The Insurance Industry in Rwanda, Key Trends and Opportunities to 2021' 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, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).

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 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 2021' 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 Rwandan economy and demographics

• The detailed competitive landscape in the Rwandan insurance industry

• The various distribution channels in the Rwandan insurance industry

• Detailed regulatory policies of the Rwandan insurance industry

• Analysis of natural hazards in 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 2012-2016 review period, and projected figures for the 2016-2021 forecast period.

• It offers a detailed analysis of the key segments in the Rwandan insurance industry, along with market forecasts until 2021.

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

• 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.

Key Highlights

• On March 20, 2017, the National Bank of Rwanda (BNR) issued a regulation which aims to establish administrative and pecuniary sanctions applicable to insurers for violations of the law governing the organization of insurance business and the implementation of regulations, directives and decisions of the BNR.

• As of June 2016, the financial sector of Rwanda was well capitalized, with its assets growth increasing from 53.8% in June 2015 to 55.0% in June 2016. The country has 494 microfinance institutions, 88 foreign exchange bureaus, 63 pension schemes and 17 banks.

• In 2016, the Rwanda Revenue Authority implemented a new tax policy. The raised tax rate will discourage used car imports and support cuts on carbon emissions. The policy mainly targets vehicles that are more than one year old.

• The Rwandan insurance industry comprises 15 insurance providers, of which nine are non-life insurers, four are life insurance providers and two are public medical insurers.

 Table of Contents

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
4.2.2 Insurance density
4.2.3 Assets and investments
5 Life Insurance
6 Non-Life Insurance
6.1 Property Insurance
6.1.1 Gross written premium
6.1.2 Penetration
6.2 Motor Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.3 Liability Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.4 Marine, Aviation and Transit Insurance
6.4.1 Gross written premium
6.4.2 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 Windstorms
10.5 Earthquakes
10.6 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 Ltd - 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 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 category
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

List of Tables

Table 1: Rwanda Insurance Industry - Key Facts, 2016
Table 2: Rwanda Insurance Industry - Leading Insurers, 2016
Table 3: Rwandan Government Credit Ratings
Table 4: Rwandan Insurance Industry - Gross Written Premium by Segment (RWF Billion), 2012-2016
Table 5: Rwandan Insurance Industry - Gross Written Premium by Segment (RWF Billion), 2016-2021
Table 6: Rwandan Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (RWF), 2012-2016
Table 7: Rwandan Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (RWF), 2016-2021
Table 8: Rwandan Insurance Industry - Total Investment Income by Segment (RWF Billion), 2012-2016
Table 9: Rwandan Insurance Industry - Total Investment Income by Segment (RWF Billion), 2016-2021
Table 10: Rwanda Life Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
Table 11: Rwanda Life Insurance - Gross Written Premium (RWF Billion and US$ Million), 2016-2021
Table 12: Rwanda Non-Life Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
Table 13: Rwanda Non-Life Insurance - Gross Written Premium (RWF Billion and US$ Million), 2016-2021
Table 14: Rwandan Property Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
Table 15: Rwandan Property Insurance - Gross Written Premium (RWF Billion and US$ Million), 2016-2021
Table 16: Rwandan Motor Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
Table 17: Rwandan Motor Insurance - Gross Written Premium (RWF Billion and US$ Million), 2016-2021
Table 18: Rwandan Liability Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
Table 19: Rwandan Liability Insurance - Gross Written Premium (RWF Billion and US$ million), 2016-2021
Table 20: Rwandan Marine, Aviation and Transit Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
Table 21: Rwandan Marine, Aviation and Transit Insurance - Gross Written Premium (RWF Billion and US$ Million), 2016-2021
Table 22: Rwandan Personal Accident and Health Insurance - Gross Written Premium (RWF Billion and US$ Million), 2012-2016
Table 23: Rwandan Personal Accident and Health Insurance - Gross Written Premium (RWF Billion and US$ Million), 2016-2021
Table 24: Rwandan Reinsurance - Premium Ceded by Insurance Segment (RWF Million), 2012-2016
Table 25: Rwandan Reinsurance - Premium Ceded by Insurance Segment (RWF Million), 2016-2021
Table 26: Rwandan Average Annual Loss by Hazard (US$ Million), 1990-2014
Table 27: Rwanda - Leading Insurance Companies, 2016
Table 28: Sonarwa General Insurance Limited - Key Facts
Table 29: Soras Assurances Generales Ltd - Key Facts
Table 30: Saham Assurance Rwanda Limited - Key Facts
Table 31: Prime Insurance Ltd - Key Facts
Table 32: Radiant Insurance Company - Key Facts
Table 33: Rwanda - Insurance Regulatory Framework Key Features
Table 34: Rwanda - Pecuniary Sanctions
Table 35: Rwanda - Life Insurance Regulatory Framework
Table 36: Rwanda - Property Insurance Regulatory Framework
Table 37: Rwanda - Motor Insurance Regulatory Framework
Table 38: Rwanda - Liability Insurance Regulatory Framework
Table 39: Rwanda - Investment Limits
Table 40: Rwanda - Fee Structure
Table 41: Rwanda - Corporate Tax Rates for the Financial Year 2017
Table 42: Rwandan Life Insurance - Policies and Premium, 2012-2016
Table 43: Rwandan Life Insurance - Policies and Premium, 2016-2021
Table 44: Rwandan Life Insurance - Assets and Investments, 2012-2016
Table 45: Rwandan Life Insurance - Assets and Investments, 2016-2021
Table 46: Rwandan Non-Life Insurance - Policies and Premium, 2012-2016
Table 47: Rwandan Non-Life Insurance - Policies and Premium, 2016-2021
Table 48: Rwandan Non-Life Insurance - Claims and Expenses, 2012-2016
Table 49: Rwandan Non-Life Insurance - Claims and Expenses, 2016-2021
Table 50: Rwandan Non-Life Insurance - Assets and Investments, 2012-2016
Table 51: Rwandan Non-Life Insurance - Assets and Investments, 2016-2021
Table 52: Rwandan Non-Life Insurance - Property Insurance, 2012-2016
Table 53: Rwandan Non-Life Insurance - Property Insurance, 2016-2021
Table 54: Rwandan Non-Life Insurance - Property Insurance by Category, 2012-2016
Table 55: Rwandan Non-Life Insurance - Property Insurance by Category, 2016-2021
Table 56: Rwandan Non-Life Insurance - Motor Insurance, 2012-2016
Table 57: Rwandan Non-Life Insurance - Motor Insurance, 2016-2021
Table 58: Rwandan Non-Life Insurance - Motor Insurance by Category, 2012-2016
Table 59: Rwandan Non-Life Insurance - Motor Insurance by Category, 2016-2021
Table 60: Rwandan Non-Life Insurance - Liability Insurance, 2012-2016
Table 61: Rwandan Non-Life Insurance - Liability Insurance, 2016-2021
Table 62: Rwandan Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016
Table 63: Rwandan Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021
Table 64: Rwandan Personal Accident and Health Insurance - Policies and Premium, 2012-2016
Table 65: Rwandan Personal Accident and Health Insurance - Policies and Premium, 2016-2021
Table 66: Rwandan Personal Accident and Health Insurance - Claims and Expenses, 2012-2016
Table 67: Rwandan Personal Accident and Health Insurance - Claims and Expenses, 2016-2021
Table 68: Rwandan Personal Accident and Health Insurance - Assets and Investments, 2012-2016
Table 69: Rwandan Personal Accident and Health Insurance - Assets and Investments, 2016-2021
Table 70: Insurance Industry Definitions