The Insurance Industry in Zambia, Key Trends and Opportunities to 2018

Published: Aug, 2014 | Pages: 145 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Zambia, including:
The Zambian insurance industry's growth prospects by insurance segments and categories
The competitive landscape in the Zambian insurance industry
The current trends and drivers of the Zambian insurance industry
Challenges facing the Zambian insurance industry
Detailed regulatory framework of the Zambian insurance industry

Summary
Zambia ranks among the top 15 fastest-growing economies globally, and its economy continues to be strong, with the country having achieved middle income status in 2011. Zambia's economy grew at a CAGR of 14.9% during the review period, and is estimated to grow by 7.1% in 2014. Led by relatively stable economic growth and a progressive regulatory environment, the country's insurance industry registered strong growth during the review period, driven primarily by the non-life segment, which accounted for 63.7% of the industry's gross written premium value in 2013. Gross written premium grew at a review-period CAGR of 15.6%, and is projected to grow at a CAGR of 13.9% over the forecast period. A number of insurance companies entered the industry, attracted by the positive growth potential and low penetration rate, which stood at 1.37% in 2012, compared with the African average of 3.65%.
Scope
This report provides a comprehensive analysis of the insurance industry in Zambia:
It provides historical values for the Zambian insurance industry for the report's 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Zambian insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Zambia, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Zambian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Zambian insurance industry.
Assess the competitive dynamics in the Zambian insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Zambian insurance industry and its impact on companies and the industry's future.
Key Highlights
The Zambian economy grew at a CAGR of 14.9% during the review period, and is estimated to grow by 7.1% in 2014.
Zambian regulatory authorities were active in promoting microinsurance during the review period, which contributed further to the growth of the life segment.
Despite impressive economic growth, Zambia has failed to reduce poverty, and was among one of the poorest nations globally at the end of 2012.
There were 25 insurance companies operating in the Zambian insurance industry as of January 31, 2014.
The insurance penetration rate stood at 1.37% in 2012, significantly lower than the African average of 3.65%.
A high combined ratio has been a major concern for non-life insurers in Zambia.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Zambian Insurance Industry Overview
3.1 Zambian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Persol Accident and Health Insurance
4.4 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Persol accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Aviation liability insurance
5.3.3 Social insurance system
5.4 Supervision and Control
5.4.1 Intertiol Association of Insurance Supervisors
5.4.2 African Insurance Organization
5.4.3 Pension and Insurance Authority
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and pelties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 ZSIC Ltd - company overview
6.2.2 Professiol Insurance Corporation Zambia Ltd - company overview
6.2.3 Madison General Insurance Company Zambia Ltd - company overview
6.2.4 Goldman Insurance Ltd - company overview
6.2.5 African Life Assurance Zambia - company overview
6.2.6 NICO Insurance Zambia Ltd - company overview
7 Economic Indicators
7.1 GDP at constant prices (US$)
7.2 GDP per Capita at Current Prices (US$)
7.3 GDP at Current Prices (US$)
7.4 Construction Output at Current Prices (US$)
7.5 Arable Land
7.6 Exports as a Percentage of GDP
7.7 Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Zambian Insurance - Gross Written Premium by Segment (ZMW Million), 2009-2013
Table 3: Zambian Insurance - Gross Written Premium by Segment (US$ Million), 2009-2013
Table 4: Zambian Insurance - Gross Written Premium by Segment (ZMW Million), 2013-2018
Table 5: Zambian Insurance - Gross Written Premium by Segment (US$ Million), 2013-2018
Table 6: Zambian Insurance - Segmentation by Gross Written Premium (% Share), 2009-2018
Table 7: Zambian Insurance - Direct Written Premium by Segment (ZMW Million), 2009-2013
Table 8: Zambian Insurance - Direct Written Premium by Segment (US$ Million), 2009-2013
Table 9: Zambian Insurance - Direct Written Premium by Segment (ZMW Million), 2013-2018
Table 10: Zambian Insurance - Direct Written Premium by Segment (US$ Million), 2013-2018
Table 11: Zambian Insurance - Segmentation by Direct Written Premium (% Share), 2009-2018
Table 12: Zambian Life Insurance - Gross Written Premium (ZMW Million), 2009-2013
Table 13: Zambian Life Insurance - Gross Written Premium (ZMW Million), 2013-2018
Table 14: Zambian Life Insurance - Direct Written Premium (ZMW Million), 2009-2013
Table 15: Zambian Life Insurance - Direct Written Premium (ZMW Million), 2013-2018
Table 16: Zambian Life Insurance - Paid Claims (ZMW Million), 2009-2013
Table 17: Zambian Life Insurance - Paid Claims (ZMW Million), 2013-2018
Table 18: Zambian Life Insurance - Incurred Loss (ZMW Million), 2009-2013
Table 19: Zambian Life Insurance - Incurred Loss (ZMW Million), 2013-2018
Table 20: Zambian Life Insurance - Loss Ratio (%), 2009-2013
Table 21: Zambian Life Insurance - Loss Ratio (%), 2013-2018
Table 22: Zambian Life Insurance - Combined Ratio (%), 2009-2013
Table 23: Zambian Life Insurance - Combined Ratio (%), 2013-2018
Table 24: Zambian Life Insurance - Total Assets (ZMW Million), 2009-2013
Table 25: Zambian Life Insurance - Total Assets (ZMW Million), 2013-2018
Table 26: Zambian Life Insurance - Total Investment Income (ZMW Million), 2009-2013
Table 27: Zambian Life Insurance - Total Investment Income (ZMW Million), 2013-2018
Table 28: Zambian Life Insurance - Retentions (ZMW Million), 2009-2013
Table 29: Zambian Life Insurance - Retentions (ZMW Million), 2013-2018
Table 30: Zambian Non-Life Insurance - Gross Written Premium by Category (ZMW Million), 2009-2013
Table 31: Zambian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 32: Zambian Non-Life Insurance - Gross Written Premium by Category (ZMW Million), 2013-2018
Table 33: Zambian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 34: Zambian Non-Life Insurance - Direct Written Premium by Category (ZMW Million), 2009-2013
Table 35: Zambian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 36: Zambian Non-Life Insurance - Direct Written Premium by Category (ZMW Million), 2013-2018
Table 37: Zambian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 38: Zambian Non-Life Insurance - Paid Claims (ZMW Million), 2009-2013
Table 39: Zambian Non-Life Insurance - Paid Claims (ZMW Million), 2013-2018
Table 40: Zambian Non-Life Insurance - Incurred Loss (ZMW Million), 2009-2013
Table 41: Zambian Non-Life Insurance - Incurred Loss (ZMW Million), 2013-2018
Table 42: Zambian Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 43: Zambian Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 44: Zambian Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 45: Zambian Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 46: Zambian Non-Life Insurance - Total Assets (ZMW Million), 2009-2013
Table 47: Zambian Non-Life Insurance - Total Assets (ZMW Million), 2013-2018
Table 48: Zambian Non-Life Insurance - Total Investment Income (ZMW Million), 2009-2013
Table 49: Zambian Non-Life Insurance - Total Investment Income (ZMW Million), 2013-2018
Table 50: Zambian Non-Life Insurance - Retentions (ZMW Million), 2009-2013
Table 51: Zambian Non-Life Insurance - Retentions (ZMW Million), 2013-2018
Table 52: Zambian Property Insurance - Gross Written Premium (ZMW Million), 2009-2013
Table 53: Zambian Property Insurance - Gross Written Premium (ZMW Million), 2013-2018
Table 54: Zambian Motor Insurance - Gross Written Premium (ZMW Million), 2009-2013
Table 55: Zambian Motor Insurance - Gross Written Premium (ZMW Million), 2013-2018
Table 56: Zambian Liability Insurance - Gross Written Premium (ZMW Million), 2009-2013
Table 57: Zambian Liability Insurance - Gross Written Premium (ZMW Million), 2013-2018
Table 58: Zambian Marine, Aviation and Transit Insurance - Gross Written Premium (ZMW Million), 2009-2013
Table 59: Zambian Marine, Aviation and Transit Insurance - Gross Written Premium (ZMW Million), 2013-2018
Table 60: Zambian Persol Accident and Health Insurance - Gross Written Premium (ZMW Million), 2009-2013
Table 61: Zambian Persol Accident and Health Insurance - Gross Written Premium (ZMW Million), 2013-2018
Table 62: Zambian Persol Accident and Health Insurance - Paid Claims (ZMW Million), 2009-2013
Table 63: Zambian Persol Accident and Health Insurance - Paid Claims (ZMW Million), 2013-2018
Table 64: Zambian Persol Accident and Health Insurance - Incurred Loss (ZMW Million), 2009-2013
Table 65: Zambian Persol Accident and Health Insurance - Incurred Loss (ZMW Million), 2013-2018
Table 66: Zambian Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 67: Zambian Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 68: Zambian Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 69: Zambian Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 70: Zambian Persol Accident and Health Insurance - Total Assets (ZMW Million), 2009-2013
Table 71: Zambian Persol Accident and Health Insurance - Total Assets (ZMW Million), 2013-2018
Table 72: Zambian Persol Accident and Health Insurance - Total Investment Income (ZMW Million), 2009-2013
Table 73: Zambian Persol Accident and Health Insurance - Total Investment Income (ZMW Million), 2013-2018
Table 74: Zambian Persol Accident and Health Insurance - Retentions (ZMW Million), 2009-2013
Table 75: Zambian Persol Accident and Health Insurance - Retentions (ZMW Million), 2013-2018
Table 76: Zambian Reinsurance - Ceded by Insurance Segment (ZMW Million), 2009-2013
Table 77: Zambian Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 78: Zambian Reinsurance - Ceded by Insurance Segment (ZMW Million), 2013-2018
Table 79: Zambian Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 80: Zambian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 81: Zambian Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 82: Zambian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 83: Zambian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 84: Zambian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 85: Zambian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 86: Zambia - Life Insurance Regulatory Framework
Table 87: Zambia - Property Insurance Regulatory Framework
Table 88: Zambia - Motor Insurance Regulatory Framework
Table 89: Zambia - Liability  Insurance Regulatory Framework
Table 90: Zambia - Corporate Tax Rates for the Fincial Year 2013
Table 91: Zambian Insurance Industry - Number of Market Participants by Company Type, 2014
Table 92: ZSIC Life Ltd, Main Products
Table 93: ZSIC General Insurance Ltd, Main Products
Table 94: ZSIC Ltd, ZSIC Life Ltd and ZSIC General Insurance Ltd, Key Employees
Table 95: Professiol Insurance Corporation Zambia Ltd, Main Products
Table 96: Professiol Insurance Corporation Zambia Ltd, Key Employees
Table 97: Madison General Insurance Company Zambia Ltd, Main Products
Table 98: Goldman Insurance Ltd, Main Products
Table 99: Goldman Insurance Ltd, Key Employees
Table 100: African Life Assurance Zambia, Main Products
Table 101: African Life Assurance Zambia, Key Employees
Table 102: NICO Insurance Zambia Ltd, Main Products
Table 103: NICO Insurance Zambia Ltd, Key Employees